Electric Vehicle Motor Market 2023-2028, Share, Size, Growth, Drivers, Industry Trends and Report

IMARC Group’s latest report, titled “Electric Vehicle Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicle motor market price. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global electric vehicle motor market size reached US$ 32,280 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 99,730 Million by 2028, exhibiting a growth rate (CAGR) of 20.80% during 2023-2028.

Electric Vehicle Motor Market Overview:

An electric vehicle (EV) motor is a crucial component powering the propulsion of electric vehicles. Typically, these motors are of the electric traction type, converting electrical energy stored in the vehicle's battery into mechanical energy to drive the wheels. Common types include Permanent Magnet Synchronous Motors (PMSM) and Brushless DC Motors (BLDC). EV motors boast high efficiency and low maintenance requirements and contribute to reduced emissions.

Their design enables regenerative braking, recovering energy during deceleration to enhance overall energy efficiency. As the automotive industry increasingly shifts toward sustainable mobility solutions, electric vehicle motor technology advancements play a pivotal role in enhancing performance, extending range, and promoting the widespread adoption of electric transportation.

Request a Sample Report: https://www.imarcgroup.com/electric-vehicle-motor-market/requestsample

Who are the key Players Operating in the Industry? :

  • ABB Ltd
  • BorgWarner Inc
  • Continental AG
  • Hitachi Astemo Ltd. (Hitachi Ltd.)
  • Mitsubishi Electric Corporation
  • Robert Bosch GmbH

Electric Vehicle Motor Market Trends:

The global market is majorly driven by the shift towards sustainable and eco-friendly transportation solutions. Governments worldwide are incentivizing the adoption of electric vehicles, and consumers are increasingly prioritizing cleaner, energy-efficient alternatives, fueling the demand for advanced EV motors. Furthermore, technological advancements play a pivotal role in market expansion. Ongoing research and innovation are enhancing electric motors' efficiency, power density, and cost-effectiveness, making them more attractive to manufacturers and consumers alike. Continuous improvements in battery technology, directly linked to electric motor performance, further drive market growth. Besides, the commitment of major automotive manufacturers to electric mobility is another key factor.

Companies are investing heavily in electric vehicle development, and as EVs become more mainstream, the demand for high-performance motors is escalating. Government policies and regulatory initiatives focused on reducing carbon emissions are significant catalysts. Stringent emission standards and targets are compelling automakers to accelerate their transition to electric propulsion systems, increasing the adoption of electric motors. Additionally, economies of scale and declining production costs make electric vehicles more affordable. As a result, the market for EV motors is experiencing increased accessibility and demand, creating a positive feedback loop that further encourages technological advancements and innovation in the electric vehicle industry.

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/electric-vehicle-motor-market

Key Market Segmentation:

Power Rating Insights:

  • Up to 20 kW
  • 20 kW to 100 kW
  • 100 kW to 250 kW
  • Above 250 kW

Application Insights:

  • Two Wheeler
  • Three Wheeler
  • Passenger Vehicle
    • BEV
    • Hybrid
  • Commercial Vehicle
    • BEV
    • Hybrid

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

About Us

IMARC Group is a leading market research compan that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US

IMARC Group

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USA: +1-631-791-1145 | Asia: +91-120-433-0800

Email: sales@imarcgroup.com

Follow us on Twitter: @imarcglobal

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