Electric Automobile Drive Motor Market Size will register a 6.9% CAGR in terms of revenue, is projected to reach $ 19550 million by 2027, from $ 113.3 million in 2021.
There are some major factors that are studied which have been believed to have contributed to the growth of the market namely; government incentives, strict emission and fuel economy norms along with improving the infrastructure for charging which has led to increasing in the adoption of electric vehicles. During the forecast period, the aforementioned adoption of electric vehicles may drive the market for electric motors. In the recent future, the electric motor market is anticipated to be driven by the gigantic investments in the electric vehicles segment by the likes of General Motors, Tesla, Toyota, Ford, and Honda. In addition to this, the reason for the expansion of electric motors for the electric vehicle market worldwide is evolving partnerships between automotive companies and motor manufacturers. However, there are some elements of risk involved for electric motor market. The market is expected to face some challenges such as procurement of rare earth metals being used in permanent magnets for synchronous motors, as the metals that are used in those motors are subject to supply risks and export restrictions. It can be said that the electric vehicle has now become an integral part of the automotive industry. It has given hope of achieving energy efficiency as well as a reduction in the emission of pollutants and other greenhouse gases. When favorable government initiatives are coupled with increasing environmental concerns these two become the leading contributors to the growth of the market. The annual sales of “electric passenger cars” is expected to cross the milestone of 5 million units sold and in another feather of achievement, it is expected to account for 15% of total vehicle sales.
The electric vehicle market has been observing a strong growth rate in recent years. the overall electric vehicle sales reached about 1,614,048 units compared to 1,279,527. This hoist in sales is the result of an increase in regulatory norms, by various organizations and governments, to control emission levels and propagate zero-emissions vehicles. The segment of permanent magnet synchronous motor holds a comparatively larger share in the global market, which accounts for about 77% and the baled holds an important share in terms of applications and accounts for 70% of the market share.
Top Key Players in the Electric Automobile Drive Motor Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Electric Automobile Drive Motor Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes FUKUTA, BYD, BAIC BJEV, ZF Friedrichshafen AG, YUTONG, Bosch, Mitsubishi Motors Corporation, i-ev.com, HITACHI, JJE, JMEV, MAGNA, UAES, JEE, SHUANGLIN DEYANG, FDM, BROAD-OCEAN, EPOWER, HASCO E-DRIVE, HEPU POWER, Shenzhen Greatland Electric Inc. and others.
Industry News and Updates:
- Magna International Inc. Announces Termination of Merger Agreement with Veoneer
(GLOBE NEWSWIRE) - Magna International Inc (TSX: MG; NYSE: MGA) announced that the board of directors of Veoneer, Inc. has determined that the previously announced proposal by Qualcomm Incorporated to acquire Veoneer for $37 per share is a superior proposal under the terms of the previously announced merger agreement between Magna and Veoneer and that Magna has waived the four-day matching period to make a counterproposal. Accordingly, Veoneer has terminated its merger agreement with Magna and entered into a merger agreement with Qualcomm.
Market is segmented based on the type, applications, companies and regions.
By Type, it is segmented into
By Application, it is segmented into
The predominance of electric vehicle manufacturers and increasing adoption of electric vehicle in Japan makes it a prominent market region for electric vehicle drive motor. In the regions such as North America and Europe, there is a significant presence of electric vehicle manufacturers, also there is an increase in the electric vehicle infrastructure and an increased shift towards electric vehicles which makes North America and Europe significant markets for the electric vehicle drive motor. In the Asia Pacific region, governments of countries like China and India are focusing on increasing the adoption of electric vehicles. For instance, the government of China has indicated that it will invest approximately US$ 600 Billion in the advancement of electric vehicles, in India the government is planning to remove the permits on the use of Electric Vehicles. Also, the increase in the manufacturing of Electric Vehicles in the Asia Pacific region makes it a promising market for the electric vehicle drive motor. In regions of Latin America and the Middle East & Africa, there is less production of electric vehicles as compared to others but it is expected to grow at a good pace over the forecast period, owing to which Latin America and MEA can be considered as a potential market region for the electric vehicle drive motor. China accounted for 64% of the global market, and 61% for the largest production and sales of electric vehicle drive motors.
North America
The Electric Automobile Drive Motor Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type, and segment. It focuses extensively on revealing a detailed regional analysis. The Global Electric Automobile Drive Motor Market report also conducted a PESTEL analysis of the industry to study the main influencing fac, tors, and entry barriers of the industry.
Scope of the Report covers the Electric Automobile Drive Motor Market with a detailed analysis of the overall scenario for the market. It also highlights the business participants' environment in the global marketplace. This report also provides an overview of leading companies covering the latest successful marketing strategies, market contributions, current and historical background, and latest market happenings to help key organizations to grow and generate larger profits. Business players will greatly benefit from this Electric Automobile Drive Motor Market analysis report as it has vital details to provide about regional markets and expected opportunities for the prediction time period 2022-2027. Growth between segments is used to understand the different growth factors that are expected to dominate the market as a whole and to develop strategies to differentiate between key applications and target markets. It further reveals how the worldwide market is working through efficient information graphics.
Report Attributes | Report Details |
Report Title | Electric Automobile Drive Motor Market - Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: FUKUTA, BYD, BAIC BJEV, ZF Friedrichshafen AG, YUTONG, Bosch, Mitsubishi Motors Corporation, i-ev.com |
Forecast Period 2022 to 2028 CAGR | CAGR of 6.9% over the forecast period (2022-2027) |
By Type |
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By Application |
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By Companies | FUKUTA, BYD, BAIC BJEV, ZF Friedrichshafen AG, YUTONG, Bosch, Mitsubishi Motors Corporation, i-ev.com, HITACHI, JJE, JMEV, MAGNA, UAES, JEE, SHUANGLIN DEYANG, FDM, BROAD-OCEAN, EPOWER, HASCO E-DRIVE, HEPU POWER, Shenzhen Greatland Electric Inc. and others. |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 161 |
Customization Available | Yes, the report can be customized as per your needs |
Frequently Asked Questions
What is the study period of this market?
The Electric Automobile Drive Motor Market is studied from 2017 - 2027.
What is the growth rate of Electric Automobile Drive Motor Market?
The Electric Automobile Drive Motor Market is growing at a CAGR of 6.9% over the next 5 years.
Who are the key players in Electric Automobile Drive Motor Market?
FUKUTA, BYD, BAIC BJEV, ZF Friedrichshafen AG, YUTONG, Bosch, Mitsubishi Motors Corporation, i-ev.com, HITACHI, JJE, JMEV, MAGNA, UAES, JEE, SHUANGLIN DEYANG, FDM, BROAD-OCEAN, EPOWER, HASCO E-DRIVE, HEPU POWER, Shenzhen Greatland Electric Inc. and others.
What regions does this Electric Automobile Drive Motor Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Electric Automobile Drive Motor Market?
Permanent Magnet Synchronous Motor, Asynchronous Motor, Other
What are the major end-use applications of the Electric Automobile Drive Motor Market?
Blade, Plug-in
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SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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