Electric Vehicle Motor Market Share and Size, Growth, Upcoming Trends, CAGR Status, Demand, Business Opportunities and Forecast 2024-2033: SPER Market Research
An essential component of an electric vehicle is the electric motor, which turns electrical energy into torque to advance the vehicle forward. The vehicle’s battery banks supply the motor with electricity. Regenerative braking is a feature of electric vehicle motors, which implies that when the power is not needed, the motors begin to generate it and then return it to the battery pack. One of the things that makes electric vehicles special is that the voltage may be readily increased or decreased to different values since the AC signal is alternating. In electric vehicles, a range of batteries are utilized. Lithium ion, molten salt, zinc-air, and other nickel-based designs are among them.
According to SPER market research, ‘Electric Vehicle Motor Market Size- By Vehicle Type, By Component, By Power Rating- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Electric Vehicle Motor Market is predicted to reach USD 114.9 billion by 2033 with a CAGR of 15.48%.
The development of the electric vehicle motors is mostly driven by the growing popularity of expanding the driving range of electric vehicles. It is being positively impacted by the increase in research and development activities like energy, power and storage efficiency. In recent times, there has been a consistent volatility in the prices of fuels used in conventional cars, such as gasoline and diesel. As a result, automakers are now shifting their focus to creating vehicles that are more fuel-efficient. The implementation of stringent administrative regulations is a noteworthy additional factor contributing to market expansion. Countries have imposed rigid emission regulations in an effort to lower greenhouse gas emissions and subsequently the causes of global warming. Consequently, there is an increasing demand for electric motors for vehicles with zero emissions.
The primary barrier of Electric Vehicle Motors is the high expense associated with it for instance expensive rechargeable lithium batteries. The EV sector also deals with procurement challenges such the scarcity of rare earth metals needed to make permanent magnets for motors. These metals are susceptible to disruptions in the supply chain and export restrictions. The absence of infrastructure for charging electric vehicles has been shown to be detrimental to the expansion of the market. Furthermore, as the market is still in its early stages of development, investors and consumers are investing a significant amount of money in the technology.
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The market for electric vehicle motors was negatively impacted by the COVID 19 pandemic. The outbreak caused supply-chain problems that reduced passenger car sales and temporarily stopped vehicle production worldwide. The global auto output declined in comparison to the pre-covid year. A lack of components such as semiconductor chips, affected several manufacturers, delaying production and lowering sales of electric vehicle motor systems. Travel limitations imposed by COVID-19 have caused disruptions to import-dependent providers of supplies for electric car production. The pandemic temporarily reduced sales of electric cars, but it may possibly raise demand in the future, especially for bigger, more potent models.
Global Electric Vehicle Motor Market Key Players:
Asia Pacific dominates the electric vehicle motor market due to advancements in the agriculture sector and enormous investments in industrialization in countries. It has also facilitated by increasing focus on renewable energy adoption, government incentives and supportive policies. Additionally, some of the key market players are Robert Bosch GmbH (Germany), LG Magna e-Powertrain Co., Ltd (South Korea), Johnson Electric Holdings Limited (Hong Kong), Mitsubishi Electric Corporation (Japan), Toshiba International Corporation (Japan), and others.
Electric Vehicle Motor Market Segmentation:
By Vehicle: Based on the vehicle, Global Electric Vehicle Motor Market is segmented as; Two Wheeler, Three Wheeler, Passenger Vehicle, and Commercial Vehicle
By Component: Based on the Component, Global Electric Vehicle Motor Market is segmented as; Motor Stator, Rotor, Shaft, and Bearing, Permanent Magnet, Casing, and Wiring & Connectors
By Power Rating: Based on the Power Rating, Global Electric Vehicle Motor Market is segmented as; Up to 20 kW, 20 KW to 100 KW, 100 KW to 250 KW, and Above 250 KW
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Electric Vehicle Motor Market Future Outlook
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