The global electric vehicle motor market has experienced significant growth and transformation, driven by a combination of rise in demand for hybrid and electric vehicles, stringent regulations set by the government for the automotive industry, and an increase in research and development initiatives. The penetration of battery electric vehicles has increased significantly in the last five years as they are efficient and eco-friendly. Moreover, surge in consumer demand to minimize fuel costs is driving the demand for electric vehicle motors.
According to a new report published by Allied Market Research, titled, “Electric Vehicle Motor Market,” The EV motor industry was valued at $24.9 billion in 2022, and is garner to reach $99.5 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.
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The global electric vehicle motor market is anticipated to show a strong growth rate due to stricter government regulation set by regulatory bodies on the automobile industry. Regulatory bodies around the world have implemented strengthened regulations and laws related to emission from traditional ICE vehicle, and promote green mobility in the automobile industry. As the emission from automobiles are becoming challenging and increasingly common governments across the world have implemented strict laws and regulation to cut down on vehicle emission.
The AC Motor segment to maintain its leadership status throughout the forecast period
By type, the AC motor segment held the highest market share in 2022, and with the highest CAGR of 15.6% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to AC motors in electric vehicles providing a better grip on rough roads, thereby increasing efficiency and performance. AC motor is considered adaptable because it has regenerative features that can also be used as a generator and provide power to the vehicle’s battery.
Recent Advancements in the EV Motor Industry:
Prominent companies are employing strategic initiatives such as acquisitions, agreements, expansions, partnerships, contracts, and product launches to fortify their market positions.
- In June 2023, AISIN CORPORATION collaborated with Tohoku Magnet Institute (TMI) to pioneer an ultrahigh-efficiency EV motor utilizing NANOMET, a nanocrystalline soft magnetic alloy known for its high saturation magnetic flux density and ultralow iron loss.
- By August 2023, Robert Bosch GmbH introduced an 800V inverter motor for electric vehicles, leveraging its 800-Volt technology to enhance battery recharging speed. The current electric motor variant boasts increased power density, resulting in reduced weight and a more compact design. With a 35% boost in power density at 60 kW/kg and excellent torque density of 105 N•m/kg, Bosch aims to deliver superior performance.
- In the same month, Borgwarner Inc. unveiled its advanced integrated drive module (iDM220) for EVs, emphasizing high efficiency, smooth and quiet operation, and outstanding overall performance.
- Back in September 2021, TOSHIBA CORPORATION partnered with Sojitz Corporation and CBMM to commercialize next-generation lithium-ion batteries featuring niobium titanium oxide (NTO) as the anode material. This innovative NTO battery was incorporated into a new electric vehicle developed by Volkswagen Caminhões e Ônibus as a pilot project, with the involved parties gathering valuable operational data from the vehicle.
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The hybrid vehicle segment to maintain its leadership status throughout the forecast period
By electric vehicle type, the hybrid vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the hybrid vehicle segment is anticipated to witness the highest CAGR of 15.5% from 2023 to 2032, owing to hybrid car utilization of two or more engines, an electric motor, and a conventional engine wherein the electric engine powers the car at the initial lower speeds and gas engine powers it at higher speeds resulting in better gas mileage. Similarly, the stricter emission rules set by governments across the world resulted in automakers’ shift to developing hybrid car technology. Hybrid cars act as a bridge between ICE vehicles and fully electric vehicles, which further drives the market demand.
The passenger car segment to maintain its lead position during the forecast period
By application, the passenger car segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the passenger car segment is expected to portray the largest CAGR of 15.7% from 2023 to 2032, due to rise in population in developing nations, such as China, India, and Japan, creating lucrative opportunities for the penetration of electric passenger cars. In addition, factors such as rise in disposable income in countries, such as India and China, and stringent rules and regulations to promote the adoption of electric vehicles are projected to increase the demand for passenger electric vehicles.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the Asia-Pacific region is expected to witness the fastest CAGR of 16.7% from 2023 to 2032, owing to higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in the trend toward adopting non-fossil fuel-based vehicles. Moreover, various technological advancements related to automotive due to government initiatives, such as investment in R&D in automotive manufacturing, further propel the market growth.
Leading Market Players: –
- BorgWarner Inc.
- Continental AG
- Magna International Inc.
- Nidec Corporation
- Robert Bosch GmbH
- ABB Ltd
- Hitachi, Ltd
- Mitsubishi Electric Corporation
- AISIN CORPORATION.
The report provides a detailed analysis of these key players in the global electric vehicle motor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 – https://www.alliedmarketresearch.com/purchase-enquiry/2438
KEY FINDINGS OF THE STUDY
- By type, the AC motor segment is anticipated to exhibit significant growth in the electric vehicle motor market in the near future.
- By electric vehicle type, the hybrid vehicles segment is anticipated to exhibit significant growth in the market in the near future.
- By application, the passenger cars segment is anticipated to exhibit significant growth in the market in the near future.
- By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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