by The global Electric Motors for Electric Vehicle Market is estimated to be valued at US$ 8215.01 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric motors for electric vehicles are used to power electric vehicles by converting electrical energy into mechanical energy. The key advantage of electric motors is their higher efficiency compared to traditional combustion engines. Electric vehicles are increasingly being adopted due to environmental concerns related to conventional vehicles. The growing demand for eco-friendly transportation is fueling the demand for electric vehicles and their electric motors.
Market key trends:
One of the key trends in the electric motors for electric vehicle market is the development of more powerful and efficient motors. Manufacturers are focusing on improving motor torque, power density, and longevity. The adoption of new motor designs and materials is allowing for the development of smaller and lighter motors. Another trend is the integration of electric motors with advanced vehicle components for regenerative braking and recapturing kinetic energy. The recovered energy enhances vehicle range. Furthermore, the reduction of motor production costs through technological advancements and economies of scale is expected to increase the affordability of electric vehicles.
Porter’s Analysis
Threat of new entrants: The electric motors for Global Electric Vehicle Market Size presents moderately high barrier for new entrants due to substantial capital requirements and established customer relationships of existing players.
Bargaining power of buyers: The bargaining power of buyers in the electric motors for electric vehicle market is high. Buyers can negotiate with various electric motor manufacturers to get competitive prices.
Bargaining power of suppliers: The market has the presence of numerous suppliers, reducing the bargaining power of individual suppliers. Electric motor component suppliers hold low bargaining power in the global electric motors for electric vehicle market.
Threat of new substitutes: Considering the rising fuel prices and environmental concerns, electric motors have limited substitutes. Thus, the threat of substitutes is low in this market.
Competitive rivalry: The global electric motors for electric vehicle market is highly competitive due to presence of numerous global and regional market players.
Key Takeaways
The global Electric Motors For Electric Vehicle Market is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing production of electric vehicles to meet carbon emission norms.
Regional analysis: Asia Pacific dominated the global electric motors for electric vehicle market in 2021 and is estimated to continue its dominance over the forecast period. Rising production of electric vehicles in China is a key factor driving the Asia Pacific electric motors for electric vehicle market. Europe is also expected to witness considerable growth in the coming years in the electric motors for electric vehicle market on account of stringent emission norms and increasing investments in public charging infrastructure by governments across the region.
Key players: Key players operating in the Electric Motors For Electric Vehicle Market are BYD Co. Ltd, Aisin Seiki Co. Ltd., Toshiba Corporation, Toyota Motor Corporation, Tesla Inc., Hitachi Automotive Systems Ltd, Nissan Motor Co. Ltd, DENSO Corporation, BMW AG, Honda Motor Company Ltd, Robert Bosch GmbH, Mitsubishi Electric Corp., and Magna International Inc. BYD Co. Ltd is a leading manufacturer of electric motors for electric vehicles.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
