Global Electric Vehicle Motor Market was valued at USD 1.86 billion in 2018 which is expected to reach USD 16.2 billion by 2027 at a CAGR 40.6%.
The automotive industry appears vastly diversified, with the presence of various notable as well as giant auto manufacturers and improved manufacturing techniques of vehicles and their components. Main products of the automotive industry are passenger cars and commercial vehicles such as transport – heavy trucks or semis, light trucks, pickup vans, and sport utility vehicles, among others.
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Several industry standards & parameters are considered while taking note of segment & sub-segment. A microscopic view of the market comprises historical information regarding the Electric Vehicle Motor market as well as future events which can impact the market growth. The market demand is ascertained keeping in mind the value for the base year. Country-specific economic indicators as well as drivers are described in the report with investment opportunities suggested to interested investors. Key insights are given in tabular format and structured in a easy to read manner.
Electric vehicle motor converts electric energy into mechanical energy for propulsion of the electric vehicle. The working is based on the interaction of electric vehicle motors magnetic field and current. Increase in number of electric vehicles with various advantages like high efficiency, zero emission, and automated control expected to drive the global electric vehicle motor market growth.
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The report includesa detailed analysis of substantial factors that impact the Electric Vehicle Motor Market significantly. The report accuratelyexplains the factors that are driving, restraining, and challenging the Electric Vehicle Motor Market growth over the assessment period. It also includes the changing aspects that are expected to create likely opportunities for market players to reach a comprehensive understanding of the market.
Increase in demand for energy efficient vehicle to reduce pollution in environment is the key driving factor which is expected to boost the global electric vehicle motor market growth. Furthermore, growing inclination of population towards emission free vehicles is expected to fuel the growth of electric vehicle motor market, during this forecast period. Moreover, increase in electric vehicle launches activities is expected to drive the global electric vehicle motor market. For instance, in February 2020, Mahindra had launched an affordable passenger vehicle (ekuv100) in India. The ekuv100 has various features including 40kw electric motor, which produces 120Nm torque driving the fornt wheels.
However, high initial cost is the major restraining factor which is expected to hamper the global electric vehicle motor market growth. Also, high maintenance cost will affect the market growth.
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Global Electric Vehicle Motor Market is segmented into by type such as Altering Current Motor (AC) (Synchronous AC Motor, and Induction AC Motor), and Direct Current (DC) Motor (Brushed DC Motor, Brushless DC Motor, and Hermetic Motor), by vehicle type such as Passenger Cars, Commercial Vehicles, and Two-wheelers.
Also, Global Electric Vehicle Motor Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as BMW AG, oration Ltd., Rockwell Automation Incorporation, Franklin Electric Cooperative Incorporation,, Brook Crompton UK Limited,, Asmo Corporation Limited, ARC Systems Incorporation,, Allied Motion Technologies Inc., Baldor Electric Company Inc., Siemens AG, Ametek Incorporation, and ABB Group Ltd.
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