increasing sales of evs is driving the Electric Vehicle (Ev) Motor Market
Technavio analyzes that the Electric Vehicle (Ev) Motor Market is expected to grow at a CAGR of 50.22% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 80266.3 million.There are various factors that contribute to the growth of the market. The Electric Vehicle (EV) motor market is experiencing significant growth due to the increasing sales of electric vehicles (EVs). This trend is driven by various factors, including government incentives, advancements in battery technology, and growing environmental concerns. As a result, the demand for EV motors is expected to increase at a compound annual growth rate of XX% between 2021 and 2026. This growth is set to bring about new opportunities for market players and challenges for manufacturers to innovate and differentiate their offerings.
In the Electric Vehicle (EV) motor market, Mid-Power Rating (MPR) motors have gained significant traction for their application in full or plug-in hybrid powertrains and low-range pure EVs. Notable vehicles, such as the Nissan Leaf, Hyundai Sonata, Hyundai Ioniq Electric, Toyota Prius, and Chevrolet Volt, have adopted MPR motors, providing torque to vehicles weighing approximately 3300 lb (1500kg). However, the market share of MPR motors is anticipated to decline as demand for All Wheel Drive EVs (AWD EVs) increases. This shift is attributed to the fact that AWD EVs typically utilize low-power rating motors as secondary motors in their dual hybrid powertrains.
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Electric Vehicle (Ev) Motor Market Segmentation
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The EV motor industry is experiencing significant growth as automakers shift focus towards electric vehicles (EVs) and their propulsion systems. Strict emission regulations and fuel economy norms drive this transition. AC synchronous motors are commonly used in battery electric vehicles (BEVs) and plug-in hybrids (PHEVs), with battery technologies being a key factor in charging speed and cost. Automotive companies are making massive investments in EVs, with professional opinions and independent perspectives shaping strategies and expansions. Torque, battery costs, and tax exemptions are critical considerations. Industry statements indicate a commitment to clean mobility, with battery electric vehicles and plug-in hybrids leading the way.
The EV motor market is a significant segment of the global automotive parts and equipment industry, with automakers increasingly focusing on developing advanced propulsion systems for electric vehicles (EVs) to comply with stringent emission regulations. The EV motor industry encompasses the production of AC synchronous motors, which are the primary propulsion systems for EVs, as well as battery technologies that power these vehicles. The market's growth is driven by the rising sales of EVs, motorcycles, and passenger cars, leading to a substantial increase in demand for electronic control units (ECUs) and other electrical components. Technavio's market analysis projects that the global automotive components and equipment market size will be influenced by this trend, as the combined revenue generated by manufacturers of automotive components and equipment continues to expand. The charging speed and battery cost reduction are also crucial factors contributing to the growth of the EV motor market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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