Electric Vehicle Motors Industry to See Robust Expansion, Valued at $47.42 Billion by 2029

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What Is the Projected CAGR for the Electric Vehicle Motors Market from 2024 to 2025?
The market for electric vehicle motors has experienced rapid expansion in recent times. Its size is projected to escalate from a valuation of $24.04 billion in 2024 to about $27.85 billion in 2025, with a compound annual growth rate (CAGR) of 15.8%. Factors such as government incentives and regulations, an increased consciousness of environmental concerns, infrastructural advancements, along with consumer acceptance and demand, have fuelled this growth in the historical period.

What are the Expected Market Size and CAGR for Electric Vehicle Motors by 2029?
In the coming years, the market size for electric vehicle motors is anticipated to expand swiftly, reaching a valuation of $47.42 billion in 2029, posting a compound annual growth rate (CAGR) of 14.2%. The surge in this projection period can be attributed to factors such as the incorporation of autonomous driving, the worldwide enlargement of charging facilities, beneficial economic policies and incentives, as well as integration with renewable energy resources. Noticeable trends influencing this forecast period include technological progression, advancements in the field of battery technology, the advent of robotics technology, and further innovations in battery technologies.

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Which Factors Are Driving the Global Electric Vehicle Motors Market Expansion?
The electric vehicle motor market is anticipated to expand, bolstered by the increasing popularity of electric and hybrid vehicles. These automobile types operate solely on electric power or use it in conjunction with an internal combustion engine, reducing or eliminating the use of regular fossil fuels. Factors spurring the demand include heightened environmental awareness, government incentives, technological progress, and the urge to lessen reliance on conventional fossil fuels. The propulsion in electric and hybrid vehicles is powered by electric motors that convert electrical energy into mechanical power. As per the reports of the International Energy Agency in France, the total sales of electric cars have seen considerable expansion, more than tripling in three years, moving from approximately 4% in 2020 to 14% in 2022. Additionally, the sales of electric cars surpassed 2.3 million units in the first quarter of 2022, showing a substantial growth of around 25% compared to the same timeframe last year. An expected 14 million sales by 2023 represent 35% year-on-year growth. The Society of Motor Manufacturers and Traders, a UK trade association, reported that in February 2024, hybrid electric car sales had a significant uptick of 40.0%, with plug-in hybrid electric cars also seeing a remarkable rise of 25.1%. Electrified vehicles made up 5.6% of the market, up from 4.0% in 2022. This growing demand for electric and hybrid vehicles, hence, is fuelling the growth of the electric vehicle motor market.

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Which Segment Currently Holds the Largest Share of 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)

Which Major Trends Are Shaping the Future of the Electric Vehicle Motors Industry?
Leading corporations in the electric vehicle motor sector are centred on making progress in innovative solutions such as 800-volt technology to heighten performance and charging capabilities. The implementation of this technology in electric vehicle motors accelerates charging speed and enhances power efficacy, thereby improving total performance and reducing charging periods compared to the conventional 400-volt systems. In August 2023, for example, the German engineering and technology firm Robert Bosch GmbH devised innovative powertrain solutions incorporating an 800V inverter and a motor, both for electric vehicles, using 800-volt technology to facilitate faster recharging and advance electromobility. The 800-volt system's inverter integrates silicon carbide semiconductors to bolster efficiency and broaden the range. The electric vehicle motor's 800-volt iteration enjoys greater power density, leading to weight reduction and a more compact design. The inverter uses silicon carbide chips characterized by enhanced electrical conductivity, which arises from the introduction of carbon atoms into the super pure silicon crystalline structure. This alteration triggers a 50% decrease in energy loss due to heat in power electronics, culminating in an impressive 99% efficiency for the inverters.

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Which Key Players Dominate the Electric Vehicle Motors Industry Globally?
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

What Are the Fastest-Growing Regions 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.

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