Electric Vehicle Motor Market Outlook 2023, Share, Size, Key Players and Forecast By 2028

How Big is the Electric Vehicle Motor Market ? :

IMARC Group’s latest report, titled “Electric Vehicle Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global electric vehicle motor market size reached US$ 32,280 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 99,730 Million by 2028, exhibiting a growth rate (CAGR) of 20.80% during 2023-2028.

What is Electric Vehicle Motor ? :

Electric vehicle motor is a part of modern electric cars, enabling efficient and eco-friendly transportation. It uses electromagnetic fields to convert electrical energy from the battery into mechanical energy that propels the vehicle. Most EVs employ one of two types of motors: the brushed DC motor or the more common three-phase AC induction motor. AC motors are favored for their simplicity, reliability, and higher efficiency. They require minimal maintenance due to fewer moving parts and offer instant torque, ensuring smooth acceleration. As EV technology advances, motor designs continue to improve, boosting range, performance, and sustainability, driving us toward a greener automotive future.

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Who are the key Players Operating in the Industry ? :

What are the Growth Prospects and Trends in the Electric Vehicle Motor Industry ? :

The global market is majorly driven by the increasing concern over climate change and air pollution. In line with this, governments worldwide offer incentives such as tax credits, subsidies, and reduced registration fees to promote electric vehicle adoption, making them more attractive to consumers. Furthermore, the rapid advancements in battery technology, motor efficiency, and charging infrastructure are improving the overall performance and appeal of electric vehicles, significantly contributing to the market. Apart from this, the growth of public charging networks and the rising availability of fast chargers have alleviated charging concerns and encouraged more individuals to switch to electric vehicles, fueling product demand.

Moreover, the stricter emissions regulations and mandates to reduce greenhouse gas emissions are pushing automakers to produce more electric vehicles. As a result, there is a growing demand for electric vehicle motors to power these eco-friendly vehicles. Besides, the cost of batteries, a significant component of electric vehicles, has decreased over time. As battery costs continue to drop, electric vehicles become more affordable, accelerating demand for electric vehicle motors to power these vehicles.

What is Included in Market Segmentation ? :

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