by Electric motors play a vital role in electric vehicles as they convert electric energy stored in the batteries into mechanical energy required to power the wheels. Electric motors provide smooth, efficient, and powerful operation compared to internal combustion engines. They require low maintenance and have fewer moving parts.
The global Electric Motors For Electric Vehicle Market is estimated to be valued at US$ 9463.7 Bn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand for electric vehicles has been a major driver boosting the electric motors for electric vehicle market growth. Various government policies and incentives promoting electric vehicles along with growing environmental consciousness have increased adoption of electric vehicles globally. As electric vehicles use electric motors instead of combustion engines to power the wheels, rising sales of electric vehicles directly translate to increased demand for electric motors. Manufacturers are focusing on developing more efficient and affordable electric motors with longer driving range to better meet consumer needs and further encourage adoption of electric vehicles. This is expected to continue fueling the demand for electric motors and drive the electric motors for electric vehicle market during the forecast period.
SWOT Analysis
Strength: Electric motors are highly efficient, reliable and have low maintenance costs compared to internal combustion engines. They provide instant torque and acceleration.
Weakness: High initial production costs of electric vehicles and lack of charging infrastructure are major weaknesses. Limited driving range on a single charge restricts their use.
Opportunity: Rising environmental awareness and stringent emission norms are driving the demand for electric vehicles. Government incentives and subsidies for electric vehicles offer opportunities for growth.
Threats: Low price of crude oil can reduce the incentive to adopt electric vehicles. Technology changes in batteries may disrupt the electric motor market. Dependent on imports for batteries and rare earth metals used in motors.
Key Takeaways
The global electric motors for electric vehicle market is expected to witness high growth. The market size is forecast to grow from US$ 9463.7 Bn in 2024 to US$ 619120 Bn by 2031, expanding at an impressive CAGR of 39%
Regional analysis comprises Asia Pacific dominates the regional segment owing to massive investments and production in major markets like China, Japan, and South Korea. Government incentives and subsidies offered by countries like China, Japan, South Korea, and India is driving electric vehicle adoption in the region.
Key players operating in the electric motors for electric vehicle market are Audi AG, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Google LLC, Honda Motor Corporation, Nissan Motor Company, Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., and Volvo Car Corporation. Tesla is a leading player for producing high-performance electric motors for its premium EVs. Traditional automakers are also ramping up investments to introduce affordable electric cars.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
