The global electric vehicle motor market is worth US$ 8.68 Billion as of now and expected to reach US$ 18.09 Billion by the year 2032 at a CAGR of 8.5% between 2022 and 2032.

Electric vehicles are being increasingly asked for due to strict government regulations regarding carbon emissions. As per the European Climate Foundation, employment, with the expansion of electric vehicles, would cross 850K by the year 2030. Thus, increasingly adopting high-performance motors in the electric vehicles is bound to take the electric vehicle motor market to a new ‘High’ in the forecast period.

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At the same time, high maintenance costs coupled with higher initial costs on the part of electric motor are bound to restrain the market going forward.

Though there are complexities involved, the electric vehicles are helpful in the long run. As renewable energy resources are depleting, electric vehicles are a good alternative. Electric vehicle motor market is an ancillary market to electric vehicles market. With exorbitant demand for electric vehicles, the electric vehicle motor market is expected to grow on an unstoppable note in the years to come. Future Market Insights has etched these findings with future perspectives in its latest market study entitled “Electric Vehicle Motor Market”.

“With environmentally-friendliness being the top priority, the electric vehicle motor market is bound to grow at an astounding rate in the forecast period”, says an analyst at Future Market Insights.

Source: https://www.futuremarketinsights.com/reports/electric-vehicle-drive-motor-market

Competitive Motors

• Mabuchi Motors, in June 2021, declared finishing 100% acquisition of Electromag SA for CHF 0.1 Mn or US$ 0.11 Mn.
• Wolong Electric, in March 2020, did acquire small industrial motors’ business of GE for US$ 160 Mn with the objective of helping it to obtain a significant position in the market.
• Nidec Corporation, in February 2020, tabled 2 novel traction motor systems; viz 50 kW Ni50Ex and 200 kW Ni200Ex based on original 150 kW E-Axle (100% integrated traction motor system encompassed with a reduction gearbox, an electric motor, and an inverter).
• WEG, in October 2019, installed LV electric motor plant in Hosur (India). This new-fangled 13K square meter facility holds the capability of manufacturing 250K electric motors/year.
• Allied Motion Technologies, in May 2019, came up with EnduraMax 75i Series, brushless DC motor comprising an all-digital integrated drive. The application areas include AGV vehicle traction/steering, rotary/linear actuators, medical patient-handling equipment, mobile HVAC blowers, pumps, and material handling systems.
• ABB, in March 2019, floored stainless steel motors to address food and beverage plants. This motor is capable of forbearing high pressure spray with complete compatibility with the high standards.
• TECO Westinghouse (Canada), in January 2018, announced entering into new distribution partnership with Westech Industrial for gaining access to uncharted and new markets all over Canada.