Global Electric Vehicle Motor Market Size, Share & Trends Analysis Report by Motor Type (DC Motor and AC Motor), By Propulsion Technology (Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV)), By Vehicle Type (Passenger Cars, Commercial Vehicle, and Others) and Forecast 2019-2025
The global electric vehicle motor market is anticipated to grow at a CAGR of more than 18% during the forecast period, 2019-2025. Rising electric vehicle (EV) market globally is one of the major factors driving the growth of the electric vehicle motor market.
Government support for the EVs, development of charging infrastructure, continuous technological advancement of electric motor & battery, and increasing awareness among people are the major factors for the growth of the EV market globally.
Key companies contributing to the market include ABB Ltd., Tesla Inc., Nidec Corp., BorgWarner Inc., Continental AG, Parker-Hannifin Corp., Robert Bosch GmbH, Siemens AG, Valeo SA, ZF TRW Automotive Holdings Corp. and so on.
The global electric vehicle motor market is segmented based on the basis of motor type, propulsion technology, and vehicle type. On the basis of motor type, the market is bifurcated into the AC motor and DC motor.
By propulsion technology, the market is segmented into battery-electric vehicles and plug-in hybrid electric vehicles. Battery electric vehicles will have a major market share during the forecast period.
By vehicle type, the market further analyzed into passenger cars, commercial vehicles, and others. The passenger vehicle segment will have a major market share during the forecast period.
Global Electric Vehicle Motor Market by Motor Type
- DC Motor
- AC Motor
Global Electric Vehicle Motor Market by Propulsion Technology
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Global Electric Vehicle Motor Market by Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Other (Two-Wheeler)
Geographically, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World. During the forecast period, Asia-Pacific is anticipated to be the largest market with a lucrative growth rate.
China, Japan, and South Korea will contribute significantly to the market. Europe is also expected to showcase a significant growth in the market due to strict government norms related to vehicle pollution and stiff target to introduce EVs in the vehicle fleet.
The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market. For instance, Nidec Corp. announced to invest $1.8 billion to develop three new traction motor plants globally.
The company will invest $910 million in China, $455 million in Poland and $455 in Mexico to produce 8.4 million traction motor each year combinedly.
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