The Electric Motors For Electric Vehicle Market is estimated to be valued at US$ 8215.01 Mn or Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric motors play a crucial role in the operation of electric vehicles as they are the main driving force behind electric vehicles. Electric motors efficiently convert electric power into mechanical power for propulsion. Permanent magnet synchronous motors and induction motors are commonly used electric motors in electric vehicles. There is an increasing demand for high power density and high efficiency electric motors to improve the performance and driving range of electric vehicles.
Market Dynamics:
The growing adoption of electric vehicles across the globe acts as a key driver for the Global Electric Vehicle Market Size. Stringent emission norms and government incentives and subsidies on electric vehicles purchase are fueling the sales of electric vehicles. According to the International Energy Agency, the global stock of electric cars passed 5 million in 2018 and is expected to grow significantly in the coming years. Furthermore, rapid developments in battery technologies are resulting in improved driving range of electric vehicles. Lithium-ion batteries with high energy density allow automakers to design electric vehicles with longer driving range on a single charge. Advancing battery technologies enable the use of smaller and efficient electric motors thereby reducing cost and weight of electric vehicles.
Segment Analysis
The electric motors for electric vehicle market is dominating by AC permanent magnet synchronous motors segment. AC permanent magnet synchronous motors provides high power density, high efficiency and reliable performance relative to other types of electric motors. These motors are used widely in electric vehicles as traction motor which drives the wheels thus helping in dominance of this segment.
PEST Analysis
Political: Governments across the world are focusing on mandating strict emissions norms and providing various subsidies and tax rebates to promote electric vehicles. This is positively impacting the electric motors market.
Economic: Growing disposable income and rising fuel costs are encouraging consumers to switch to electric vehicles. Also, lower operating and maintenance costs of electric vehicles make them attractive economically.
Social: Increasing environmental concerns and awareness about carbon emissions is driving consumers towards eco-friendly electric vehicles. This is propelling the demand for electric motors.
Technological: Advancements in technologies related to power electronics, motors and battery packs are enhancing the driving range and performance of electric vehicles. Innovation is also focused on reducing the cost of electric motors.
Key Takeaways
The global electric motors for electric vehicle market is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing government support for adoption of electric vehicles through subsidies and regulations.
Regional analysis: Asia pacific is expected to dominate the market and grow at the fastest rate during the forecast period due to large EV production and increasing consumer interest in countries such as China and Japan. China contributes to nearly half of the global EV production.
Key players operating in the electric motors market for electric vehicles are BYD Co. Ltd, Aisin Seiki Co. Ltd., Toshiba Corporation, Toyota Motor Corporation, Tesla Inc., Hitachi Automotive Systems Ltd, Nissan Motor Co. Ltd, DENSO Corporation, BMW AG, Honda Motor Company Ltd, Robert Bosch GmbH, Mitsubishi Electric Corp., and Magna International Inc. Key players are focused on adopting various organic and inorganic growth strategies such as new product launches, partnerships and expansions to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
