Electric Vehicle Motor Market To Reach USD 34.4 Billion By 2031, Growing At A CAGR of 20.3% | Valuates Reports

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Dec 20, 2022, 09:00 ET

BANGALORE, India, Dec. 20, 2022 /PRNewswire/ -- Electric Vehicle Motor Market by Type (AC Motor, DC Motor), by Electric Vehicle Type (Battery Electric Vehicle, Plug In Hybrid Vehicle, Hybrid Vehicle), by Application (Passenger Cars, Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Hybrid & Alternative Vehicles Category.

The global electric vehicle motor market was valued at USD 5.5 billion in 2021 and is projected to reach USD 34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.

Major Factors Driving The Growth Of The Electric Vehicle Motor Market Are

Due to rising electric car demand and strict government safety rules imposed on the automotive sector, the global electric vehicle motor market is expanding. High manufacturing costs, however, are what is impeding the market's expansion. The element anticipated to present growth chances over the projection period is also the variety of applications utilizing electric motors.

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TRENDS INFLUENCING THE GROWTH OF THE ELECTRIC VEHICLE MOTOR MARKET

A large demand for electric vehicles has been generated by growing global worries over the adverse effects of climate change and worrisome pollution levels found in major cities. This factor is expected to drive the growth of the electric vehicle motor market. Recent price increases for gasoline and diesel have raised the demand for fuel-efficient vehicles. Demand is rising as a result of both the depletion of fossil fuel supplies and a rise in businesses' propensity to maximize profit from these oil assets. Because of this, there is a growing demand for highly fuel-efficient technologies as well as an increase in the number of people using electric vehicles for transportation, which increases the need for electric motors. Electric cars typically have traction motors. As a result, the rise of electric motors is boosted by an increase in electric car sales.

The electric vehicle motor market is expected to grow as a result of technological developments in electric automobiles. Major firms are expected to expand their R&D spending on cutting-edge automotive technologies like artificial intelligence (AI), connected vehicles, car batteries, and fast charging.

The government's implementation of safety laws requiring the installation of power windows, airbags, and anti-lock brake systems (ABS) in every car has a favorable impact on the automotive sector. It has been observed that Europe and North America adhere to these laws more strictly than Asia-Pacific and the rest of the world. However, OEMs are helping the government in emerging nations enhance safety regulations by including keyless entry and anti-lock brake systems (ABS) as standard equipment in cars, which is helping to increase sales of electric motors. To operate efficiently and interact with other parts of the car, these safety systems require independent motors in order to completely secure passengers. As a result, it is projected that as safety features become mandatory, demand for electric motors will rise, which in turn would drive the electric motor market.

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ELECTRIC VEHICLE MOTOR MARKET SHARE ANALYSIS

In terms of revenue, the AC motor segment led the worldwide electric vehicle motor market in 2021 and is predicted to continue to do so for the duration of the forecast period.

The battery electric vehicle category is expected to have significant expansion in the near future.

The commercial vehicle application is expected to have significant expansion in the near future.

Europe is predicted to experience the greatest CAGR among all regions throughout the projection period.

Between 2022 and 2031, Europe would have the greatest CAGR of 21.3%.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

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