Electric Vehicle Motors Market on Track for Strong Growth, Estimated to Grow at 14.6% CAGR Through 2029

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What Is the Expected CAGR for the Electric Vehicle Motors Market Through 2025?
The market for electric vehicle motors has been expanding at an astounding rate in the past few years. It is projected to escalate from $24.04 billion in 2024 to $28.18 billion in 2025, with a compound annual growth rate (CAGR) of 17.2%. The upturn during the historical period can be ascribed to factors such as governmental stimuli and regulations, environmental consciousness, development of infrastructure, and consumer recognition and requirements.

What's the Projected Size of the Global Electric Vehicle Motors Market by 2029?
The market size for electric vehicle motors is anticipated to experience swift expansion in the forthcoming years, reaching a staggering value of $48.57 billion in 2029 with a compound annual growth rate (CAGR) of 14.6%. This growth during the forecast period can be credited to elements like the incorporation of autonomous driving, the global augmentation of charging infrastructure, introduction of financial incentives and policies, and amalgamation with renewable energy resources. Key future trends include advancements in technology, breakthroughs in battery technology, evolution of robotics technology, and further progress in battery technologies.

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Top Growth Drivers in the Electric Vehicle Motors Industry: What's Accelerating the Market?
The uptick in interest for electric and hybrid vehicles is predicted to boost the expansion of the electric vehicle motor market in the near future. These types of cars utilize electric power either solely (for Electric Vehicles) or in combination with an internal combustion engine (for hybrids) for propulsion, curbing or totally eradicating reliance on conventional fossil fuels. This rising demand is fueled by a heightened consciousness about environmental sustainability, governmental incentives, tech innovations, and a wish to decrease dependence on traditional fossil fuel. Electric and hybrid vehicles employ electric motors for propulsion, exchanging electrical energy into mechanical power for activity. For instance, the International Energy Agency, an autonomous intergovernmental organization based in France, stated in July 2023 that the total sales of electric cars had substantially grown, more than tripling in three years, from approximately 4% in 2020 to 14% in 2022. Additionally, in the first quarter of 2022, electric car sales exceeded 2.3 million units, showing a considerable increase of around 25% compared to the same time last year. Sales are predicted to reach 14 million by the end of 2023, showing a 35% year-on-year increase. Moreover, the Society of Motor Manufacturers and Traders (SMMT), a UK trade association, reported in February 2024 that hybrid electric car sales had seen a significant surge of 40.0%, while plug-in hybrid electric car sales had a noteworthy growth of 25.1%. They accounted for 5.6% of the market, showing an upward trend from 4.0% in 2022. Hence, the burgeoning demand for electric and hybrid vehicles is accelerating the expansion of the electric vehicle motor market.

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What Trends Will Shape the Electric Vehicle Motors Market Through 2029 and Beyond?
In the electric vehicle motor market, leading companies are prioritizing the development of innovative solutions such as 800-volt technology to augment performance and charging efficiency. This technology enhances the speed of charging and power efficiency in electric vehicle motors, providing a significant advantage over the conventional 400-volt systems in terms of performance and charging speed. For example, Robert Bosch GmbH, an engineering and technology firm based in Germany, rolled out cutting-edge powertrain solutions like an 800V inverter and an electric vehicle motor leveraging 800-volt technology in August 2023. These solutions enhance recharging speed and electromobility. The 800-volt system's inverter includes silicon carbide semiconductors, thus improving efficiency and range. The 800-volt iteration of the electric motor has an elevated power density, which results in weight reduction and a more condensed design. Remarkably, the inverter uses silicon carbide chips that enhance electrical conductivity by infusing carbon atoms into the remarkably pure silicon crystalline structure. This adaptation causes a 50% decrease in energy loss in the form of heat in power electronics, attributing to a notable 99% efficiency in the inverters.

What Are the Main Segments in the Electric Vehicle Motors Market?
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)

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Which Top Companies are Driving Growth in the Electric Vehicle Motors Market?
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

Which Regions Will Dominate the Electric Vehicle Motors Market Through 2029?
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.

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