The Electric Motor is an important part of electric vehicle powertrain, as it converts electricity to torque to move the vehicle. The power delivered by the battery pack is supplied to the motor which converts this electrical energy into mechanical energy thus resulting in the movement of the vehicle.

Electric vehicles have motors that use regenerative braking which means that the motors start generating power and start delivering the power back to the battery pack when not consumed.

The global electric vehicle motor market is experiencing growth, due to rise in demand for electric vehicles, and stringent safety regulations set by government for automotive industry. However, high manufacturing costs are the factor hampering the growth of the market. Furthermore, wide number of applications employing the use of electric motors is the factor expected to offer growth opportunities during the forecast period.

𝐑𝐢𝐬𝐞 𝐢𝐧 𝐝𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐯𝐞𝐡𝐢𝐜𝐥𝐞𝐬 Increase in global concerns regarding the negative effect of climate change and alarming pollution levels recorded in the major cities have created a significant demand for electric vehicles. The demand for fuel-efficient vehicles has increased recently, owing to rise in price of petrol and diesel. Depletion of fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves also contribute to the increase in demand.

The global electric vehicle motor market was valued at $5.5 billion in 2021, and is projected to reach $34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.

🎯 𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
◼ Continental AG
◼ Robert Bosch GmbH
◼ Inteva Products
◼ LLC, Borgwarner Inc.
◼ Mitsuba Corporation
◼ Meritor, Inc.
◼ Johnson Electric Holdings Limited
◼ Mabuchi Motor Co., Ltd
◼ Magna International Inc.
◼ Denso Corporation
◼ Buhler Motor GmbH
◼ Nidec Corporation