The Global Electric Vehicle Motor Market was valued at USD 1.86 billion in 2018 which is expected to reach USD 16.2 billion by 2030 at a CAGR 40.6%.
Electric vehicle motor converts electric energy into mechanical energy for propulsion of the electric vehicle. The working is based on the interaction of electric vehicle motors magnetic field and current. Increase in number of electric vehicles with various advantages like high efficiency, zero emission, and automated control expected to drive the global electric vehicle motor market growth.
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Top Key Players/Manufacturers of Global Electric Vehicle Motor Market:
● BMW AG, oration Ltd., Rockwell Automation Incorporation, Franklin Electric Cooperative Incorporation,, Brook Crompton UK Limited,, Asmo Corporation Limited, ARC Systems Incorporation,, Allied Motion Technologies Inc., Baldor Electric Company Inc., Siemens AG, Ametek Incorporation, and ABB Group Ltd.
Global Electric Vehicle Motor Market Production Breakdown Data by Top Regional scope:
· NorthAmerica
· Asia Pacific
· Europe
· Latin America
· Middle East
By Drivers, Global Electric Vehicle Motor Market is primarily split into:
- Increase in demand for energy efficient vehicle to reduce pollution in environment is the key driving factor which is expected to boost the global electric vehicle motor market growth. Furthermore, growing inclination of population towards emission free vehicles is expected to fuel the growth of electric vehicle motor market, during this forecast period. Moreover, increase in electric vehicle launches activities is expected to drive the global electric vehicle motor market. For instance, in February 2020, Mahindra had launched an affordable passenger vehicle (ekuv100) in India. The ekuv100 has various features including 40kw electric motor, which produces 120Nm torque driving the fornt wheels.
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