Electric motors play a vital role in propelling electric vehicles. They help convert electrical energy stored in the battery packs of electric vehicles into mechanical energy, thereby powering the electric vehicles. The rising demand for electric vehicles across the world due to stringent emissions norms and growing environmental concerns is fueling the demand for efficient electric motors. Electric motors for electric vehicles offer high torque, sustainability, and lower operational and maintenance costs than conventional IC engine vehicles.
The Global electric motors for electric vehicle market is estimated to be valued at US$ 13.29 Bn in 2024 and is expected to exhibit a CAGR of 20.7% over the forecast period 2024 To 2031
Key Takeaways
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.
The key opportunities in the Electric Motors For Electric Vehicle Market Growth include investment by governments worldwide to promote electric vehicles adoption and increasing range of electric vehicles due to technological advancements in battery technologies.
Technological advancements such as advancement in winding technologies and materials, introduction of axial flux and wheel motors, and development of high power-density electric motors are fueling the growth of efficient electric motors for electric vehicles.
Market Drivers
Stringent government regulations regarding emissions from vehicles and promotion of electric vehicles adoption through tax rebates and incentives on electric vehicles purchases are majorly driving the Electric Motors For Electric Vehicle Market Challenges And Opportunities. Growing environmental concerns and need to reduce dependence on fossil fuels are further boosting the adoption of electric vehicles, thereby propelling the demand for efficient electric vehicle motors globally.
Challenges in Electric Motors for Electric Vehicle Market
The adoption of electric vehicles faces several challenges. Range anxiety and lack of charging infrastructure are among the biggest challenges. As electric vehicles still have lower ranges compared to gasoline vehicles, consumers fear being stranded due to lack of charge. Similarly, low availability of public charging points especially for outdoor locations is hindering widespread adoption of electric vehicles. High cost of electric vehicles compared to gasoline alternatives is another major challenge. Due to costly batteries, electric vehicles are more expensive than comparable gasoline vehicles which makes them unattainable for many consumers. Manufacturers need to further drive down battery costs to make electric vehicles affordable for mainstream consumers.
SWOT Analysis
Strength: Growing environmental awareness and stringent emission norms are driving demand for electric vehicles. Rapid technological advancement in battery technology is improving vehicle range and performance.
Weakness: High cost of battery packs is a major hurdle. Lack of standardized global battery technology hinders economies of scale.
Opportunity: Government incentives and subsidies for electric vehicles provide big market opportunity. Expanding charging infrastructure would boost consumer confidence. Growing shared mobility sector presents a lucrative market.
Threats: Prolonged dependence on imported critical battery materials raises security concerns. Potential disruptions in raw material supply chain poses challenges. Rising geopolitical tensions and trade conflicts add uncertainties.
Geographical Regions
China dominates the electric motors for electric vehicle market in terms of value. The country is home to the largest electric vehicle fleet as well as battery and electric motor production. Aggressive government promotion of EVs through purchase incentives and standards has propelled China to the forefront.
Europe is the fastest growing regional market for electric motors for electric vehicles. Strict emission regulations combined with favorable green transport policies across major countries are fueling electric vehicle adoption in Europe. Developing charging infrastructure and attractive EV incentives are drawing more consumers towards electric mobility solutions.
Get More Insights: Electric Motors For Electric Vehicle Market
For More Insights Discover the Report In language that Resonates with you
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)