Electric Vehicle Motors Global Market Predicted to Augment and Reach over $42.60 Billion at a CAGR of 15.4% By 2028 | Tesla Motors Inc., Siemens AG, BYD Company Ltd., Continental AG, ABB Ltd.

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Electric Vehicle Motors Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $42.60 Bn In 2028 At A CAGR Of 15.4% :

The electric vehicle motors market size has grown rapidly in recent years. It will grow from $20.52 billion in 2023 to $24.04 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to government incentives and regulations, environmental awareness, infrastructure development, consumer acceptance and demand.

The electric vehicle motors market size is expected to see rapid growth in the next few years. It will grow to $42.60 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to autonomous driving integration, global expansion of charging infrastructure, economic incentives and policies, integration with renewable energy sources. Major trends in the forecast period include technological advances, advancements in battery technology, emerging robotics technology, advancements in battery technologies.

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Electric Vehicle Motors Market Major Segments
The electric vehicle motors market covered in this report is segmented -
1) By Type: Alternating Current (AC) Motor, Direct Current (DC) Motor
2) By Component: Motor Stator, Rotor, Shaft And Bearing, Permanent Magnet, Casing, Wiring And Connectors
3) By Application: Electric Two-Wheeler, Electric Three-Wheeler, Electric Commercial Vehicles, Electric Passenger Cars
4) By End User: Agribusiness, Transportation, Private, Business

Key Driver - Surge In Electric And Hybrid Vehicle Demand Fuels Growth In The Electric Vehicle Motors Market

The rise in demand for electric and hybrid vehicles is expected to propel the growth of the electric vehicle motor market going forward. Electric vehicles (EVs) and hybrid vehicles are types of automobiles that use electric power either exclusively (EVs) or in combination with an internal combustion engine (hybrids) for propulsion, reducing or eliminating reliance on traditional fossil fuels. The increasing demand for electric and hybrid vehicles is driven by a growing awareness of environmental sustainability, government incentives, technological advancements, and a desire to reduce dependence on traditional fossil fuels. Electric and hybrid vehicles utilize electric motors for propulsion, converting electrical energy into mechanical power for movement. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the total sales of electric cars experienced significant growth, more than tripling over three years, rising from approximately 4% in 2020 to 14% in 2022. Further, in the first quarter of 2022, sales of electric cars surpassed 2.3 million units, reflecting a notable increase of about 25% compared to the corresponding period last year. It is expected to see 14 million sales by the end of 2023, representing 35% year-on-year. Furthermore, in February 2024, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, hybrid electric car sales saw a robust increase of 40.0%, while plug-in hybrid electric cars experienced a notable growth of 25.1%. Electrified vehicles accounted for 5.6% of the market, marking a rise from 4.0% in 2022. Therefore, the increase in demand for electric and hybrid vehicles is driving the growth of the electric vehicle motor market.

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Prominent Trend - Advancements In Electric Vehicle Motors For Enhanced Performance And Charging Capabilities

Major companies operating in the electric vehicle motor market are focusing on developing advanced solutions, such as 800-volt technology, to enhance performance and charging capabilities. The technology in electric vehicle motors enables faster charging and higher power efficiency, improving overall performance and reducing charging times compared to traditional 400-volt systems. For instance, in August 2023, Robert Bosch GmbH, a Germany-based engineering and technology company, developed innovative powertrain solutions such as an 800V inverter, a motor for electric vehicles by utilizing 800-volt technology, enabling faster recharging and enhancing electromobility. The inverter for the 800-volt system incorporates silicon carbide semiconductors, boosting efficiency and extending the range. The electric motor's 800-volt version has increased power density, leading to reduced weight and a more compact design. Notably, the inverter features silicon carbide chips with enhanced electrical conductivity by introducing carbon atoms into the ultrapure silicon crystalline structure. This modification results in a 50% reduction in energy loss as heat in power electronics, contributing to an impressive 99% efficiency for the inverters.

Electric Vehicle Motors Market Players
Major companies operating in the electric vehicle motors market are Tesla Motors Inc., Siemens AG, BYD Company Ltd., Bosch Mobility (Robert Bosch GmbH), DENSO Corporation, Continental AG, Magna International Inc., LG Magna e-Powertrain Co. Ltd., Mitsubishi Electric Corporation, Aisin Seiki Co Ltd., ABB Ltd., Toshiba Corporation, Nidec Motor Corporation, Parker Hannifin Corp., BorgWarner Inc., AISIN CORPORATION, Mahle GmBH, Delta Electronics Inc., Vitesco Technologies, Ametek Incorporation, GKN Automotive Ltd., Johnson Electric Holdings Limited, TECO Electric & Machinery Co. Ltd., Baldor Electric Company Inc., Chroma ATE Inc., Allied Motion Inc., Hitachi Astemo, ShenZhen V&T Technologies Co Ltd

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric vehicle motors market in 2023. The regions covered in the electric vehicle motors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Vehicle Motors Market Report Structure
3. Electric Vehicle Motors Market Trends And Strategies
4. Electric Vehicle Motors Market - Macro Economic Scenario
5. Electric Vehicle Motors Market Size And Growth
…..
27. Electric Vehicle Motors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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