Electric Vehicle Motor Market

Electric Vehicle Motor Market is anticipated to grow at a higher CAGR during forecast period owing to enhance customer satisfaction and experience.

Electric Vehicle Motor Market Overview

The electric vehicle motor refers to an electromechanical device that is designed to convert electric energy into mechanical energy through the creation of a magnetic field for powering up electric vehicles. The electric vehicle mainly comprises bearings, frame, rotor, commutator, and stator.

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Major Electric Vehicle Motor Market Drivers

The electric vehicles motor market size is expected to grow at a notable rate over the forecast period primarily due to the increasing consumer demand for greener transportation coupled with the growth in the electric vehicles industry, the lack of availability for finite fossil fuels, and rising concern for the reduction of pollutants in the environment. In addition, increase in government rules and regulations pertaining to the reduction of vehicular emission and promotion of electromobility and sustainable transport by organizations including AVERE (The European Association for Electromobility), the World Electric Vehicle Association (WEVA), the Society of Manufacturers of Electric Vehicles (SMEV), Australian Electric Vehicle Association (AEVA), and the Electric Auto Association are further expected to support the market growth. Moreover, according to the International Energy Agency (IEA), in 2019, electric cars registered 2.1 million sales globally with a 40% year-on-year increase and accounted for 2.6% of the global car sales. This is expected to stimulate the growth of the electric vehicle motor market over the forecast period.

Restraint in the Electric Vehicle Motor Market

However, high manufacturing cost and maintenance cost associated with electric motor is expected to restrain the market growth. In addition, the lack of charging infrastructure in developing countries such as India, Saudi Arabia, Bangladesh, and Indonesia among others are further hampering the market growth of electric vehicles thereby affecting the demand for electric vehicles motors.

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Product – Segment Analysis

Based on the product, hybrid EV is expected to hold a prominent share in the market over the forecast period owing to its benefits including better fuel efficiency, less fuel dependency, lesser emission, and regenerative braking system. Moreover, the presence of several hybrid electric vehicles including BMW i3, Kia Optima, Ford Fusion, Chevrolet Volt, Ford Fusion Hybrid Hyundai Sonata, and others are further promoting the market growth.

Application – Segment Analysis

Based on the application, passenger car is expected to grow at a notable CAGR over the forecast period. This can be attributed to the rising population, growing disposable income of consumers coupled with the increased demand for Special Utility Vehicles (SUVs). Additionally, According to OICA, in 2020, around 53.59 million passenger cars were sold across the world. According to the Society of Indian Automobile Manufacturers (SIAM), in the fiscal year 2020, there were around 2.7 million passenger cars sold across the south Asian country. These factors are expected to contribute to the market growth over the forecast period.

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Regional – Segment Analysis:

Asia Pacific is expected to grow at a high CAGR during the forecast period owing to the growing economy, high demand for fuel-efficient vehicles, and the increasing automotive production coupled with the rise in the manufacturing of electric two-wheelers and electric cars, and in India, China, and Japan. According to the International Energy Agency (IEA), in 2019, China accounted for 47% of the electric car sales globally. According to the IBEF, the EV market in India is projected to increase at a CAGR of 36% until 2026. These are expected to escalate the market growth in the Asia-Pacific.

Top Market Players

Several leading Electric Vehicle Motor companies operating in the market, include, Robert Bosch GmbH, Denso Corporation, Continental AG, Hitachi, Ltd., Tesla, Inc., BYD Company Ltd., Metric Mind Engineering, Mitsubishi Electric Corporation, Allied Motion, Inc., Siemens AG, and BorgWarner Inc. among others.

Key Developments:

• • In 2020, BorgWarner Inc. has completed its acquisition of Delphi Technologies, one of the prominent suppliers of electric vehicle supply equipment (EVSE). The combination of BorgWarner and Delphi Technologies is expected to strengthen BorgWarner’s power electronics products, vehicles, and aftermarket businesses.

Segments covered in the Report:

The global Electric Vehicle Motor market has been segmented on the basis of product, application, and key regions. Based on component, the market is segmented into Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), and Pure Electric Vehicle (PEV). Based on the application, the market is segmented into passenger cars and commercial vehicles.

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Market Segmentation

Global Electric Vehicle Motor Market by Product

• • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Pure Electric Vehicle (PEV)

Global Electric Vehicle Motor Market by Application

• • Passenger Cars
  • Commercial Vehicles

Global Electric Vehicle Motor Market by Region

• • North America Electric Vehicle Motor Market (Option 1: As a part of the free 25% customization)

    • North America Electric Vehicle Motor Market by Product
    • North America Electric Vehicle Motor Market by Application
    • US Electric Vehicle Motor Market All-Up
    • Canada Electric Vehicle Motor Market All-Up

  • Europe Electric Vehicle Motor Market (Option 2: As a part of the free 25% customization)

    • Europe Electric Vehicle Motor Market by Product
    • Europe Electric Vehicle Motor Market by Application
    • UK Electric Vehicle Motor Market All-Up
    • Germany Electric Vehicle Motor Market All-Up
    • France Electric Vehicle Motor Market All-Up
    • Spain Electric Vehicle Motor Market All-Up
    • Rest of Europe Electric Vehicle Motor Market All-Up

  • Asia-Pacific Electric Vehicle Motor Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Electric Vehicle Motor Market by Product
    • Asia-Pacific Electric Vehicle Motor Market by Application
    • China Electric Vehicle Motor Market All-Up
    • India Electric Vehicle Motor Market All-Up
    • Japan Electric Vehicle Motor Market All-Up
    • Rest of APAC Electric Vehicle Motor Market All-Up

  • RoW Electric Vehicle Motor Market (Option 4: As a part of the free 25% customization)

    • RoW Electric Vehicle Motor Market by Product
    • RoW Electric Vehicle Motor Market by Application
    • Brazil Electric Vehicle Motor Market All-Up
    • South Africa Electric Vehicle Motor Market All-Up
    • Saudi Arabia Electric Vehicle Motor Market All-Up
    • UAE Electric Vehicle Motor Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Electric Vehicle Motor Market All-Up

Major Players Operating in the Electric Vehicle Motor Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Robert Bosch GmbH 
  • Denso Corporation
  • Continental AG
  • Hitachi, Ltd.
  • Tesla, Inc.
  • BYD Company Ltd.
  • Metric Mind Engineering
  • Mitsubishi Electric Corporation
  • Allied Motion, Inc.
  • Siemens AG
  • BorgWarner Inc.