Newark, Del: The global electric vehicle motor market is worth US$ 8.68 Billion as of now and is expected to reach US$ 18.09 Billion by the year 2032 at a CAGR of 8.5% between 2022 and 2032.
Electric vehicles are being increasingly asked for due to strict government regulations regarding carbon emissions. As per the European Climate Foundation, employment, with the expansion of electric vehicles, would cross 850K by the year 2030. Thus, increasingly adopting high-performance motors in electric vehicles is bound to take the electric vehicle motor market to a new ‘High’ in the forecast period.
Ready to make informed decisions for your business? Get our market overview sample and discover growth opportunities today:
https://www.futuremarketinsights.com/reports/sample/rep-gb-7661
At the same time, high maintenance costs coupled with higher initial costs on the part of electric motors are bound to restrain the market going forward.
Though there are complexities involved, electric vehicles are helpful in the long run. As renewable energy resources are depleting, electric vehicles are a good alternative. The electric vehicle motor market is an ancillary market to the electric vehicles market. With exorbitant demand for electric vehicles, the electric vehicle motor market is expected to grow on an unstoppable note in the years to come. Future Market Insights has etched these findings with future perspectives in its latest market study entitled “Electric Vehicle Motor Market”.
Key Takeaways from the Electric Vehicle Motor Market
- North America holds the largest market share with the US alone contributing for more than 90%. This data, however, pertains to the year 2021. It could lose 162 BPS points by the year 2032, which would take its share to 89.7%.
- Europe is expected to witness a CAGR of 20.1% in the electric vehicle motor market in the forecast period with Germany expected to witness growth 6 times in 2032 to the year 2022. Luxury electric vehicles are expected to rule the roost.
- Coming to the Asia-Pacific, China is expected to create a lucrative opportunity worth US$ 86.5 Bn between 2022 and 2032. The government has also started giving subsidies to facilitate the proliferation of electric vehicles.
- AC motors hold the largest market share and the status quo will continue even in the forecast period due to the stronger grip provided on the bumpy routes.
“With environmentally-friendliness being the top priority, the electric vehicle motor market is bound to grow at an astounding rate in the forecast period”, says an analyst at Future Market Insights.
Gain Immediate Access to Detailed Market Insights: Purchase Now to Uncover Segment-specific Information and identify Key Trends, Drivers, and Challenges:
https://www.futuremarketinsights.com/checkout/7661
Competitive Motors
- Mabuchi Motors, in June 2021, declared finishing 100% acquisition of Electromag SA for CHF 0.1 Mn or US$ 0.11 Mn.
- Wolong Electric, in March 2020, acquired small industrial motors business of GE for US$ 160 Mn with the objective of helping it to obtain a significant position in the market.
- Nidec Corporation, in February 2020, tabled 2 novel traction motor systems; viz 50 kW Ni50Ex and 200 kW Ni200Ex based on the original 150 kW E-Axle (100% integrated traction motor system encompassed with a reduction gearbox, an electric motor, and an inverter).
- WEG, in October 2019, installed an LV electric motor plant in Hosur (India). This new-fangled 13K square meter facility holds the capability of manufacturing 250K electric motors/year.
- Allied Motion Technologies, in May 2019, came up with the EnduraMax 75i Series, a brushless DC motor comprising an all-digital integrated drive. The application areas include AGV vehicle traction/steering, rotary/linear actuators, medical patient-handling equipment, mobile HVAC blowers, pumps, and material handling systems.
- ABB, in March 2019, floored stainless steel motors to address food and beverage plants. This motor is capable of forbearing high-pressure spray with complete compatibility with the high standards.
- TECO Westinghouse (Canada), in January 2018, announced entering into a new distribution partnership with Westech Industrial to gain access to uncharted and new markets all over Canada.
What Does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the electric vehicle motor market in its latest study, presenting a historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on product type (AC and DC), by power (up to 100 kW, 101-200 kW, and above 200 kW), and by EV type (HEV, BEV, and PHEV).
Report Scope
| Attribute | Details |
| Estimated Market Size (2022) | US$ 58.1 Bn |
| Projected Market Valuation (2032) | US$ 396.3 Bn |
| Value-based CAGR (2022-2032) | 21.2% |
| Forecast Period | 2022-2032 |
| Historical Data Available for | 2017-2021 |
| Market Analysis | US$ Billion for Value and Units for Volume |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa |
| Key Countries Covered | The U.S., Canada, Mexico, Brazil, Germany, France, Italy, Spain, BENELUX, the U.K., Russia, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, Turkey, South Africa, and Northern Africa. |
| Key Market Segments Covered | Product Type, Power, EV Type, and Region |
| Key Companies Profiled |
|
| Report Coverage | Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
Key Segments Covered in Electric Vehicle Motor Industry Analysis
By Product Type:
- AC
- DC
By Power:
- Up to 100kW
- 101-200kW
- Above 200kW
By EV Type:
- BEV
- HEV
- PHEV
Explore FMI’s Extensive Ongoing Coverage in Automotive Domain
Automotive In-Wheel Motors Market Size: This is expected to grow at a 19.5% CAGR by 2033, with a target of US$ 17.457 billion.
Automotive Anti-Lock Braking System (ABS) Motor Market Share: is projected to rise at a remarkable CAGR of 8% to 9% CAGR during the assessment period between 2022 and 2032.
Smart Motors Market Demand: This is anticipated to expand at a steady pace of 5.2% between 2023 and 2033, ultimately reaching an impressive value of US$ 3.2 billion by 2033.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities to favor market growth in various segments based on Product, Power, EV Type, Sales Channel, and End Use over the next ten years.
Contact Us:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn | Twitter | Blogs | YouTube
For Sales Enquiries: [email protected]
The post Electric Vehicle Motor Market projected to reach US$ 18.09 Billion by the year 2032 at a CAGR of 8.5% | Future Market Insights, Inc. appeared first on Future Market Insights.
