Electric motors are electro-mechanical devices that convert electrical energy into mechanical energy by means of electromagnetic induction. Electric motors are a fundamental component of electric vehicles (EVs), as they help power various components of EVs such as traction motors, coolant pumps, power steering, and others. Electric motors provide efficient and reliable propulsion for electric vehicles. For instance, traction motors are used to power the wheels and propel the vehicle forward. The global electric motor market accounts for over half the cost of an electric vehicle.

The global Electric Motors For Electric Vehicle Market is estimated to be valued at US$ 9463.7 Bn or Mn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the growth of the Electric Motors For Electric Vehicle Market size is decreasing EV battery costs. Battery packs are one of the most expensive components of electric vehicles. However, battery prices have declined significantly over the past decade due to technological advancements and economies of scale in battery production. The average pack prices declined by around 87% between 2010 to 2020 due to the mass adoption of EVs. Lower battery costs directly reduce the cost of electric vehicles, making them more affordable for consumers. Lower total cost of ownership of EVs compared to gasoline vehicles also drives their adoption.

The declining battery prices are also enabling automakers to develop electric vehicles with larger battery packs, resulting in longer driving ranges. This addresses the range anxiety concerns of potential EV buyers and boosts their acceptance of EVs. The increasing driving range supports the sales of electric vehicles, thereby fueling demand for electric motors used in various components of EVs.

SWOT Analysis
Strength: Electric motors offer higher efficiency and lower maintenance costs compared to internal combustion engines. They generate instantaneous torque for acceleration and have fewer moving parts, making them more durable. Advanced electric motor technologies also enable better performance and longer vehicle range.

Weakness: The high cost of batteries is a major weakness for electric vehicles at present. Battery production also requires scarce and expensive raw materials like lithium, cobalt and nickel. Range anxiety due to limited driving range per charge is another concern for many customers.

Opportunity: Stringent emission norms and policies promoting electric mobility present a big opportunity. Growing consumer awareness about environmental protection is boosting EV adoption. New battery technologies promising lower costs and higher energy density can accelerate the market transition. The development of supporting charging infrastructure will further encourage electric drive trains.

Threats: Investments in expanding fuel networks by oil companies pose a threat. A delay in battery cost reductions can negatively impact the market. Dependence on key raw materials imports also increases supply chain risks. Trade barriers and differing EV regulations globally are potential challenges.

Key Takeaways
The global electric motors for electric vehicle market is expected to witness high growth over the forecast period due to stringent emission norms and policies promoting electric mobility. Advancements in battery technology are lowering costs and improving driving range to drive stronger adoption of EVs.

Regional analysis: Asia Pacific dominates currently due to the large EV production and sales in China. Countries like China, Japan and South Korea are aggressively developing domestic supply chains and manufacturers. Europe is another major region adopting electric mobility earlier led by Norway, Netherlands, Germany and the UK. Stringent CO2 norms are increasing EV demand in Europe.

Key players: Key players operating in the electric motors for electric vehicle market are Audi AG, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Google LLC, Honda Motor Corporation, Nissan Motor Company, Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., and Volvo Car Corporation. Tesla is a pureplay EV company leading in luxury EV segment. Traditional automakers are aggressively pushing EV development and production to transition from internal combustion engine vehicles.

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