An electric motor is a crucial component in electric vehicles as it converts electrical energy stored in the battery into mechanical energy and helps propel the vehicle. With the growing adoption of electric vehicles worldwide due to supportive government policies and increasing environmental concerns, the demand for electric motors used in EVs is also expected to rise significantly. Electric motors offer several advantages such as higher efficiency, compact design, reliable performance, and lower maintenance costs compared to conventional combustion engines. Additionally, the elimination of direct emissions makes electric vehicles more environment-friendly.
The Global electric motors for electric vehicle market is estimated to be valued at US$ 13.29 Bn in 2024 and is expected to exhibit a CAGR of 20.7% over the forecast period 2024 To 2031
Key Takeaways
Key players operating in the Electric Motors For Electric Vehicle are Audi AG, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Google LLC, Honda Motor Corporation, Nissan Motor Company, Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., and Volvo Car Corporation. These players are focusing on developing innovative and efficient electric motor technologies to strengthen their product portfolio and market share.
In terms of opportunities, the increasing demand for affordable and high-performance Electric Motors For Electric Vehicle Market Growth prospects for electric motor manufacturers. Also, the rapid expansion of public charging infrastructure and emerging shared mobility business models are creating new application areas.
Globally, Europe dominates the electric motors for electric vehicles market due to the strong presence of major automakers and supportive government policies promoting clean mobility in countries like Germany, France, and the UK. However, with large investments and fast-paced EV adoption, Asia Pacific is emerging as a major market led by China, Japan, and South Korea. North America is also witnessing high demand for EVs, driven by the US and Canada.
Market Drivers:
– Supportive government policies in the form of subsidies, tax rebates, and bans on combustion vehicles are majorly driving the Electric Motors For Electric Vehicle Market Challenges And Opportunities. Many countries have announced plans to phase out internal combustion engine vehicles.
– Rising environmental awareness and stringent emission norms are encouraging more consumers to opt for electric vehicles, thereby propelling the demand for electric motors.
Market Restrains:
– High production costs of electric vehicles and components like electric motors make them less affordable for many consumers compared to conventional vehicles.
– Range anxiety associated with limited driving range on a single charge is a key concern for customers, restraining faster EV adoption.
Segment Analysis
Electric Motors sub segment dominates the Electric Motors For Electric Vehicle Market. Electric vehicles use electric motors for propulsion. Within electric motors, permanently excited synchronous motors are most widely used electric motors in electric vehicles. These motors offer high torque even at low RPMs along with high efficiency which is crucial for electric vehicles.
Global Analysis
North America dominates the regional analysis of the Electric Motors For Electric Vehicle Market. Presence of leading automakers like Tesla, General Motors, Ford focusing on electric vehicles along with supporting government policies have led to rapid adoption of electric vehicles in the US and Canada. Moreover high purchasing power of consumers enables affordability of expensive electric vehicles. Asia Pacific exhibits fastest growth in the Electric Motors For Electric Vehicle Market. Countries like China and Japan are aggressively promoting electric vehicles. Large EV market and manufacturing hub in China along with advancing technology and growing consumer demand in Japan drives the Electric Motors For Electric Vehicle Market in Asia Pacific.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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