Electric Vehicle Motor Market Demand 2024, Analysis Key Players, Size, Share and Report By 2032

IMARC Group’s latest report, titled “Electric Vehicle Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the electric vehicle motor market demand. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry. the global electric vehicle motor market size reached US$ 38,994.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 182,690.3 Million by 2032, exhibiting a growth rate (CAGR) of 18.16% during 2024-2032.

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 Electric Vehicle Motor Market Trends:

The global electric vehicle (EV) motor market is driven by increasing environmental awareness and the urgent need to reduce greenhouse gas emissions. Stringent government regulations and policies promoting cleaner transportation alternatives, including subsidies, tax incentives, and zero-emission vehicle mandates, are further propelling market growth. Technological advancements in battery technology, resulting in improved energy efficiency, higher power density, and longer driving ranges, are enhancing the appeal of electric vehicles.

Additionally, the rising fuel prices and the growing emphasis on reducing dependency on fossil fuels are compelling consumers to shift towards electric vehicles. The substantial investments by automakers in research and development to produce more efficient and cost-effective electric vehicle motors are also contributing to the market's positive outlook. Furthermore, the increasing urbanization and the development of charging infrastructure are making electric vehicles a more convenient and viable option for consumers.

key Players Operating in this Electric Vehicle Motor Industry:

• ABB Ltd

• BorgWarner Inc

• Continental AG

• Hitachi Astemo Ltd. (Hitachi Ltd.)

• Mitsubishi Electric Corporation

• Robert Bosch GmbH

Global Electric Vehicle Motor Market Growth Analysis:

The scope of the global market encompasses various segments, including passenger cars, commercial vehicles, and two-wheelers. The market is witnessing significant growth due to the expanding range of electric vehicle models available, catering to diverse consumer preferences and needs. Innovations in motor technology, such as the development of high-efficiency and lightweight motors, are enhancing vehicle performance and driving market expansion. The integration of advanced features like regenerative braking and smart control systems is further boosting the adoption of electric vehicle motors.

Concurrently, the market is benefiting from the increasing collaborations and partnerships between automotive manufacturers and technology providers, fostering innovation and accelerating the commercialization of new motor technologies. Moreover, the growing focus on renewable energy sources for charging electric vehicles is also contributing to market growth.

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Electric Vehicle Motor Market Report Segmentation:

Power Rating Insights:

• Up to 20 kW

• 20 kW to 100 kW

• 100 kW to 250 kW

• Above 250 kW

100 kW to 250 kW represented the largest segment due to the popularity of mid-sized electric vehicles which require motors within this power range to provide adequate performance while maintaining efficiency.

Application Insights:

• Two Wheeler

• Three Wheeler

• Passenger Vehicle

o BEV

o Hybrid

• Commercial Vehicle

o BEV

o Hybrid

Passenger vehicles represented the largest segment because of the increasing consumer demand for electric cars driven by environmental concerns, government incentives, and improvements in electric vehicle technology.

 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)

Asia Pacific’s dominance in the electric vehicle motor market is attributed to rapid urbanization, rising disposable income, supportive government policies, and the strong presence of key electric vehicle manufacturers in countries like China, Japan, and South Korea.

Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• 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.

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