Electric Motors For Electric Vehicle Market is driven by rising adoption of EVs
The electric motors for electric vehicle market involves the production and sale of electric motors that are specifically designed to provide propulsion in electric vehicles such as electric cars, electric buses and electric trucks. Electric motors efficiently convert electrical energy directly into mechanical energy and enable electric vehicles to move without using fuel. With advantages like low operating costs, minimal emissions and zero fuel consumption, the adoption of electric vehicles has been rising consistently. Growing environmental concerns and stringent emission regulations have also been encouraging automobile manufacturers to shift their focus towards electric mobility.
The Global electric motors for electric vehicle market is estimated to be valued at US$ 9463.7 Bn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period from 2024 to 2031.
Key Takeaways
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.
The growing demand for environment-friendly vehicles is boosting the Electric Motors For Electric Vehicle Market Size . Stringent norms regarding vehicular emissions and the rising awareness about the depletion of non-renewable sources of energy are compelling both private buyers as well as shared mobility operators to switch to electric alternatives.
Global players in the market are expanding their manufacturing facilities across different regions to tap the increasing demand for electric vehicles internationally. Multinational automakers are also partnering with local OEMs in developing nations to set up affordable EV production and supply chain locally.
Market Drivers
The primary driver for the electric motors for electric vehicle market is the stringent emission regulations imposed by governments worldwide. Countries are incentivizing electric vehicle adoption through subsidies, tax rebates and investments in charging infrastructure to reduce emissions from transport sector.
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