Electric Vehicle Motor Industry Growth Projections is Predicted to Grow Exponentially Between 2023 and 2030 MRFR

Market Overview:

According to MRFR analysis, the global Electric Vehicle Motor Market is expected to register a CAGR of ~20.50% from 2022 to 2030 and hold a value of over USD 169.36 billion by 2030. 

The electric motor, which transforms electricity into torque to propel the vehicle, is a crucial component of the electric vehicle power train. The motor receives the electricity given by the battery pack, and the motor then transforms this electrical energy into mechanical energy, causing the vehicle to move. Regenerative braking is a technique used by motors in electric cars, which means that when no power is being used, the motors start producing electricity and begin sending it back to the battery pack.

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Key Players

Some of the key market players are Continental AG, Hitachi Automotive Systems Ltd, Tesla Inc, BYD Auto Co. Ltd, Denso Corporation, Metric Mind Corporation, Mitsubishi Electric Corporation, Allied Motion Technologies Inc, Robert Bosch GmbH, Siemens AG.

The expansion of the electric vehicle sector and the tightening of government pollution restrictions are the main drivers of the market for Electric vehicle motorss. The market expansion is hampered by the high initial cost of electric motors and their high maintenance costs. In addition, despite these difficulties, technological development, such as the production of energy-efficient motors, is anticipated to accelerate market expansion shortly. Additionally, it is anticipated that an increase in government activities about electric cars would present several chances for the market’s expansion.

Electromagnetic induction is the basis for operating electric motors, which are electronically devices. They are strong and extremely efficient, need little upkeep, use less energy, and have a high tolerance for changing voltages. Electric motors are far less expensive compared to an engine powered by fossil fuels. Electric motors are used in industrial fans, machine tools, compressors, electric cars, home appliances, hard drives, and other devices across various sectors, from automotive to oil and gas.

Market Segmentation:

The global market has been segmented into three sections. The power rating section has been divided into >80 kW, 40 kW-80 kW and <40 kW. The motor type section has been classified into D.C. brushless motors, D.C. brushed motors, induction motors, switched reluctance motors and synchronous motors. The regional basis is further divided into five sections Asia-Pacific, North America, South America, Europe and Middle East & Africa.

Regional Analysis:

Due to increased E.V. sales, mostly from China, Asia-Pacific has been gaining the most market share for electric motors for electric vehicles globally. The world’s leading producer and buyer of electric cars are China. Domestic demand is backed by governmental air-quality standards, favourable regulations, and national sales goals. For instance, China has mandated that producers of electric or hybrid cars must meet a quota of at least 10% of all new sales. Beijing only gives 10,000 licences for registering combustion engine vehicles each month to encourage its citizens to transition to electric vehicles.

The automobile sector now cannot exist without electric vehicles. It provides a means to minimize pollution and other greenhouse gas emissions while also attaining energy efficiency. The main causes of this rise are the rising environmental concerns and beneficial government measures.

Industrial News:

The demand for electric motor vehicles is increasing across several geographic locations, fostering the development of the Electric vehicle motors industry and creating additional chances for manufacturers and key players in the market.

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