The global 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 fuelling 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 for the increasing pollution. This had developed the notion to stop the pollution, which encouraged market players to develop the technology of the electric vehicle. 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 cars sales reached 2,977,058 units which is more than 40% of sales of electric cars in 2019.
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The COVID-19 pandemic had impacted the global automotive industry significantly owning to the lockdown in most of the nations to control the spread of the virus. It affected the overall demand for vehicles in the market. However, the electric vehicle market showed significant growth. As per the data of the International Energy Agency (IEA) 2020, electric car sales reached 2,977,058 vehicle units globally which are 40.8% more than the sales of electric cars in 2019. Moreover, as per the annual report 2020 of Nio Ltd., the company’s total revenue reached $2,491.6 million which is more than double the total revenue of the company in 2019.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Electric Motors for Electric Vehicle Market by Motor Type
- Alternative Current (AC) Motor
- Direct Current (DC) Motor
Global Electric Motors for Electric Vehicle Market by Vehicle Type
- Hybrid Electric Vehicle (HEV)
- Passenger Vehicle
- Commercial Vehicle
- Plug-in Hybrid Electric Vehicle (PHEV)
- Passenger Vehicle
- Commercial Vehicle
- Pure Electric Vehicle (PEV)
- Passenger Vehicle
- Commercial Vehicle
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- BMW AG
- DENSO Corp.
- EVR Motors Ltd.
- Hitachi, Ltd.
- Honda Motor Co., Ltd.
- Magna International Inc.
- Mitsubishi Corp.
- Nidec Corp.
- Nissan
- Toshiba International Corp.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric motors for 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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