Pune, June 14, 2022 (GLOBE NEWSWIRE) -- MarketDecipher.com has published the first-ever holistic and comprehensive research report, "EV Motors Market Size, Statistics, Growth Trend Analysis, and Forecast Report, 2022 - 2032" estimating the global electric vehicle market at $7.6 billion in 2021 (historical data) and forecasting it to reach $60 billion by 2032. Multiple factors to drive EV Traction Motors Market growth steadily during the forecast period.
“Enactment of stringent emission and fuel economy norms, government incentives, and improving charging infrastructure, leading to the increasing adoption of electric vehicles will propel the demand for electric motors during the forecast period.”
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A rapidly growing market for EV Traction Motors has emerged due to the increasing adoption of BEVs and HEVs providing near-zero-emissions and high fuel efficiency
Hybrid Electric Vehicles (HEVs) have gained in popularity across the globe due to the growing inclination of the general public toward emission-free vehicles. Electric vehicles and hybrid electric vehicles are both powered by traction motors. Thus, the increasing production of HEVs will positively affect the market. In addition to this, the government is undertaking several initiatives, such as tax subsidies and discounts, to increase EV sales, which in turn is driving the EV traction motor market.
North America will occupy the largest share of the global EV motor market during the forecast period
The demand for EV motors is highest in North America. Increasing acceptance of electric motors in commercial and passenger cars will support regional growth. The growth of North America's EV motor market will be fuelled by an increasing number of initiatives taken by the governing authorities, like the offering of subsidies and incentives to purchase electric vehicles. Additionally, the U.S. Department of energy also encourages and guides manufacturers to produce EV motors due to their low cost and enhanced power. In the Asia-Pacific region, the demand for electric vehicles is growing rapidly due to the need to reduce carbon emissions in countries such as China and Japan.
APAC is poised to contribute 50% growth to the global EV Motors Market
India, China, and Japan have been rapidly adopting electric vehicles, driving the Asia Pacific electric vehicle motor (EVM) market. Japan's hybrid vehicle market is also growing as production rates and sales rise rapidly. A growing government investment in promoting and supporting low-emission electric vehicles is also expected to boost market growth in the region. Further, the growing need for fuel-efficient vehicles have supported the adoption of electric scooters (e-scooters) in the region. Chinese manufacturers are among the leading players in this field. The electric vehicle motor (EVM) market is anticipated to grow due to this factor in the coming years.
EV Charging as a Service Market holds Huge Growth Potential of 200% in 2022
Charge stations for electric vehicles have grown rapidly over the past decade. EV charging service can be offered in commercial spaces as well as in residential colonies and societies. It can also be offered at tourist spots and other spots. No manual intervention is required by owner as it works similar to other services which is offered while you are working in office. The provision of charging stations for electric vehicles reduces pollution in large cities, increases customer loyalty, and attracts new customers, which drives the EV market's growth. A growing market for charging stations for electric vehicles is further expected to fuel EV Motors market growth.
“While consumers are not flocking to electric car showrooms in droves yet, they are warming up to the emerging technology. Tata Motors, the market leader in this emerging segment with sales of over 25,000 vehicles, has a 20% market share for its electric Nexon and Tigor models. In its overall PV portfolio, Tata Motors expects an EV contribution of that level by 2032.”
In FY-23, Tata Motors expects EV volumes will double, possibly reaching a new peak.
Currently, Tata Motors controls nearly 90% of the EV market in the country. Kia will enter the mainstream EV space after Indian carmakers Tata Motors and Mahindra & Mahindra have released a dozen EV models each. As part of the company's EV roadmap, CEO Ho Sung Song shared the goal of selling 4 million vehicles annually by 2030, 50% of them electrified, and 30% pure electric. It plans to launch 14 electric vehicles globally by 2030. The company has approved EVs for emerging markets from India, an EV pick-up truck, and another model for developed markets.
Leading companies in this industry include Toyota, Tesla, Nissan, Honda, BYD, BAIC, and BMW, of which, Toyota, Tesla, and BYD. Toyota has a huge presence in the Japanese market, and an in-house motor production facility, which covered the significant of the market studied in 2022. Toyota Prius was the world's first mass-produced hybrid car, and the company sold 13 million hybrid cars since its introduction. Axial Flux motors market is a new boom in the industry that offers in-wheel motor into EVs and Electric bikes. It also has application in aerospace sector. These motors are highly compact and efficient. It has evolved as a replacement to radial flux motors used as hub motors in electric vehicles.
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Report Coverage in Short (Highly Detailed Research)
EV Motors Type
• AC Motor (All types of AC Motor Data Broken Down)
• DC Motor (All types of DC Motor Data Broken Down)
EV Motor by Power Rating
• Up to 60 KW
• 60 to 90 KW
• Above 90 KW
EV Vehicle Type
• Electric Two-Wheeler
• Electric Three-Wheeler
• Electric Passenger Vehicles
• Electric Commercial Vehicles
EV motors based on Vehicle Type
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Battery/Pure Electric Vehicle (PEV)
• Fuel Cell Electric Vehicle (FCEV)
EV motors based on Powertrain Type
• Single Motor
• Dual Motor
• Triple Motor
• Four Motor
EV motors based on Marketplace
• OEM
• Aftermarket
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