Electric Vehicle Motor Market

Rise in demand for hybrid and electric vehicles, stringent rules and regulations set by the government for the automotive industry

WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, June 7, 2024 /EINPresswire.com/ -- The global 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 has experienced significant growth and transformation, driven by a combination of rise in demand for hybrid and electric vehicles, stringent regulations set by the government for the automotive industry, and an increase in research and development initiatives. The penetration of battery electric vehicles has increased significantly in the last five years as they are efficient and eco-friendly. Moreover, surge in consumer demand to minimize fuel costs is driving the demand for electric vehicle motors.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/2438

The global electric vehicle motor market size was valued at $24.9 billion in 2022, and is projected to reach $99.5 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.

The global electric vehicle motor market is anticipated to show a strong growth rate due to stricter government regulation set by regulatory bodies on the automobile industry. Regulatory bodies around the world have implemented strengthened regulations and laws related to emission from traditional ICE vehicle, and promote green mobility in the automobile industry. As the emission from automobiles are becoming challenging and increasingly common governments across the world have implemented strict laws and regulation to cut down on vehicle emission.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

Mitsubishi Electric Corporation, Robert Bosch GmbH, Continental AG, AISIN CORPORATION, TOSHIBA CORPORATION, BorgWarner Inc., NIDEC CORPORATION, Magna International Inc., ABB, Hitachi, Ltd.

By type, the AC motor segment held the highest market share in 2022, and with the highest CAGR of 15.6% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to AC motors in electric vehicles providing a better grip on rough roads, thereby increasing efficiency and performance. AC motor is considered adaptable because it has regenerative features that can also be used as a generator and provide power to the vehicle's battery.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/2438

The market share has been bifurcated on the basis of motor type, vehicle type, application as well as regions. On the basis of motor type the global market has been analyzed across AC motor and DC motor. On the basis of vehicle type the EV motor market size is segmented into battery electric vehicle, hybrid vehicle & plug-in hybrid vehicle. On the basis of application the global electric vehicle motor market has been studied across passenger cars and commercial vehicles. Based on region the global market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA region.

Furthermore, the market is very competitive with a few big manufactures dominating the overall global market share To maintain their market positions, top companies operating in the market are prioritizing on innovation, product uniqueness, and collaboration with other industry players.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

By region, Asia-Pacific held the highest Electric Vehicle Motor Market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the Asia-Pacific region is expected to witness the fastest CAGR of 16.7% from 2023 to 2032, owing to higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in the trend toward adopting non-fossil fuel-based vehicles. Moreover, various technological advancements related to automotive due to government initiatives, such as investment in R&D in automotive manufacturing, further propel the market growth.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/fd60ea3fa4b070be6256b1ba72a608ea

By electric vehicle type, the hybrid vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the hybrid vehicle segment is anticipated to witness the highest CAGR of 15.5% from 2023 to 2032, owing to hybrid car utilization of two or more engines, an electric motor, and a conventional engine wherein the electric engine powers the car at the initial lower speeds and gas engine powers it at higher speeds resulting in better gas mileage. Similarly, the stricter emission rules set by governments across the world resulted in automakers' shift to developing hybrid car technology. Hybrid cars act as a bridge between ICE vehicles and fully electric vehicles, which further drives the market demand.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By type, the AC motor segment is anticipated to exhibit significant growth in the electric vehicle motor market in the near future.

By electric vehicle type, the hybrid vehicles segment is anticipated to exhibit significant growth in the market in the near future.

By application, the passenger cars segment is anticipated to exhibit significant growth in the market in the near future.

By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Electric Vehicle Market - https://www.globenewswire.com/en/news-release/2023/10/23/2764378/0/en/Electric-Vehicle-Market-EV-Industry-Is-Set-to-Reach-an-Estimate-of-823-75-Billion-by-2030-at-a-Compound-Annual-Growth-Rate-CAGR-Of-18-2-Allied-Market-Research.html

Electric Vehicle Charging Connector Market - https://www.prnewswire.com/news-releases/electric-vehicle-ev-charging-connector-market-to-reach-273-2-million-globally-by-2032-at-17-0-cagr-allied-market-research-301870146.html

Electric Scooter and Motorcycle Market - https://www.globenewswire.com/en/news-release/2022/09/05/2509720/0/en/Electric-Scooter-and-Motorcycle-Market-To-Portray-93-9-Billion-by-2031-Allied-Market-Research.html

Electric Vehicle Range Extender Market - https://www.globenewswire.com/en/news-release/2020/08/20/2081452/0/en/Electric-Vehicle-Range-Extender-Market-worth-1-67-Billion-by-2026-Allied-Market-Research.html

David Correa
Allied Market Research
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