by Electric motors play an important role in electric vehicles by converting the electric power from batteries into mechanical power to drive the wheels. These motors offer various advantages like high torque at low RPM, compact size, and quiet operation. The increasing demand for electric vehicles to curb vehicular emissions is driving the need for efficient electric motors that can enhance the performance and range of electric vehicles.
The global Electric Motors For Electric Vehicle Market is estimated to be valued at US$ 8215.01 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increasing use of electric vehicles is one of the key trends spurring growth of the electric motors for electric vehicle market. Various governments across the globe are promoting adoption of electric vehicles through incentives and subsidies to reduce dependence on fossil fuels and curb vehicular emissions. Electric vehicles deployed with efficient electric motors can enhance the vehicle’s range on a single charge. Leading automakers are focusing on developing innovative electric motors with advanced technologies that can improve the performance of electric vehicles. This is expected to positively impact the demand for electric motors in the coming years.
SWOT Analysis
Strength: Electric motors for electric vehicles are more efficient than internal combustion engines. They have fewer moving parts which results in less maintenance and repairs.
Weakness: The high cost of production and raw materials required for manufacturing electric motors increases the overall cost of electric vehicles. Range limitations due to low battery capacities is also a weakness.
Opportunity: Stringent government regulations regarding carbon emissions are driving the demand for electric vehicles. Decreasing battery costs and improving charging infrastructure will further boost the electric motor market growth.
Threats: Established automakers still depend majorly on internal combustion engine vehicles for revenues. Slow adoption of electric vehicles threatens the electric motor market. Delays in setting up charging infrastructure can also negatively impact the market.
Key Takeaways
The global Electric Motors For Electric Vehicle Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Electric Motors For Electric Vehicle Market is estimated to be valued at US$ 8215.01 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market owing to the presence of top automakers and battery manufacturers in countries like China and Japan. Government subsidies and initiatives to build charging infrastructure in countries like China, Japan, South Korea, and India is driving EV adoption in the region.
Key players operating in the electric motors for electric vehicle market are Anchor Drilling Fluids Inc., MB Holding Company LLC, Tetra Technologies Inc., International Drilling Fluids and Engineering Services (Idec) Ltd., Canadian Energy Services Inc., Weatherford International Ltd., Global Fluids & Chemical Co., Baker Hughes, Newpark Drilling Fluids LLC., Diamoco Group, M-I SWACO, Schlumberger, Oren Hydrocarbons, and Halliburton. The market is dominated by established automakers who are focusing on developing affordable long-range EVs and setting up vast charging networks across major cities and highways. New entrants are also investing in battery technology and materials research to manufacture high-performance yet low-cost electric motors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
