Press release
Electric Vehicle Motor Market : Global Opportunity Analysis and Industry Forecast, 2021-2031
The global electric vehicle motor market was valued at USD 5.5 billion in 2021 and is projected to reach USD 34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031. The global electric vehicle motor market is growing as a result of rising demand for electric vehicles and tight government safety regulations placed on the automotive industry. But what's limiting the market's growth is high production expenses. The range of applications utilizing electric motors is another factor predicted to offer growth opportunities over the forecast period.
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Electric Vehicle Motor Market Trends
A significant increase in worldwide concern over the negative consequences of climate change and alarming pollution levels in major cities has led to a significant increase in the demand for electric vehicles. The electric vehicle motor market is anticipated to expand as a result of this factor. The demand for fuel-efficient automobiles has increased as a result of recent rises in the price of gasoline and diesel. The depletion of fossil fuel resources and an increase in firms' desire to maximize profit from these oil assets are both driving increased demand. As a result, there is an increasing need for electric motors and highly fuel-efficient technologies, as well as an increase in the number of people who use electric vehicles for transportation. Traction motors are commonly seen in electric vehicles.
As a result of technological advancements in electric cars, the electric vehicle motor market is predicted to expand. It's anticipated that major companies will increase their R&D expenditures on cutting-edge automotive technology like artificial intelligence (AI), connected automobiles, car batteries, and quick charging.
The implementation of safety regulations by the government, such as those requiring power windows, airbags, and anti-lock brake systems (ABS) in every vehicle, has a positive effect on the automotive industry. These regulations are reportedly followed more seriously in Europe and North America than in Asia-Pacific and the rest of the world. But by making keyless entry and anti-lock brake systems (ABS) standards in cars, OEMs are assisting governments in developing countries in tightening safety standards, which is boosting sales of electric motors. These safety systems need independent motors to function effectively and communicate with other components of the vehicle in order to totally secure passengers. As a result, it is projected that as safety features become mandatory, demand for electric motors will rise, which in turn would drive the electric motor market
Electric Vehicle Motor Market Share Analysis
The global electric vehicle motor market was led by the AC motor segment in terms of revenue in 2021, and it is anticipated that this trend will hold throughout the forecast period.
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By Company
Borgwarner Inc.,
Buhler Motor GmbH
Continental AG, Denso Corporation
Inteva Products, LLC,
Johnson Electric Holdings Limited,
Mabuchi Motor Co., Ltd,
Nidec Corporation,
Magna International Inc.,
Meritor, Inc.,
Mitsuba Corporation,
Robert Bosch GmbH
Segment by Type
AC Motor
DC Motor
Segment by Application
Passenger Cars
Commercial Vehicles
Segment by EV Type
Battery Electric Vehicle
Plugin Hybrid Vehicle
Hybrid Vehicle
Segment by Region
North America (United States, Canada)
Europe (Germany, France, UK, Italy, Russia)
Asia-Pacific (China, Japan, South Korea, Taiwan)
Southeast Asia (India)
Latin America (Mexico, Brazil)
SIMILAR REPORT
https://reports.valuates.com/market-reports/QYRE-Auto-26U9102/global-electric-power-steering-motor
https://reports.valuates.com/market-reports/QYRE-Auto-0W529/global-switched-reluctance-motors
https://reports.valuates.com/market-reports/QYRE-Auto-17C4377/global-axial-piston-hydraulic-motor
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