by Electric vehicles (EVs) are powered either partially or completely by electricity from an electric motor instead of an internal combustion engine (ICE). Various types of electric vehicles include hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). Electric vehicles are gaining popularity due to several advantages over conventional ICE vehicles including lower operating costs, zero tailpipe emissions and less reliance on imported oil. Government support through subsidies, tax rebates and investment in charging infrastructure is encouraging the adoption of EVs in many countries.
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 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The heading “Electric Motors For Electric Vehicle Market is Expected to be Flourished by Rapid Adoption of Electric Vehicles” refers to one of the key drivers of growth in this market, which is the rapid adoption of electric vehicles globally. This driver is supported by two factors – government initiatives and consumer demand.
Governments across the world are formulating policies to promote electric mobility and curb greenhouse gas emissions from the transportation sector. Several countries have announced plans to phase out sales of conventional ICE vehicles and switch to electric vehicles in the coming decades. Government incentives such as subsidies, tax rebates and investment in charging infrastructure are encouraging consumers to opt for electric vehicles over traditional gasoline or diesel vehicles.
At the same time, consumer demand for electric vehicles is growing due to rising environmental concerns and lower total cost of ownership compared to conventional vehicles. As the number of electric vehicles on road increases, demand is also growing for their key components such as electric motors. This rapid adoption of electric vehicles, backed by supportive government policies and consumer preference, is expected to drive the demand for electric motors used in these vehicles over the forecast period.
Segment Analysis
The electric motors for electric vehicles market can be segmented into two main categories – AC motors and DC motors. Within AC motors, permanent magnet AC motors dominate the market with a share of over 60% due to their better efficiency, power density and reliability compared to induction AC motors. Within DC motors, brushed DC motors have lost their market share to brushless DC motors which provide higher power and torque with minimal maintenance requirements. Brushless DC motors currently account for over 80% of the DC motor segment.
PEST Analysis
Political: Governments across major nations are providing subsidies and tax incentives to promote electric vehicles which is positively impacting the demand for motors. Strict emission regulations are also favoring electric vehicles.
Economic: Falling battery prices and improving driving range of electric vehicles is making them an economically viable option compared to gasoline vehicles. This is helping the electric motor market grow.
Social: Rising environmental concerns and changing consumer preferences towards greener transportation is driving the adoption of electric vehicles.
Technological: Advancements in motor design, power electronics and new magnetic materials are improving motor performance in terms of power density, reliability and efficiency. Wide bandgap semiconductor devices are also enhancing motor controls.
Key Takeaways
The global Electric Motors For Electric Vehicle Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 5.6% over the forecast period 2023 to 2030.
Regional Analysis – Asia Pacific dominates the market currently due to the presence of large automotive manufacturing bases and supportive government policies in major countries like China and Japan. China, in particular, is seen as the largest and fastest-growing market for electric vehicles and associated components like motors.
Key players operating in the electric motors for electric vehicle market are Anchor Drilling Fluids Inc., MB Holding Company LLC, Tetra Technologies Inc., International Drilling Fluids and Engineering Services (Idec) Ltd., Canadian Energy Services Inc., Weatherford International Ltd., Global Fluids & Chemical Co., Baker Hughes, Newpark Drilling Fluids LLC., Diamoco Group, M-I SWACO, Schlumberger, Oren Hydrocarbons, and Halliburton. Key players like Siemens AG, Robert Bosch GmbH, Nidec Corporation, and BorgWarner Inc. focus on developing highly efficient and affordable electric motors to gain an edge in the fast-growing market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
