The Global Electric Motors For Electric Vehicle Market Growth Accelerated By Increasing EV Sales

https://www.coherentmarketinsights.com/market-insight/electric-motors-for-electric-vehicle-market-5338
Electric Motors For Electric Vehicle Market

Electric motors power electric vehicles by converting electrical energy into mechanical energy, providing smooth and efficient propulsion. Permanent magnet synchronous motors and asynchronous induction motors are commonly used in electric vehicles. Electric motors offer superior efficiency, reliability, and performance over traditional internal combustion engines. They enable electric vehicles to accelerate quicker and helps reduce dependency on oil. Growing concerns about environmental pollution and government support for electric mobility are fueling the demand for electric vehicles worldwide.


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 key trends:
The increasing sales of electric vehicles across the globe is a major factor driving the growth of the electric motors for electric vehicles market over the forecast period. Various governments are supporting the adoption of electric vehicles to curb emissions from the transportation sector. For instance, the European Union plans to end combustion engine vehicle sales by 2035. Growing consumer awareness about environmental protection is also augmenting the demand for electric vehicles, which in turn is propelling the electric motors market. Technological advancements to develop efficient and high-performance electric motors suitable for electric vehicles will further provide opportunities for market growth during the forecast period.


Segment Analysis
The global electric motors for electric vehicle market is dominated by the traction motor segment. Traction motors are responsible for the torque and power required for propelling electric vehicles. They accounted for over 60% of the total market share in 2023. This is because electric vehicles require high-power traction motors with high torque capabilities at low speeds for efficient drivetrains.

Key Takeaways

The global Electric Motors For Electric Vehicle Market Size is expected to witness high growth. Rapid adoption of electric vehicles across major regions is expected to drive the demand for various electric motors used in EVs including traction motors, DC brushless motors, and brushless DC motors among others. 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

China accounted for over 35% of market share in 2023 and is expected to remain the highest revenue generating country. The country has ambitious EV adoption targets and strong government support for transitioning to electric vehicles which is supporting the growth of the EV motors market. Large domestic automakers such as BYD and SAIC also aim to launch new EV models which will continue driving demand.

Key players

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.

Major players are focusing on developing highly efficient and high-performance electric motors through investments in R&D. For instance, Nidec Corporation aims to develop small and high-power density traction motors.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/electric-motors-for-electric-vehicle-market-driven-by-rising-sales-of-electric-vehicles/

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