Electric Motors For Electric Vehicles Market Will Grow at Highest Pace Owing to Growing Electric Vehicle Sales

 

Electric Motors For Electric Vehicles Market

The global electric motors for electric vehicle market involves manufacturing of electric motors specifically designed for use in electric vehicles including plug-in hybrid vehicles and battery electric vehicles. The electric motors convert stored electrical energy from batteries directly into mechanical energy and torque delivered to the wheels for propulsion. The electric motors feature compact size, high efficiency and output torque compared to traditional gasoline vehicles. Owing to growing awareness about environmental pollution and carbon emissions, many governments across the world are providing subsidies and incentives for purchase of electric vehicles which is driving their sales.

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 2024 To 2031.

Key Takeaways
Key players operating in the electric motors for electric vehicle market include 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. The key players are investing heavily in research and development of more efficient and compact electric motors.

The growing demand for Electric Motors For Electric Vehicle Market Size  across the world especially in China, Europe and North America is driving the electric motors market. Various forecasts project electric vehicles sales to reach 30-40% of total new vehicle sales by 2030 creating strong demand for associated electric motor components.

Advancements in motor design including use of new magnetic materials and winding techniques have significantly improved motor performance in terms of power density, efficiency and weight reduction. Manufacturers are also developing advanced motor control strategies for efficient torque production and energy recovery.

Market Trends
Electric motor miniaturization is a key trend as automakers strive to maximize interior space and passenger comfort while accommodating the electric powertrain components. manufacturers are developing new manufacturing techniques and materials to build smaller, yet high output motors.

Consolidation is another trend with leading electric motor manufacturers acquiring smaller rivals to gain technological expertise and expand geographic footprint. For instance, in 2021, BorgWarner acquired Delphi Technologies to strengthen commercial vehicle and industrial business.

Market Opportunities
Growing demand for electric buses and commercial vehicles is opening new opportunities for electric motor manufacturers. Many cities across the world are replacing traditional fuel buses with electric models.

Advancements in silicon carbide (SiC) power electronics can further improve motor efficiency and power density creating new growth opportunities. Motors integrated with SiC inverters can reduce weight and cost while enhancing performance.

Impact of COVID-19 on Electric Motors For Electric Vehicle Market
The COVID-19 pandemic has impacted the growth of the electric motors for electric vehicle market. During the initial outbreak, the sales of electric vehicles declined sharply as people avoided public transport and factories were shut down. This led to supply chain disruptions and delays in new vehicle launches. However, many countries announced stimulus packages to boost the automotive industry, including incentives for electric vehicles. This helped revive the demand to some extent in 2020.

Still, production targets could not be met due to the challenges of ensuring social distancing in manufacturing facilities and shortage of parts. Companies focused on delivering pending orders while following strict safety protocols. The pandemic accelerated the industry's shift to online sales and contactless services. Manufacturers enhanced their digital capabilities to engage with customers remotely.

As vaccines are rolled out globally, economic activities and personal mobility have started recovering. Many nations have further increased subsidies for electric vehicles to incentivize their adoption and reduce emissions. This will drive the post-COVID growth of the electric motors for electric vehicle market. However, high material costs and delayed launches of new models in 2021 can act as a near-term obstacle. Overall, supportive government policies are expected to help the market regain its pre-pandemic trajectory over the coming years.

In terms of geography, currently North America accounts for the largest value share in the electric motors for electric vehicle market. This is due to the sizeable electric vehicle fleet and government initiatives to build charging infrastructure in countries like the US and Canada. However, over the forecast period, Asia Pacific is identified as the fastest growing regional market. This is attributed to large EV production hubs and EV subsidy programs in China, South Korea, Japan and other developing nations in Southeast Asia. With declining battery prices and expanding charging infrastructure, the electric vehicle adoption is picking up pace rapidly in Asia. This will drive the demand for electric motors used in these vehicles from the region.

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About Author:

Ravina Pandya, 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, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

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