Global Electric Motors For Electric Vehicle Market 2023-2030

Global Electric Motors For Electric Vehicle Market 2023-2030

Global electric motors for electric vehicle market is anticipated to grow at a significant CAGR of 21.7% during the forecast period. One of the major factors that are fueling the market is the growing demand for electric vehicles in the market, globally. Pollution has been growing for years and vehicle emission is one of the main sources of increasing pollution. This developed the notion of stopping pollution, which encouraged market players to develop the technology of electric vehicles. In the past few years, electric vehicles have overcome their issues, and market demand has grown exponentially. As per the data of the International Energy Agency (IEA), in 2020, electric car sales reached 2,977,058 units which is more than 40% of sales of electric cars in 2019.

Segmental Outlook

The global electric motors for electric vehicle market is segmented based on the motor type and vehicle type. Based on the motor type, the market is segmented into alternative current (AC) motors, and direct current (DC) motors. Based on the vehicle type, the market is sub-segmented into hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and pure electric vehicles (PEV). All three vehicle types are further segmented into passenger vehicles and commercial vehicles. Based on motor type, AC motor holds the major share in the market, while pure electric vehicle holds the major market share in the vehicle type segment.

The Pure Electric Vehicle Segment Holds the Major Share in the Global Electric Motors For Electric Vehicle Market

Based on vehicle type, the pure electric vehicle segment holds the major share and is anticipated to grow fastest during the forecast period. One of the crucial factors behind the growth of pure electric vehicles is their simplicity and cheaper after-sale expanses. Other than pure electric vehicles, both hybrids, HEV, and PHEV are much more complex as compared to the PEV since it relies on two power sources, which require much more maintenance, and consumes fuel as well which makes them much more expensive. As per the data of IEA 2020, out of the total number of electric cars, 3,346,713 electric vehicles are hybrid while 6,850,327 vehicles are pure electric.

Regional Outlooks

The global electric motors for electric vehicle market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Asia-Pacific holds the major share in the electric motor for electric vehicle market followed by Europe, and then North America.

The Asia-Pacific Region Holds the Major Share in the Global Electric Motors For Electric Vehicle Market

Asia Pacific region holds the major share in the electric motor for electric vehicle market globally owing to the presence of emerging countries such as China, India, Japan, South Korea, and others. The region is the most populous and has major vehicle markets such as Toyota, Honda, Nio, Tata, and others. This has increased the sales of electric vehicles in the region exponentially and has great future potential for future electric vehicle sales and has a huge demand for electric motors. As per the data of IEA 2020, out of the total EV car stock of 10,228,265, China has 4,514,114 EV car stock which is more than 44% of the total EV car stocks.