Electric Vehicle Motor Market Projected to Surpass $99.5 Billion by 2032
๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐จ๐ญ๐จ๐ซ ๐๐๐ซ๐ค๐๐ญ' By Type (AC Motor, DC Motors), Electric Vehicle Type (Battery Electric Vehicle, Hybrid Vehicles, and Plug-in-Hybrid Vehicles), and Application (Passenger Cars, and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global electric vehicle motor industry size generated $24.90 billion in 2022 and is anticipated to generate $99.49 billion by 2032, witnessing a CAGR of 15.2% from 2023 to 2032.๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/request-sample/2438
The global electric vehicle motor market is anticipated to show a strong growth rate due to stricter government regulation set by regulatory bodies on the automobile industry. Regulatory bodies around the world have implemented strengthened regulations and laws related to emission from traditional ICE vehicle, and promote green mobility in the automobile industry. As the emission from automobiles are becoming challenging and increasingly common governments across the world have implemented strict laws and regulation to cut down on vehicle emission.
Prime Determinants of Growth
The global electric vehicle motor market has experienced significant growth and transformation, driven by a combination of rise in demand for hybrid and electric vehicles, stringent regulations set by the government for the automotive industry, and an increase in research and development initiatives. The penetration of battery electric vehicles has increased significantly in the last five years as they are efficient and eco-friendly. Moreover, surge in consumer demand to minimize fuel costs is driving the demand for electric vehicle motors.
๐๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐, ๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐, ๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐, ๐๐จ๐ซ๐ ๐๐๐ซ๐ง๐๐ซ ๐๐ง๐., ๐๐ข๐ญ๐ฌ๐ฎ๐๐ข๐ฌ๐ก๐ข ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐๐, ๐๐จ๐ง๐ญ๐ข๐ง๐๐ง๐ญ๐๐ฅ ๐๐, ๐๐๐ ๐ง๐ ๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐., ๐๐ข๐ญ๐๐๐ก๐ข, ๐๐ญ๐., ๐๐จ๐๐๐ซ๐ญ ๐๐จ๐ฌ๐๐ก ๐๐ฆ๐๐
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/electric-vehicle-motor-market/purchase-options
By type, the AC motor segment held the highest market share in 2022, and with the highest CAGR of 15.6% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to AC motors in electric vehicles providing a better grip on rough roads, thereby increasing efficiency and performance. AC motor is considered adaptable because it has regenerative features that can also be used as a generator and provide power to the vehicle's battery.
On the similar way, other major countries across the world such as China, U.S, Germany, UK, India, Norway and other are providing tax relief or subsidy while purchasing a new electric or alternative fuel vehicle. This initiative resulted in increase in customer focus towards green mobility vehicles.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
The market share has been bifurcated on the basis of motor type, vehicle type, application as well as regions. On the basis of motor type the global market has been analyzed across AC motor and DC motor. On the basis of vehicle type the EV motor market is segmented into battery electric vehicle, hybrid vehicle & plug-in hybrid vehicle. On the basis of application the global electric vehicle motor market has been studied across passenger cars and commercial vehicles. Based on region the global market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA region.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/2438
By electric vehicle type, the hybrid vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the hybrid vehicle segment is anticipated to witness the highest CAGR of 15.5% from 2023 to 2032, owing to hybrid car utilization of two or more engines, an electric motor, and a conventional engine wherein the electric engine powers the car at the initial lower speeds and gas engine powers it at higher speeds resulting in better gas mileage. Similarly, the stricter emission rules set by governments across the world resulted in automakers' shift to developing hybrid car technology. Hybrid cars act as a bridge between ICE vehicles and fully electric vehicles, which further drives the market demand.
The report provides a detailed analysis of these key players in the global electric vehicle motor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
๐๐๐ ๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐
By type, the AC motor segment is anticipated to exhibit significant growth in the electric vehicle motor market in the near future.
By electric vehicle type, the hybrid vehicles segment is anticipated to exhibit significant growth in the market in the near future.
By application, the passenger cars segment is anticipated to exhibit significant growth in the market in the near future.
By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ ๐ซ๐๐ฅ๐๐ญ๐๐ ๐ฌ๐ญ๐ฎ๐๐ข๐๐ฌ ๐ฉ๐ฎ๐๐ฅ๐ข๐ฌ๐ก๐๐ ๐๐ฒ ๐๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก:
Electric Vehicle Market - https://www.globenewswire.com/en/news-release/2023/10/23/2764378/0/en/Electric-Vehicle-Market-EV-Industry-Is-Set-to-Reach-an-Estimate-of-823-75-Billion-by-2030-at-a-Compound-Annual-Growth-Rate-CAGR-Of-18-2-Allied-Market-Research.html
Electric Vehicle Charging Connector Market - https://www.prnewswire.com/news-releases/electric-vehicle-ev-charging-connector-market-to-reach-273-2-million-globally-by-2032-at-17-0-cagr-allied-market-research-301870146.html
Electric Vehicle Battery Recycling Market - https://www.prnewswire.com/news-releases/electric-vehicle-battery-recycling-market-to-reach-2-27-bn-globally-by-2025-at-41-8-cagr-says-amr-300821684.html
Electric Scooter and Motorcycle Market - https://www.globenewswire.com/en/news-release/2022/09/05/2509720/0/en/Electric-Scooter-and-Motorcycle-Market-To-Portray-93-9-Billion-by-2031-Allied-Market-Research.html
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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