The global electric vehicle motor market is anticipated to expand at a CAGR of 21.2 percent between 2022 and 2032, reaching a worth of more than US$ 396.3 Bn by that year.
The EV motor market is predicted to expand in response to the rising demand for electric vehicles. A growing urban population, incentives for electric vehicles, declining battery prices, improved transportation infrastructure in emerging and industrialized countries, and intergovernmental initiatives for electric vehicles are some of the factors driving the adoption of electric vehicles.
The demand for electric cars and motors is being driven by several important causes, including the negative effects of fossil fuels, rising fuel costs, lower long-term costs to end users, and growing environmental awareness. The demand for electric vehicles and related parts is driven by consumers’ growing preference for cutting-edge technology and low maintenance costs.
The inclusion of new technology into products has increased consumer demand for automated motors, which will hasten the growth of the global market for electric vehicle motors. As a result of developments in automation and research, producers are now creating novel motors that are more efficient than manual methods.
- From 2022 to 2032, it is predicted that the AC electric vehicle motor market would grow at a CAGR of 20.8 percent.
- In terms of power, EV motors with capacities between 100 and 200 kW are expected to account for more than 70% of the market in 2022.
- In terms of EV Type, BEV and HEV will collectively account for more than 85% of the market in 2022.
- With a value share of over 23% by 2032, South Asia & Pacific is predicted to hold the greatest market share worldwide.
- The U.S. is predicted to present the largest absolute monetary opportunity from 2022 to 2032, totaling more than US$ 38.0 Bn.
Mahle GmBH, General Electric, Kirloskar Electric, Delta Electronics Inc., Bosch Mobility, ABB Ltd, Siemens AG, Nidec Motor Corporation, Toshiba Corporation, Zytek Automotive Ltd, Parker Hannifin Corp., and Vitesco Technologies.