Electric Motors for Electric Vehicle Market in Europe to grow at a CAGR of 13.78% during 2024-2028
The Electric Motors for Electric Vehicle Market in Europe is expected to grow at a CAGR of 13.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 127.91 billion. Silicon Carbide (SiC) is a revolutionary semiconductor material, offering superior thermal conductivity and power-handling capabilities compared to conventional silicon-based semiconductors. This technological advancement significantly impacts the electric motors market for electric vehicles (EVs) in Europe. SiC inverters boost electric motor efficiency by minimizing power losses during energy conversion. They enable higher temperature operation, resulting in enhanced performance and energy density in EVs, thereby extending driving ranges. Additionally, SiC inverters are instrumental in facilitating fast-charging capabilities. Their increased power density and efficiency enable faster charging speeds, addressing a major concern for EV users regarding prolonged charging times.
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Technavio analysts predict that the Passenger vehicle subsegment will lead the Application segment during 2024 and 2028 In Europe, the shift towards sustainable transportation has gained significant momentum, driven by increasing environmental consciousness and stringent emissions regulations. Governments are actively promoting electric mobility by offering incentives such as tax credits, reduced registration fees, and exemptions from congestion charges. These measures are encouraging the adoption of electric passenger vehicles, which are becoming increasingly accessible due to advancements in battery technology. European nations are also investing in charging infrastructure to alleviate range anxiety concerns and enhance the overall appeal of electric cars. The combination of these factors is fueling the growth of the electric motors market for electric vehicles in Europe.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Electric Motors for Electric Vehicle Market in Europe include:
There are several factors that are causing the market to flourish growing demand for evs in europe
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Electric vehicles (EVs) have been gaining significant traction in the European market as global automakers respond to the growing demand for sustainable transportation. EVs offer several advantages over traditional internal combustion engine vehicles, including a smaller carbon impact, less maintenance, and cheaper operating costs. The affordability of electric vehicles is also on the rise due to lower battery costs and advancements in energy storage technology, which have increased power density and efficiency. Climate change and air pollution are major environmental issues that the European Union aims to address through the promotion of EVs. To incentivize the adoption of EVs, various subsidies and tax credits are offered to consumers. Electric motors, which power EVs, are more efficient than internal combustion engines and produce zero tailpipe emissions, making them an essential component in the transition to a cleaner and more sustainable transportation system. As the European EV market continues to grow, we can expect to see even more innovation and advancements in electric motor technology.
According to Technavio, the electric motors market for electric vehicles (EVs) in Europe is a significant segment of the global automotive parts and equipment market, which encompasses businesses producing components and accessories for various automobile categories, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. The global automotive parts and equipment market's size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. The market's expansion will be fueled by the rising demand for electronic control units (ECUs) and other electrical components due to the escalating sales of ECUs and electronic components in automobiles, particularly in the growing EV sector.
The Electric Motors for Electric Vehicle Market in Europe is experiencing significant growth, fueled by the growing demand for evs in europe. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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