Electric Vehicle Motor Market Size and Analysis Report By Product, By Application and By Region – Global Opportunities & Forecast 2021-2028
Electric Vehicle Motor Market Size and Analysis Report By Product (Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), and Pure Electric Vehicle (PEV)), By Application (Passenger Cars and Commercial Vehicles) and By Region
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.
To have an edge over the competition by knowing the market dynamics and current trends of “Electric Vehicle Motor Market”, request for Sample Report here
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.
Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report
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.
In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here
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.
For detailed scope of the “Electric Vehicle Motor Market” report request a Sample Copy of the report
Report Coverage |
Details |
Market Base Year |
2020 |
Market Forecast Period |
2021-2028 |
Market Revenues Currency |
USD Million |
Base Year & Forecast Units |
Revenues (USD Million) |
Market Segment | By Product, By Application, By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | 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; a total of 10 companies covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
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.
Frequently Asked Question About This Report
Electric Vehicle Motor Market [UP2588-001001]
The 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.
The leading players in this market are 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.
The passenger car is expected to grow at a higher 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).
The 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."
- Published Date: Apr-2022
- Report Format: Excel/PPT
- Report Code: UP2588-001001
Licensing Options
Single-User License:
The report is used by the purchaser (One Individual) only
Multi-User License:Report is shared with maximum 5 users (employees) including the purchaser of the purchasing corporation only
Corporate License:
Report is shared with unlimited user (employees) of the purchasing corporation only
The report is used by the purchaser (One Individual) only
Multi-User License:Report is shared with maximum 5 users (employees) including the purchaser of the purchasing corporation only
Corporate License:
Report is shared with unlimited user (employees) of the purchasing corporation only
Electric Vehicle Motor Market Size and Analysis Report By Product, By Application and By Region – Global Opportunities & Forecast 2021-2028
$ 4,499.00 – $ 6,649.00