NEW YORK, Jan. 30, 2024 /PRNewswire/ — The electric vehicle motor market is estimated to grow by USD 14.49 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 20.87% during the forecast period. However, the growth momentum will progress. ABB Ltd., Allied Motion Technologies Inc., AMETEK Inc., Continental AG, DENSO Corp., e Gle Co. Ltd., ECOmove GmbH, Ford Motor Co., GEM motors d.o.o, Hitachi Ltd., Magna International Inc., Metric Mind Engineering, Mitsubishi Electric Corp., Nidec Corp., Nissan Motor Co. Ltd., Robert Bosch GmbH, Siemens AG, Toshiba Corp., Valeo SA, and Volkswagen AG are the key companies. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) – Request a Free sample report
Technavio has segmented the market based on power rating (MPR, HPR, and IPR), type (AC motor and DC motor), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The MPR segment is estimated to witness significant growth during the forecast period. Mid-power rating (MPR) motors, like the 80kW MPR motor in the Nissan Leaf, are favored in hybrid and low-range pure electric vehicles. Models such as the Hyundai Sonata, Hyundai Ioniq Electric, Toyota Prius, and Chevrolet Volt also feature mid-power rating motors. As the demand rises for high-performance EVs and plug-in hybrids, there’s an anticipated shift towards high-power rating motors for enhanced acceleration and extended range.
By geography, the global electric vehicle motor market is segmented into APAC, Europe, North America, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth.
- APAC is estimated to contribute 50% to the growth during the forecast period. The growth in the region is driven by increasing EV demand in countries like China, Japan, India, Singapore, Thailand, and South Korea. China, particularly, stands out with a significant contribution leading in both EV sales and component production. Despite a slowdown due to the COVID-19 pandemic, the APAC region is witnessing a resurgence in growth.
Insights on the contribution of various segments including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Free Sample Report
The increasing average miles driven by EVs on a single charge are notably driving the growth. Electric vehicle (EV) manufacturers, including Tesla and Nissan, are focusing on enhancing battery pack sizes to address range anxiety and attract more customers. Tesla plans to upgrade its battery pack to 100-kilowatt-hour, significantly increasing miles driven from 200 to 380 miles. Nissan is also improving the Leaf model’s battery pack to 30 kWh for extended range on a single charge.
- Battery performance overview from logs is the primary trend.
- The lack of operational infrastructure in emerging markets is the major challenge restricting growth.
Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a Free sample report!
Electric Vehicle (EV) Motors: Applications
Electric Vehicle (EV) motors play a critical role in the automotive industry’s transition towards sustainable transportation. These motors power electric vehicles, which are part of the clean energy and green mobility movement. EV motors leverage electric propulsion and battery-powered technology to drive vehicle electrification and reduce carbon emissions. Their efficiency is crucial for sustainable mobility and the adoption of electric vehicles, supported by advancements in lithium-ion batteries and energy storage systems. As part of the electric drivetrain, EV motors contribute to environmental sustainability and the reduction of carbon emissions in the automotive sector. The growth also relies on innovations in EV motor technology and powertrain technology, as well as the development of charging infrastructure. Automotive engineering is pivotal in the manufacturing and integration of EV components, leading to electromobility trends and the realization of emissions-free transportation powered by green transportation solutions.
What are the key data covered in this Electric Vehicle Motor Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2023 and 2027
- Precise estimation of the size and its contribution on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Electric Vehicle Motor industry across APAC, Europe, North America, South America, and the Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Electric Vehicle Motor companies
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The predicted growth of the electric vehicle (EV) charging connector market share in Europe from 2021 to 2026 is USD 48.11 million at a progressing CAGR of 16.59%.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Power Rating
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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SOURCE Technavio
