by The demand for electric vehicles has been increasing rapidly owing to rising environmental concerns, increasing fuel prices, and government support for adoption of green vehicles. Electric motors for electric vehicles offer various advantages such as low maintenance cost, high efficiency, improved acceleration power, and quieter operation as compared to conventional gasoline engines. Some key types of electric motors used in electric vehicles include permanent magnet synchronous motors, induction/asynchronous motors, and switched reluctance motors.
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 from 2024 to 2031.
Key Takeaways
Key players operating in the Electric Motors For Electric Vehicle 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 players are focusing on introducing innovative electric motors with improved efficiency, power output, and reliability.
The growing demand for Electric Motors For Electric Vehicle Market Size across the world especially in countries like China, the U.S., Germany, and the UK is expected to drive the demand for electric motors used in these vehicles. Stringent emission norms and rising environmental awareness among consumers are fueling the adoption of electric vehicles.
Several automobile manufacturers are expanding their electric vehicle product portfolio and production capacities globally. They are also localizing electric vehicle production to cater to the growing regional demand. This global expansion of electric vehicles production is anticipated to boost the electric motors market substantially over the forecast period.
Market Key Trends
One of the key trends in the electric motors market for electric vehicles is the rapid innovations in motor technologies. Manufacturers are developing new motor designs with advantages such as reduced size, weight, and complexity. They are also improving motor control technologies and integrated drive capabilities. Advanced materials such as rare-earth magnets and wide bandgap semiconductors are enabling higher power density and efficiency in electric motors. Such technological advances are expanding the applications of electric motors in performance-oriented vehicles.
Porter’s Analysis
Threat of new entrants: Low economies of scale in production and high investments required. Bargaining power of buyers: Individual buyers cannot influence prices but bulk buyers have stronger bargaining powers. Bargaining power of suppliers: Suppliers have moderate powers due to availability of various component and system providers. Threat of new substitutes: Threat is moderate as various types of electric motors are available. Competitive rivalry: Intense competition exists among key players to leverage technology and gain market share.
Geographically, North America is currently holding the largest share of electric motors market for electric vehicles. This is mainly due to increasing EV sales and supportive government policies for EV adoption. Some major automakers like Tesla, Ford are expanding their EV manufacturing capacities in the region to cater to the rising domestic demand. Asia Pacific region is projected to witness the fastest growth during the forecast period. Developing nations like China and India are investing heavily in electrification of transport sector which will drive the use of electric motors for EVs in large volumes. Further, local EV manufacturers are introducing affordable electric cars for middle-income consumers, spurring regional market growth.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
