Electric Vehicle Motor Market Growth 2024, Industry Trends, Demand and Analysis Report By 2032

IMARC Group's latest report, titled "Electric Vehicle Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", the global electric vehicle motor market size reached US$ 38,994.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 182,690.3 Million by 2032, exhibiting a growth rate (CAGR) of 18.16% during 2024-2032.

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Factors Affecting the Growth of the Electric Vehicle Motor Industry:

• Technological Advancements and Innovation:
The growth of the electric vehicle (EV) motor industry is deeply intertwined with technological advancements and innovation. Over the past decade, significant strides have been made in enhancing the efficiency, performance, and cost-effectiveness of electric vehicle motors. One crucial factor driving this progress is the continuous development of battery technology. As batteries become more energy-dense, lighter, and cheaper to produce, electric vehicles can achieve longer ranges and higher performance, thereby increasing the demand for electric motors. Moreover, advancements in motor design and engineering have played a pivotal role in the growth of the EV motor industry. Manufacturers are constantly researching and implementing novel materials and manufacturing processes to enhance motor efficiency, reduce weight, and increase power output.

• Government Policies and Regulations:
Government policies and regulations play a significant role in shaping the growth trajectory of the electric vehicle motor industry. In recent years, many governments around the world have implemented ambitious targets and incentives to promote the adoption of electric vehicles as part of broader efforts to reduce greenhouse gas emissions and combat climate change. These policies include subsidies and tax incentives for electric vehicle purchases, investment in charging infrastructure, and stringent emission standards for traditional internal combustion engine vehicles. By creating a favorable regulatory environment and providing financial incentives, governments stimulate demand for electric vehicles, thereby driving the growth of the electric motor industry.

• Environmental Awareness and Consumer Preferences:
Rising environmental awareness and changing consumer preferences are significant drivers of growth in the electric vehicle motor industry. As concerns about air pollution and climate change continue to escalate, an increasing number of consumers are seeking environmentally friendly transportation alternatives. Electric vehicles, which produce zero tailpipe emissions and have a smaller carbon footprint compared to conventional vehicles, are becoming increasingly attractive to environmentally conscious consumers. Additionally, advancements in electric vehicle technology have addressed many of the concerns that previously deterred consumers from adopting electric vehicles, such as limited range and long charging times.

The key Players Operating in this Industry:

• ABB Ltd
• BorgWarner Inc
• Continental AG
• Hitachi Astemo Ltd. (Hitachi Ltd.)
• Mitsubishi Electric Corporation
• Robert Bosch GmbH

Global Electric Vehicle Motor Market Trends:

The global market is primarily driven by the increasing investment in infrastructure for electric vehicles, including charging stations and grid enhancements, which is driving consumer confidence and adoption. Additionally, the rising stringent emissions regulations imposed by governments worldwide are compelling automakers to accelerate the development and production of electric vehicles, thereby impelling market growth.

Moreover, continual advancements in motor technology, such as the development of lighter and more efficient motor designs, are improving the overall performance and range of electric vehicles, contributing to market growth. Furthermore, the growing trend of vehicle electrification across different segments, including passenger cars, commercial vehicles, and two-wheelers, is expanding the addressable market for electric vehicle motors is stimulating market growth.

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Electric Vehicle Motor Market Report Segmentation:

Power Rating Insights:

• Up to 20 kW
• 20 kW to 100 kW
• 100 kW to 250 kW
• Above 250 kW

100 kW to 250 kW represented the largest segment due to the popularity of mid-sized electric vehicles which require motors within this power range to provide adequate performance while maintaining efficiency.

Application Insights:

• Two Wheeler
• Three Wheeler
• Passenger Vehicle
o BEV
o Hybrid
• Commercial Vehicle
o BEV
o Hybrid

Passenger vehicles represented the largest segment because of the increasing consumer demand for electric cars driven by environmental concerns, government incentives, and improvements in electric vehicle technology.

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Asia Pacific's dominance in the electric vehicle motor market is attributed to rapid urbanization, rising disposable income, supportive government policies, and the strong presence of key electric vehicle manufacturers in countries like China, Japan, and South Korea.

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Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research compan that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.