Global Electric Vehicle Motor market is valued approximately USD 1.98 Billion in 2018 and is anticipated to grow with a growth rate of more than 41.30% over the forecast period 2019-2026. Electric vehicle motor is an electromechanical device that enables power to electric vehicles through converting electric energy into mechanical energy. This phenomenon is achieved by the interaction of electric motors magnetic field and current. The electric vehicle motor includes end bracket, frame, bearings, rotors and stator. It offers various benefits such as zero emission, low maintenance cost, high efficiency, and automated control to the electric vehicle therefore is expected to drive over the forecast years with the increasing number of electric vehicles across the globe. Therefore, escalating demand for electric vehicles across the globe accelerate the growth of market over the forecast years. For instance: According to the International Energy Agency (IEA) 2019, the global electric car deployment has been growing rapidly over the past ten years, the global stock of electric passenger vehicle cars was passed by 5 million in 2018 with an increase of 63% from 2017. It was found that over 45% of electric cars on China’s road in 2018 that is 2.3 million compared to 39% in 2017. Similarly, Europe accounts for 24% of global electric cars and United States with 22% in 2018. Whereas, favourable government initiatives regarding promotion of electric vehicles is a lucrative opportunity for the growth of market over the forecast years. However, stringent government regulation regarding approval of EV motor is expected to hamper the growth of market over the forecast years.
The regional analysis of global Electric Vehicle Motor market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is accounts for the largest share in the global electric vehicle motor market due to increasing development of manufacturing facilities by industries in the region. Whereas, North America is the fastest growing region in the market due to the presence of established market players in the market.
Market player included in this report are:
Baldor electric company inc.
Honda motor co., ltd.
Toyota motor corporation
Ford motor company
Nissan motor corporation ltd.
ARC systems incorporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Function offerings of key players. The detailed segments and sub-segment of the market are explained below:
Alternative Current motor
Direct current motor
By Vehicle Type:
By Power rating:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Electric Vehicle Motor Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers