About EV Motor Market - Trends, Insights to 2028
The Electric Vehicle Motor market is witnessing extensive growth due to the increasing adoption of sustainable and energy-efficient motors and the growing demand for electric vehicles across developing nations. Electric vehicle motors create tractions for an electric vehicle. It provides high efficiency, force torque response, high instant power as well as high power density to the electric vehicle. in addition, EV has significant emission benefit over conventional vehicles thereby helping in increasing the manufacturing of EV motors. The Electric Vehicle Motors market is expected to grow at a significant rate due to rising demand for electric vehicles and immense support from government bodies for efficient EV motor manufacturing and delivery.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key market players are engaged in extensive product development and product launch to fulfill growing demands for electric vehicle motors. Additionally, strategic initiatives to expand business capabilities and customer reach to cater to innovative business prospects are predominantly driving the competition in the market. General Electric, Toshiba, and Siemens are some of the major players adopting strategic moves to increase their competitive edge. Analyst at AMA Research estimates that United States and European Vendors will contribute the maximum growth to Global EV Motor Market - Trends, Insights to 2028 market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Siemens (Germany), Toshiba (Japan), General Electric (United States), ABB (Switzerland), Nidec Corporation (Japan), Rockwell Automation Inc. (United States), AMETEK Inc. (United States), Johnson Electric Holdings Limited (Japan), Franklin EV (United States) and FAULHABER GROUP (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Danaher Motion (United States) and Allied Motion Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global EV Motor Market - Trends, Insights to 2028 market by and Region.
On the basis of geography, the market of EV Motor Market - Trends, Insights to 2028 has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Type, the sub-segment i.e. AC Motors will boost the EV Motor Market - Trends, Insights to 2028 market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. OEM will boost the EV Motor Market - Trends, Insights to 2028 market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Hybrid Electric Vehicle will boost the EV Motor Market - Trends, Insights to 2028 market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Motor Type, the sub-segment i.e. Brushless DC Motor will boost the EV Motor Market - Trends, Insights to 2028 market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Sales of BEV and PHEV in the Automotive Industry
Market Growth Drivers:
Growing Demand for Low-Emission and Fuel-Efficient Vehicles, Increased Adoption of Environmentally Sustainable Vehicles and Supportive Strategic Government Initiatives and Increased Expenditure on Electric Vehicles
Challenges:
Challenges Associated with Regenerative Braking to Increase EV Motor Performance and High Manufacturing Cost of EV Motors
Restraints:
Lack of Advanced Infrastructure for EV Manufacturing
Opportunities:
Emerging Advancements in Robotic Technology to Enhance EV Motor Manufacturing
Market Leaders and their expansionary development strategies
On 11th August 2022, ABB signed an agreement to purchase Siemens' low-voltage NEMA motor business. With this acquisition, the company strengthen its well-regarded product portfolio and gained access to a longstanding North American customer base along with an experienced operations, sales, and management team.
On 5th April 2022, General Motors partnered with Honda Motor to develop a series of affordable electric vehicles utilizing General Motors' next-generation Ultium battery technology. through this partnership, the companies delivered affordable and desirable EVs on a global scale.
Key Target Audience
Electric Vehicle Manufacturers, Raw Material Suppliers and Distributors, Government Agencies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.