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.
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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.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Electric Motors For Electric Vehicle Market by Motor Type
- Alternative Current (AC) Motor
- Direct Current (DC) Motor
Global Electric Motors For Electric Vehicle Market by Vehicle Type
- Hybrid Electric Vehicle (HEV)
- Passenger Vehicles
- Commercial Vehicles
- Plug-in Hybrid Electric Vehicle(PHEV)
- Passenger Vehicle
- Commercial Vehicle
- Pure Electric Vehicle (PEV)
- Passenger Vehicle
- Commercial Vehicle
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- BMW AG
- DENSO Corp.
- EVR Motors Ltd.
- Hitachi, Ltd.
- Honda Motor Co., Ltd.
- Magna International Inc.
- Mitsubishi Corp.
- Nidec Corp.
- Nissan
- Toshiba International Corp.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.Country-wise analysis of major geographical regions.
- Key companies operating in the global electric motors for the electric vehicle market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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