Electric Motors for Electric Vehicle Market Poised for Rapid Growth
Incorporating electric motors that run on electricity rather than gasoline helps reduce emissions from vehicles and contributes to a green and sustainable future. Electric motors offer noiseless operations, minimal maintenance requirements, and zero emission benefits.
The global Electric Motors for Electric Vehicle Market is
estimated to be valued at US$ 9463.7 Bn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
The global Electric Motors for Electric Vehicle Market is driven by the
increasing demand for electric vehicles worldwide owing to stringent emission
norms and the push towards cleaner mobility solutions. Electric vehicles rely
on electric motors that operate on electricity rather than gasoline to drive
the wheels. Electric motors help improve vehicle efficiency while reducing
carbon footprint making electric vehicles an attractive proposition.
Market key trends:
The growth of the Electric
Motors for Electric Vehicle Market size is primarily accelerated by the
rapid adoption of electric vehicles globally. Stringent emission norms and the
push towards sustainable mobility has led automakers as well as new companies
in the mobility space to focus on electric vehicles. major automakers such as
Tesla, Volkswagen, General Motors etc along with new companies such as Rivian,
Lucid etc have committed large investments and aggressive targets for electric
vehicle production. Growing consumer confidence in electric vehicles as a
viable alternative to gasoline vehicles along with improving electric vehicle
infrastructure is also augmenting the electric vehicle sales worldwide, thereby
driving the demand for electric motors used in these vehicles. Development of
more efficient and affordable powertrains incorporating advanced electric motor
technology will be a key trend that further increases electric vehicle
acceptance.
Segment
Analysis
The global
electric motor for electric vehicle market is segmented by type, motor type,
vehicle type, and region. Based on type, the traction motor segment is expected
to dominate the market during the forecast period. Traction motors provide
direct power for propelling electric vehicles and do not require mechanical
transmission systems that are necessary for internal combustion engine
vehicles. This gives traction motors an advantage over other motor types in
terms of efficiency and performance.
Key Takeaways
The global electric motor for electric vehicle market is expected to
witness high growth during the period 2024-2031.
Regional analysis: The Asia Pacific region is expected to
dominate the global electric motor market for electric vehicles. Countries such
as China and Japan are focusing on developing local manufacturing facilities to
cater to the rising domestic demand for electric vehicles. Government support
through subsidies and favourable regulations are also encouraging electric
vehicle adoption in several Asia Pacific countries.
Key players: Key players operating in the electric motor for electric vehicle
market 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 companies are focusing on developing efficient and durable
electric motors through extensive research and development activities.
Strategic partnerships and collaborations across the electric vehicle ecosystem
are also helping them enhance manufacturing capabilities and build supply chain
resilience.
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