Electric Vehicle Motor Market is Expected to Reach Nearly US$ 99.5 billion by 2032
The global ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐จ๐ญ๐จ๐ซ ๐๐๐ซ๐ค๐๐ญ is anticipated to show a strong growth rate due to stricter government regulation set by regulatory bodies on the automobile industry. Regulatory bodies around the world have implemented strengthened regulations and laws related to emission from traditional ICE vehicle, and promote green mobility in the automobile industry. As the emission from automobiles are becoming challenging and increasingly common governments across the world have implemented strict laws and regulation to cut down on vehicle emission. Rise in demand for hybrid and electric vehicles, stringent rules and regulations set by the government for the automotive industry, and increase in research and development initiatives drive the growth of the global electric vehicle motor market.๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/request-sample/2438
๐๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐ฏ๐๐ก๐ข๐๐ฅ๐ ๐ฆ๐จ๐ญ๐จ๐ซ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐ข๐ณ๐ ๐ฐ๐๐ฌ ๐ฏ๐๐ฅ๐ฎ๐๐ ๐๐ญ $๐๐.๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐, ๐๐ง๐ ๐ข๐ฌ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐๐ ๐ญ๐จ ๐ซ๐๐๐๐ก $๐๐.๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐ฒ ๐๐๐๐, ๐ ๐ซ๐จ๐ฐ๐ข๐ง๐ ๐๐ญ ๐ ๐๐๐๐ ๐จ๐ ๐๐.๐% ๐๐ซ๐จ๐ฆ ๐๐๐๐ ๐ญ๐จ ๐๐๐๐.
The global electric vehicle motor market has experienced significant growth and transformation, driven by a combination of rise in demand for hybrid and electric vehicles, stringent regulations set by the government for the automotive industry, and an increase in research and development initiatives. The penetration of battery electric vehicles has increased significantly in the last five years as they are efficient and eco-friendly. Moreover, surge in consumer demand to minimize fuel costs is driving the demand for electric vehicle motors.
๐๐ก๐ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ฉ๐ซ๐จ๐๐ข๐ฅ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐
Hitachi, Ltd., BorgWarner Inc., Robert Bosch GmbH, Continental AG, Mitsubishi Electric Corporation, Magna International Inc., NIDEC CORPORATION, ABB, TOSHIBA CORPORATION, AISIN CORPORATION
๐๐ฎ๐ฒ ๐๐จ๐ฐ ๐ญ๐ก๐ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/checkout-final/750269a407cb6a7135025f0b32611ef9
The market share has been bifurcated on the basis of motor type, vehicle type, application as well as regions. On the basis of motor type the global market has been analyzed across AC motor and DC motor. On the basis of vehicle type the EV motor market is segmented into battery electric vehicle, hybrid vehicle & plug-in hybrid vehicle. On the basis of application the global electric vehicle motor market has been studied across passenger cars and commercial vehicles. Based on region the global market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA region.
Furthermore, the market is very competitive with a few big manufactures dominating the overall global market share To maintain their market positions, top companies operating in the market are prioritizing on innovation, product uniqueness, and collaboration with other industry players.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎ'๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/2438
For example, In Europe the region introduced European Emission Standards or Euro Norms, which governs and looks after emission from vehicles. The law also encourages people to use green mobility technologies in order to cut down on harmful vehicle emissions. Likewise, other countries have also introduced regulation which limits and looks after vehicle emission standards. Moreover, on April 2022, India introduced a law which outlines a set percentage of emission allowed from vehicle, the law specifically looks after emission from vehicle which runs on petrol and diesel. Similarly, the country also passed a law that states that vehicle older than 15 years needs to be re-registered again for use on public road, if the automobiles are found unfit they will be scrapped.
By application, the passenger car segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the passenger car segment is expected to portray the largest CAGR of 15.7% from 2023 to 2032, due to rise in population in developing nations, such as China, India, and Japan, creating lucrative opportunities for the penetration of electric passenger cars. In addition, factors such as rise in disposable income in countries, such as India and China, and stringent rules and regulations to promote the adoption of electric vehicles are projected to increase the demand for passenger electric vehicles.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/2438
By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the Asia-Pacific region is expected to witness the fastest CAGR of 16.7% from 2023 to 2032, owing to higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in the trend toward adopting non-fossil fuel-based vehicles. Moreover, various technological advancements related to automotive due to government initiatives, such as investment in R&D in automotive manufacturing, further propel the market growth.
๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ ๐ซ๐๐ฅ๐๐ญ๐๐ ๐ฌ๐ญ๐ฎ๐๐ข๐๐ฌ ๐ฉ๐ฎ๐๐ฅ๐ข๐ฌ๐ก๐๐ ๐๐ฒ ๐๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก:
Electric Vehicle Market - https://www.globenewswire.com/en/news-release/2023/10/23/2764378/0/en/Electric-Vehicle-Market-EV-Industry-Is-Set-to-Reach-an-Estimate-of-823-75-Billion-by-2030-at-a-Compound-Annual-Growth-Rate-CAGR-Of-18-2-Allied-Market-Research.html
Electric Two-Wheeler Lithium-Ion Battery Management System Market - https://www.prnewswire.com/news-releases/electric-two-wheeler-lithium-ion-bms-market-size-to-garner-5-6-billion-globally-by-2031-at-20-3-cagr-allied-market-research-301961247.html
EV Charging Cable Market - https://www.prnewswire.com/news-releases/electric-vehicle-charging-cable-market-to-reach-3-45-billion-globally-by-2031-at-18-1-cagr-allied-market-research-301567549.html
Electric Bikes Market - https://www.prnewswire.com/news-releases/electric-bikes-market-to-garner-118-65-bn-globally-by-2030-at-10-5-cagr-allied-market-research-301252723.html
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