The Global Electric Vehicle Motor Market was valued at $5.5 billion in 2021, and is projected to reach $34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
The electric motor, which transforms electricity into torque to propel the vehicle, is a crucial component of the electric vehicle powertrain. The motor receives the power 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 the motors in electric vehicles, which means that when no power is being used, the motors start producing electricity and begin sending it back to the battery pack.
Due to the increase in demand for electric vehicles and the strict safety standards set by the government for the automotive sector, the global market for electric vehicle motors is expanding. High manufacturing costs, however, are what are impeding the market’s expansion. The large range of applications that use electric motors is another aspect that is anticipated to present growth prospects throughout the projected period.
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The cost of raw materials such specialised alloys, steel bars, copper wires, and permanent magnets has an impact on the price of electric motors. Many of these basic minerals come from South American, African, and Chinese nations. The dominance of particular providers on the market for electric motors is influenced by the product’s price. Any change in the cost of raw materials will directly affect the cost of motors. Therefore, the market’s other producers and suppliers must bear the resulting price changes. Neodymium magnets now hold the biggest market share, and throughout the forecast period, this market segment is anticipated to increase at the fastest rate. Neodymium’s high energy output and high residual flux density
As the number of electric vehicles increases, the market for electric vehicle motors is predicted to grow quickly due to benefits such zero discharges, cheap maintenance costs, high proficiency, and computerised control. These engines are used in bikes that at least have one electric motor, while traveller and commercial vehicles typically have two or more electric motors, depending on the size and purpose of the vehicle.
Top key players of The Global Electric Car Motor Market:
• Broad Ocean
• ZF Friedrichshafen AG
• Jing-Jin Electric (JJE)
• Anhui JEE
• Mitsubishi Motors Corporation
• Shenzhen Greatland Electrics Inc
Market: By Types
• Permanent Magnet Synchronous Motor
• Asynchronous Motor
Market: By Applications
Global Electric Car Motor Market: Regional Analysis
The countries covered in the regional analysis of the Global Electric Car Motor market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter’s Five Force Model and SWOT analysis are used to study the global Electric Car Motor market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Electric Car Motor would help in identifying future applications in this market.
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
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