Press release
Global Electric Vehicle Motors Market to Reach $48.57 Billion by 2029, Growing at 14.6% CAGR
Electric Vehicle Motors Market Size
The electric vehicle motor market is predicted to expand due to the increasing interest in electric and hybrid vehicles. These vehicles, which rely solely or partly on electric power in conjunction with an internal combustion engine, significantly reduce or eliminate the need for conventional fossil fuels. This shift towards electric and hybrid vehicles is prompted by a heightened consciousness around environmental protection, governmental incentives, advancements in technology, and the intention to lessen reliance on fossil fuels. Electric and hybrid cars make use of electric motors to convert electrical power into mechanical energy for movement. For instance, in July 2023, International Energy Agency, a France-based autonomous intergovernmental organization, reported that electric car sales have more than tripled in three years, increasing from roughly 4% in 2020 to 14% in 2022. Furthermore, sales of electric cars exceeded 2.3 million units in the first quarter of 2022, indicating a significant 25% rise from the same period in the previous year. By the end of 2023, it is projected that sales will reach 14 million, demonstrating 35% year-on-year growth. In addition, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade organization, in February 2024, hybrid electric car sales surged by 40.0%, while plug-in hybrid electric cars saw considerable growth of 25.1%. Electrified vehicle market share increased from 4.0% in 2022 to 5.6%. As a result, the surge in demand for electric and hybrid vehicles is fueling the growth of the electric vehicle motor market.
Get Your Electric Vehicle Motors Market Report Here:
https://www.thebusinessresearchcompany.com/report/electric-vehicle-motors-global-market-report
How will the growth rate of the electric vehicle motors market shape industry trends by 2034?
In recent times, there has been a swift expansion in the size of the electric vehicle motors market. It's projected to escalate from a valuation of $24.04 billion in 2024 to $28.18 billion in 2025, reflecting a compound annual growth rate (CAGR) of 17.2%. Factors such as government initiatives and regulations, increasing environmental awareness, infrastructure enhancement, alongside consumer approval and demand are contributing to the market's noteworthy growth during this historic period.
The market size of electric vehicle motors is anticipated to experience substantial expansion in the upcoming years. It is projected to reach $48.57 billion in 2029, reflecting a compound annual growth rate (CAGR) of 14.6%. This growth in the predicted period can be credited to factors such as the incorporation of autonomous driving, worldwide escalation of charging facilities, monetary incentives and policies, and integration with sources of renewable energy. During the forecast period, significant trends encompass technological innovations, progress in battery technology, the emergence of robotics technology, and further advancements in battery technologies.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14348&type=smp
What are the emerging trends shaping the future of the electric vehicle motors market?
Prominent businesses in the electric vehicle motor market are concentrating on creating advanced solutions like 800-volt technology to boost performance and charging capabilities. This cutting-edge technology in electric vehicle motors ensures a faster charge, higher power efficiency, and enhanced overall performance, significantly reducing charging times compared to standard 400-volt systems. Robert Bosch GmbH, a German engineering and technology firm, designed groundbreaking powertrain solutions in August 2023, such as an 800V inverter and a motor for electric vehicles using 800-volt technology. This has fast-tracked recharging and bolstered electromobility. The 800-volt system's inverter contains silicon carbide semiconductors, amplifying efficiency and broadening the driving range. The 800-volt model of the electric motor offers greater power density, leading to a lighter weight and more compact design. Remarkably, the inverter uses silicon carbide chips that have been improved to have greater electrical conductivity by introducing carbon atoms into the ultrapure silicon crystalline structure, resulting in a significant reduction of energy loss as heat in power electronics by 50%; this contributes to a noteworthy 99% efficiency rate for the inverters.
Which primary segments of the electric vehicle motors market are driving growth and industry transformations?
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
Subsegments:
1) By Alternating Current (AC) Motor: Synchronous AC Motors, Induction AC Motors (Asynchronous AC Motors)
2) By Direct Current (DC) Motor: Brushed DC Motors, Brushless DC Motors (BLDC)
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=14348
Which geographical regions are pioneering growth in the electric vehicle motors market?
Asia-Pacific was the largest region in the electric vehicle motors market in 2024. The regions covered in the electric vehicle motors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the electric vehicle motors market landscape?
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
Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/sample.aspx?id=14348&type=smp
What Is Covered In The Electric Vehicle Motors Global Market Report?
• Market Size Forecast: Examine the electric vehicle motors market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electric vehicle motors market for a structured understanding.
• Key Players Overview: Analyze major players in the electric vehicle motors market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric vehicle motors market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electric vehicle motors market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric vehicle motors market.
• Industry Challenges: Identify potential risks and obstacles affecting the electric vehicle motors market.
• Competitive Landscape: Review strategic developments in the electric vehicle motors market, including expansions, agreements, and new product launches.
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global Electric Vehicle Motors Market to Reach $48.57 Billion by 2029, Growing at 14.6% CAGR here
News-ID: 3908745 • Views: …
More Releases from The Business Research Company
Company Registration Service Market Landscape 2025: Forecast Data and Growth Str …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Company Registration Service Market Through 2025?
The market size for company registration services has seen robust growth in the recent past. The market is projected to expand from $10.67 billion in 2024 to $11.55 billion in 2025, exhibiting a compound annual growth…
Comprehensive 2025 Commercial Toilet Partition Market Overview: Trends, Forecast …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Toilet Partition Market Through 2025?
In recent years, the market size for commercial toilet partitions has significantly expanded. The forecast predicts a rise from $1.82 billion in 2024 to $1.95 billion in 2025, with a compound annual growth rate (CAGR) of…
Key Trends Influencing the Growth of the Commercial Insurance For Small And Medi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Insurance For Small And Medium-Sized Enterprises (SMEs) Market Through 2025?
The market size of commercial insurance for small and medium-sized enterprises (SMEs) has seen substantial growth over the recent years. A rise from $111.83 billion in 2024 to $119.76 billion in…
Growing Focus On Reducing Greenhouse Gas Emissions Driving The Market Growth Due …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Combustion Emissions Analyzer Market Through 2025?
In the past few years, the market size for combustion emissions analyzer has seen robust growth. It is projected to increase from $1.02 billion in 2024 to $1.09 billion in 2025, with a compound annual growth…
More Releases for Motor
SUV Market 2021 Precise Outlook- Honda Motor, Toyota Motor, Nissan Motor, Ford M …
The report presents an in-depth assessment of the SUV Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for SUV from 2021 till 2027. The report covers the pre COVID-19 historic data, impact of COVID-19 and post-COVID-19 (Corona Virus) impact on various regions and major countries and…
Electric Vehicle Motor Market by Type (Alternate Current (AC) Motor (Synchronous …
Electric vehicle motor is an electromechanical device used to provide power to electric vehicles by converting electric energy into mechanical energy. This phenomenon is achieved by the interaction of electric motors magnetic field and current. Electric vehicle motor comprises bearings, end bracket, frame, cooling frame, rotor, and stator. The electric vehicle motor market is expected to witness lucrative growth during the forecast period due to increase in the number of…
Passenger Vehicle Market Outlook to 2025 - Top Leading Players Toyota Motor, Vol …
Worldwide Passenger Vehicle Market Analysis to 2025 is a specialized and in-depth study of the Passenger Vehicle Industry with a focus on the global market trend. The report aims to provide an overview of global Passenger Vehicle Market with detailed market segmentation by product/application and geography. The global Passenger Vehicle Market is expected to witness high growth during the forecast period. The report provides key statistics on the Market status…
Micro Motor Industry - Johnson Electric, Siemens, Mitsuba Corporation, Nidec Mot …
Global Micro Motor Market is set to rise from its initial estimated value of USD 28.13 billion in 2018 to an estimated value of USD 39.86 billion, registering a CAGR of 4.45% in the forecast period of 2019-2026. This projected rise in the value can be attributed to the increasing applications and demand from the various segments of the market.
Get Sample Copy of this Report @ https://databridgemarketresearch.com/request-a-sample/?dbmr=global-micro-motor-market
Key Market Competitors: Global…
Electric Vehicles Market 2030 | Honda Motor Co., Ltd., Ford Motor, Toyota Motor …
A Research Report Insights (RRI) report reveals that the global market for electric vehicles is set to cross US$ 99 Billion in terms of value by 2016 end. As per the report, the market is expected to reach US$ 596.56 Billion by 2030, riding on a CAGR of 15.6%.
Increasing demand for clean and green energy and rise in global air pollution is compelling socio-economic institutions to rethink over the structures…
Electric Vehicle Motor Market by Type (Alternate Current (AC) Motor (Synchronous …
Electric vehicle motor is an electromechanical device used to provide power to electric vehicles by converting electric energy into mechanical energy. This phenomenon is achieved by the interaction of electric motors magnetic field and current. Electric vehicle motor comprises bearings, end bracket, frame, cooling frame, rotor, and stator.
Access Full Report: https://www.alliedmarketresearch.com/electric-vehicle-motor-market
The electric vehicle motor market is expected to witness lucrative growth during the forecast period due to increase in…
