Incorporating electric motors that run on electricity rather than gasoline helps reduce emissions from vehicles and contributes to a green and sustainable future. Electric motors offer noiseless operations, minimal maintenance requirements, and zero emission benefits.
The global Electric Motors for Electric Vehicle Market is estimated to be valued at US$ 9463.7 Bn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
The global Electric Motors for Electric Vehicle Market is driven by the increasing demand for electric vehicles worldwide owing to stringent emission norms and the push towards cleaner mobility solutions. Electric vehicles rely on electric motors that operate on electricity rather than gasoline to drive the wheels. Electric motors help improve vehicle efficiency while reducing carbon footprint making electric vehicles an attractive proposition.
Market key trends:
The growth of the Electric Motors for Electric Vehicle Market size is primarily accelerated by the rapid adoption of electric vehicles globally. Stringent emission norms and the push towards sustainable mobility has led automakers as well as new companies in the mobility space to focus on electric vehicles. major automakers such as Tesla, Volkswagen, General Motors etc along with new companies such as Rivian, Lucid etc have committed large investments and aggressive targets for electric vehicle production. Growing consumer confidence in electric vehicles as a viable alternative to gasoline vehicles along with improving electric vehicle infrastructure is also augmenting the electric vehicle sales worldwide, thereby driving the demand for electric motors used in these vehicles. Development of more efficient and affordable powertrains incorporating advanced electric motor technology will be a key trend that further increases electric vehicle acceptance.
Segment Analysis
The global electric motor for electric vehicle market is segmented by type, motor type, vehicle type, and region. Based on type, the traction motor segment is expected to dominate the market during the forecast period. Traction motors provide direct power for propelling electric vehicles and do not require mechanical transmission systems that are necessary for internal combustion engine vehicles. This gives traction motors an advantage over other motor types in terms of efficiency and performance.
Key Takeaways
The global electric motor for electric vehicle market is expected to witness high growth during the period 2024-2031.
Regional analysis: The Asia Pacific region is expected to dominate the global electric motor market for electric vehicles. Countries such as China and Japan are focusing on developing local manufacturing facilities to cater to the rising domestic demand for electric vehicles. Government support through subsidies and favourable regulations are also encouraging electric vehicle adoption in several Asia Pacific countries.
Key players: Key players operating in the electric motor for electric vehicle market are Audi AG, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Google LLC, Honda Motor Corporation, Nissan Motor Company, Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., and Volvo Car Corporation. These companies are focusing on developing efficient and durable electric motors through extensive research and development activities. Strategic partnerships and collaborations across the electric vehicle ecosystem are also helping them enhance manufacturing capabilities and build supply chain resilience.
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OverviewGlobal Electric Motors for Electric Vehicle Market Size, Status and Segment by Types and Application.
Manufacturing technologies and applications that form a part of this market success are also included in the report.
Further, the report has an acute focus on global players, products with the highest demand, and the various product categories, which are causative of the Electric Motors for Electric Vehicle market growth.
The study of the market has been taken place during 2021, the base year and the forecast period stretches till 2027.Key Players Profiles in This Research Report are- Mitsubishi Electric Corp,BYD Co. Ltd,Aisin Seiki Co. Ltd,Tesla Inc,Toshiba Corporation,Honda Motor Company Ltd,Toyota Motor Corporation,Nissan Motor Co. Ltd,DENSO Corporation,BMW AG,Hitachi Automotive Systems,Magna International,Robert Bosch GmbHThe report extensively includes the industry overview, which consisting of details like the market size and share, estimated growth, along with future cost, demand, revenue, and supply data.
While covering the market dynamics, the report details several industry drivers such as restrictions, recent developments, and opportunities for rising market players.
This can hugely help market players closely explore various segments for better profit margins in the next few years.
