Rising Environmental Concerns and High Demand for BEVs Propel Electric Vehicle Motor Market to Grow at A CAGR of 8.5% by year 2032. North America holds the largest market share with the US alone contributing for more than 90%. This data, however, pertains to the year 2021. It could lose 162 BPS points by the year 2032, which would take its share to 89.7%
NEWARK, Del: The global electric vehicle motor market is projected to witness an astonishing CAGR of 8.5% from 2022 to 2032. The target market is set to accrue an estimated value of US$ 18.9 billion in 2032, rising from a value of US$ 8.1 billion in 2022. Historically, the electric vehicle motors market grew at a CAGR of 8.5% and reached a value of US$ 8.1 billion in 2021.
Strict government regulations regarding pollution have induced automobile manufacturers to produce alternate propulsion systems for their vehicles so as to comply with regulations and lessen air pollution. This is one of the main factors that drive the growth of the electric vehicle motor market during the assessment period.
The implementation of stringent design and manufacturing mandates and regulations regarding the manufacturing of efficient products will aid the expansion of the electric vehicle motors market. Thus, the development of advanced products like the integration of AC synchronous motors with brushed current excitation will likely spur the demand for electric vehicle motors in the upcoming years. Further, numerous automakers engage in different growth tactics like mergers and partnerships which will bode well for the overall market as it helps with the release of novel and innovative technology.
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The introduction of robotics technology and advanced battery technologies is expected to open new avenues of growth for the electric vehicle motors market. Moreover, the emergence of advanced battery technologies ensures better charging speed and lowered battery costs. This has a positive influence on the sales of electric vehicle motors. Again, most electric vehicles come equipped with DC brushless motors as they function at a unity power factor. These motors assume the lead in hybrid and upcoming plug-in hybrid markets which, in turn, drives the growth of the electric vehicle motors market.
- Lower replacement rates and high costs of electric vehicles, particularly in price-sensitive economies, may stymie the growth of the electric vehicle motor market during 2022 and 2032.
- By 2032, the US electric vehicle motor market will account for 89.7% of the market share due to the implementation of strict vehicular emission norms.
- The electric vehicle motor market in China will generate an incremental opportunity of US$ 86.5 billion during the next ten years.
- By product type, the AC motor category will demonstrate robust growth with an incremental opportunity of US$ 286 billion.
- Based on vehicle type, the Battery Electronic Vehicles (BEVs) segment will account for 45% of the market share in 2022 and continue to display the same growth during the assessment period.
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Tesla Inc, Bosch Mobility, Aisin Seiki Co. Ltd., ABB Ltd., Toshiba Corporation, BYD, Parker Hannifin Corp., Hitachi Astemo, Magna International, and Siemens AG, among others, are some of the significant players in the electric vehicle motor market profiled in the full version of the report.
Key market players are focusing on increasing research and development efforts to enhance the motor’s efficiency. These businesses also adopt strategic partnerships and collaborations with OEMs to secure better sales and gain a competitive advantage.
More Insights into Electric Vehicle Motor Market
FMI offers the latest, unbiased, and detailed analysis of the global electric vehicle motor market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, power, EV type, and region.
According to the reports, based on segmentation, electric vehicles with AC motors will gain popularity. Thus, the AC motors segment will generate an absolute incremental opportunity of US$ 286 billion during the forecast period. In terms of vehicle type, the Battery Electric Vehicles (BEVs) category will assume the lead in the international market space.
Based on region, the electric vehicle motors market in Germany will exhibit impressive growth. The target market in this country will register a CAGR of 20.1% and grow by 6x to its current size by the end of 2032. Favorable government policies along with a rapidly expanding automotive sector are accountable for the growth of the electric vehicle motors market in Germany. Other countries like the US and China will also contribute to the global growth of the electric vehicle motors market during this period of observation.
Key Segments Covered in Electric vehicle motor Industry Analysis
By Product Type:
- Up to 100kW
- Above 200kW
By EV Type:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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Electric Vehicle Battery Market Growth : is set to strengthen its market hold in global market at a promising CAGR of 8.5%, while it is forecasted to hold a revenue of USD 18.09 Billion in 2032.
Electric Vehicle Insulation Market Demand : is likely to be worth US$ 43,795.7 Million by 2033, up from US$ 6,145.1 Million in 2023.
EV Battery Heating System Market Outlook : is projected to register at a moderate-paced CAGR of 18.7% over the forecast period. The EV battery heating system market is currently valued at US$ 3113.6 Million in 2023.
Zero Emission Vehicle Market Share : is expected to grow at a massive CAGR of 25.4% during the period 2023-2033. The market is valued at US$ 248 billion as on 2023, and by 2033, the market is expected to hit a valuation of US$ 2,384.66 billion.
Automotive Battery Management System Market Size : is expected to record a CAGR of 25.6% during the forecast period. The automotive battery management system market size is anticipated to rise from US$ 3.8 billion in 2023 to US$ 37.4 billion in 2033.
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Old Source: With Green Energy being the buzzword, Electric Vehicle (EV) Motor Market is set to reach US$ 18.09 Bn at a CAGR of 8.5% during forecast of 2022-32, says Future Market Insights, Inc.