Electric Vehicle Motor Market Future Revenues to Take Flight as Market Size Continues to Expand | Taiwan News
Report Ocean published the latest research report on the Electric Vehicle Motor Market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Electric Vehicle Motor Market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate. [Download Free Sample]
The global electric vehicle motor market size was US$ 4.1 billion in 2021. The global electric vehicle motor market is forecast to grow to US$ 17.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 15.1% during the forecast period from 2022 to 2030.
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The success of the global market is poised to drive innovative corporate objectives and competitive advantages. The report offers a panoramic view of the business environment, product specifications, and applications, offering valuable insights into the field. Furthermore, it scrutinizes the contributions of each region and market participant to the industry, shedding light on import/export statistics, consumer demand, manufacturing capacity, and pricing dynamics.
In a notable development, many prominent Electric Vehicle Motor corporations appear to be inadvertently hastening their own decline by pursuing consolidation strategies aimed at enhancing profitability and reducing costs. The Electric Vehicle Motor industry seems to have shifted its focus away from pioneering new concepts and products. Instead, it has embraced incremental innovation within its existing product portfolios, with most innovation efforts aimed at sustaining or marginally expanding current business operations. Furthermore, the industry is exploring alternative feedstock and power sources such as Biogas, hydrogen, and electric heating, potentially replacing natural gas.
Factors Influencing the Market
The rising demand for luxury vehicles will drive the global electric vehicle motor market forward. In addition, the major changes in the purchasing pattern from the conventional IC engines will contribute to growth in the market.
The rising awareness related to reducing carbon emission and the trending shift towards electric vehicles will prompt the growth of the electric vehicle motor market during the forecast period. In addition, the growing employment rate and rising disposable income will surge the growth of the global electric vehicle motor market during the study period.
Stringent government regulations related to reducing greenhouse gas emissions and favorable incentives will boost the growth of the global electric vehicle motor market.
The growing emphasis of people on comfort, luxury, the safety of vehicles will benefit the electric vehicle motor market in the coming years. In addition, the growing number of research activities related to vehicle range management, battery charging management online, and navigation-based assistance will accelerate the growth of the electric vehicle motor market.
High initial and maintenance costs may limit the growth of the global electric vehicle motor market during the study period.
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COVID-19 Impact Analysis
The wake of the COVID-19 drastically reduced the growth prospects for the entire automotive industry. Due to the pandemic, the governments of various countries imposed nationwide lockdowns. China accounts for one of the major automotive sectors in the world. The country was also the epicentre of the COVID-19 pandemic. Thus, it obstructed international trade, which ultimately hampered the growth of the global electric vehicle motor market.
Regional Analysis
The Asia-Pacific electric vehicle motor market is forecast to emerge as the largest market due to the contribution of emerging economies like China, Japan, and India. The growing production of electric vehicles in the region will surge the growth of the market in the coming years. Furthermore, the region is home to some of the prominent industry players, such as Honda Motors Co., Ltd, Mitsubishi Electric Corporation, Denso Corporation, etc. Thus, it will escalate the growth of the electric vehicle motor market during the forecast period.
Competitors in the Market
- Continental AG
- Hitachi Automotive Systems, Ltd.
- Tesla Motors, Inc.
- Honda Motors Co., Ltd
- Toyota Motor Corporation
- BYD Auto Co., Ltd.
- Nissan Motor Corp
- Denso Corporation
- ABB Group Ltd.,
- Metric Mind Corporation
- Ford Motor Company
- Mitsubishi Electric Corporation
- Allied Motion Technologies Inc.
- Robert Bosch GmbH
- Siemens AG
- Other Prominent Players
As of the conclusion of 2022, the Electric Vehicle Motor industry experienced growth in its workforce. In January, employment levels in the sector surpassed pre-COVID levels, with payrolls expanding by more than 15,000 people throughout 2022. The global Electric Vehicle Motor output registered a 5.2% increase in 2021, driven by the global economic upswing and surging demand for commodities. However, in 2022, global industrial production declined following the 2021 boom, influenced by changes in consumer spending patterns and substantial fiscal stimulus measures.
The outlook for global Electric Vehicle Motor output in 2023 indicates a projected growth rate of 2.9%. This growth is expected as production in Western Europe gradually regains momentum from its recent lows, and the Asia/Pacific region’s production recovers. Notably, China maintains its position as the world’s largest producer and consumer of Electric Vehicle Motor products, accounting for nearly 45% of the global market. Since 2010, China’s market share has experienced consistent year-over-year growth, significantly contributing to the nation’s GDP. China also leads in exports of various products within the industry, including silicon, PVC, and specific Electric Vehicle Motor market segments.
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Market Segmentation
The global electric vehicle motor market segmentation focuses on Power Rating, Type, Vehicle, and Region.
Based on the power rating, the electric vehicle motor market has been segmented into –
- Less than 40 kW
- Between 40-80 kW
- More than 80kW
Based on the Type, the electric vehicle motor market has been segmented into –
- Alternating Current (Ac) Motor
- Synchronous Ac Motor
- Induction Ac Motor
- Direct Current (Dc) Motor
- Brushed Dc Motor
- Brushless Dc Motor
- Hermetic Motor
- Switched Reluctance Motors
Based on the vehicle type, the electric vehicle motor market has been segmented into –
- Two-wheelers
- Commercial Vehicles
- Passenger Cars
Based on the region, the electric vehicle motor market has been segmented into-
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
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- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
The report is structured as follows:
Chapter 1: Provides an overview of the global Electric Vehicle Motor industry.
Chapter 3: Explores market dynamics.
Chapter 4: Profiles top industry companies.
Chapter 5: Analyzes global market competition among players.
Chapter 6: Examines the market’s size across regions.
Chapter 7: Focuses on market segments by application.
Chapter 8: Dives into industry segments by type.
Chapter 9: Covers the market chain, sourcing strategies, and downstream buyers.
Chapter 10: Discusses strategies and key policies of distributors, suppliers, and traders.
Chapter 11: Analyzes key marketing strategies employed by market vendors.
Chapter 12: Examines factors affecting market dynamics.
Chapter 13: Forecasts the global Electric Vehicle Motor market size for 2023-2031 and beyond.
The report aims to answer key questions in market research and analysis, such as:
What is the current market size, both in terms of value and volume?
What has been the historical growth rate, and what are the projected future growth rates?
Who are the major players, and what is their market share?
What are the prevailing market trends and dynamics?
What are the primary drivers of market growth?
What challenges and barriers do market participants face?
What emerging opportunities exist within the market?
How does the competitive landscape look?
What are consumer preferences, behaviors, and purchasing patterns?
How are different market segments performing?
What pricing trends and strategies are observed?
What are the distribution channels and their effectiveness?
Are there any regulatory and legal factors impacting the market?
The report provides a comprehensive and in-depth analysis of the global Electric Vehicle Motor market, equipping stakeholders with valuable insights to make informed decisions in this dynamic industry.
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