Electric Vehicle Motors Market, By Type (AC Motor, DC Motor), By Vehicle Type (Pure Electric Vehicle, Plug-in Hybrid Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle (FCEV)), By Motor Type (Synchronous Motor, Induction Motor, Switched Reluctance Motor), By Power Rating (60 to 90 KW, Up to 60 KW, Above 90 KW), By Application (Electric Three-Wheeler, Electric Two-Wheeler, Electric Passenger Cars, Electric Commercial Vehicles), By Powertrain Type (Dual Motor, Single Motor, Four Motor, Triple Motor,), By Marketplace (Aftermarket, OEM) By End User (Transportation, Agribusiness, Private, Business), By Region – Global Analysis Forecast Till 2030,

The Global Electric Vehicle Motors Market was worth USD 7.48 billion in 2021 and is predicted to be worth around USD 41.12 billion by 2030, expanding growth at a CAGR of 22.12% during the forecast period 2021 to 2030.

An electric vehicle motor is an electromechanical component that transforms electrical energy into mechanical energy to drive an electric vehicle. The magnetic field and current of the electric motor interact to produce these phenomena. A bearing, cooling frame, frame, rotor, and stator comprise an electric vehicle motor end bracket. Due to the rising popularity of electric vehicles and their benefits, such as their zero emissions, minimal maintenance requirements, high efficiency, and autonomous control, the market for electric vehicle motors is anticipated to grow profitably throughout the forecast period.

This motor can be used in two-wheeled vehicles that have one or more electric motors built into them. In addition, depending on the size and purpose of the vehicle, passenger automobiles, and commercial vehicles may be equipped with two or more electric motors.

Market Dynamics:

Drivers:

Various intrinsic reasons drive the global Electric Vehicle Motors Market. Among them, expanding the driving range of electric vehicles increases the demand of ordinary people, propelling the market growth throughout the projected period. And in many places, the implementation of serious informal laws could be another boost for the entire market. Announcements of sponsorships and tax cuts for electric vehicle manufacturers and end customers are two major development drivers for the overall market.

According to a study by the European Climate Foundation, jobs are estimated to rise from 600,000 to 800,000 by the end of 2030 by leveraging more skilled electric vehicles and reducing attention to oil. expected period.

Advancements in electric vehicles and the expansion of government regulations and guidelines on vehicle emissions are the fundamental reasons driving the Electric Vehicle Motors Market.

Nonetheless, the high start-up cost of electric engines and high support costs associated with electric engines limit market expansion. Moreover, despite these obstacles, mechanical advances such as the creation of energy-efficient engines are expected to aid market development in the near future. In addition, government training linked to electric vehicles is expected to open up various possibilities for market development.

Restraints:

Due to the huge maintenance costs of electric motors and the high introduction cost of electric engines, the overall electric vehicle engine market may face market restrictions. Apart from that, the entire central part is committed to overcoming these obstacles and boosting the development of the electric vehicle motor industry in the coming years. States in several countries are supporting using electric vehicles for business purposes to limit emissions of ozone-harmful substances to the climate. However, the lack of an EV charging framework is a stumbling block for the EV industry.

Key players:

• Shenzhen V&T Technologies Co. Ltd.

• Time High-Tech Co. Ltd.

• Shanghai E-drive Co. Ltd.

• Kelly Controls LLC

• BYD

• Zhuhai Enpower Electric Co. Ltd.

• Delta Electronics

• Chroma ATE Inc.

• DEC Dongfeng Electric Machinery Co. Ltd.

• Canadian Electric Vehicles Ltd

• Fujian Fugong Power Technology Co. Ltd.

• Hunan CRRC Times Electric Vehicle Co. Ltd.

• Nidec (Beijing) Drive Technologies Co. Ltd.

• Jing-Jin Electric Technologies (Beijing) Co. Ltd.

• United Automotive Electronic Systems Co. Ltd. (UAES)

• Shenzhen Inovance Technology Co. Ltd.

• JEE Automation Equipment Co. Ltd.

• Shandong Deyang Electronics Technology Co. Ltd.

• Zhongshan Broad-Ocean Motor Co. Ltd.

• Parker

• Prestolite E-Propulsion Systems (Beijing) Limited

Market Segmentation:

Electric Vehicle Motors Market, By Type

• AC Motor

  • Synchronous AC Motor

  • Induction AC Motor

• DC Motor

  • Brushed DC Motor

  • Brushless DC Motor

Electric Vehicle Motors Market, By Vehicle Type

• Pure Electric Vehicle

• Hybrid Electric Vehicle

• Plug-in Hybrid Electric Vehicle

• Fuel Cell Electric Vehicle (FCEV)

Electric Vehicle Motors Market, By Motor Type

• Induction Motor

• Synchronous Motor

• Switched Reluctance Motor

Electric Vehicle Motors Market, By Power Rating

• Up to 60 KW

• 60 to 90 KW

• Above 90 KW

Electric Vehicle Motors Market, By Application

• Electric Two-Wheeler

• Electric Three-Wheeler

• Electric Commercial Vehicles

• Electric Passenger Cars

Electric Vehicle Motors Market, By Powertrain Type

• Single Motor

• Dual Motor

• Triple Motor

• Four Motor

Electric Vehicle Motors Market, By Marketplace

• OEM

• Aftermarket

Electric Vehicle Motors Market, By End User

• Agribusiness

• Transportation

• Private

• Business

Electric Vehicle Motors Market, By Geography

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Malaysia

  • Philippines

• Latin America

  • Brazil

  • Rest of Latin America

• Middle East & Africa (MEA)

  • GCC

  • North Africa

  • South Africa

  • Rest of the Middle East & Africa

Regional Analysis:

During the projected period, the Asia Pacific region is expected to account for the highest share of the electric engine market. China, India, Japan, Korea, Australia, and the rest of Asia Pacific make up the Asia Pacific. As industrialization progresses, Asia Pacific countries are moving toward a web-based modern movement in all areas.

The GSM Association reports that emerging Asia-Pacific countries such as Japan, Australia, and South Korea are gradually exploring the imaginable consequences of new governments and connected items. The auto industry in the region is thriving in the same way. Asia Pacific is the world's most notable automobile producer. In 2018, the region delivered 50 million business vehicles. These variables are expected to support the development of the Asia Pacific electric engine market.

Scope of the Report:

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