1. What is the projected Compound Annual Growth Rate (CAGR) of the Electric Vehicle Motor Market?
The projected CAGR is approximately 17%.
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Electric Vehicle Motor Market by Vehicle Type (Two Wheeler, Three Wheeler, Passenger Vehicle, Commercial Vehicle), by Component (Motor Stator, Rotor, Shaft, Bearing, Permanent Magnet, Casing, Wiring & Connectors), by Power Rating (Up to 20 kW, 20 KW to 100 KW, 100 KW to 250 KW, Above 250 KW), by By Geography (North America), by Europe (U.K., Germany, France, Rest of Europe), by Asia Pacific (China, Japan, India, Rest of Asia Pacific), by Rest of the World (The Middle East & Africa, Latin America) Forecast 2026-2034
The global Electric Vehicle (EV) Motor Market is poised for substantial growth, projected to reach $46 billion by 2024, expanding at a robust Compound Annual Growth Rate (CAGR) of 17%. EV motors, the core components for generating mechanical power in electric vehicles, encompass key types such as brushed DC motors, brushless DC (BLDC) motors, induction motors, and permanent magnet synchronous motors (PMSM). Their inherent advantages, including high efficiency, consistent torque, low noise, and regenerative braking capabilities, are driving widespread adoption across automotive segments, including passenger cars, buses, and motorcycles. This transition to sustainable transportation solutions is further supported by advancements in motor technology, enhancing drive performance, durability, and acceleration, thus accelerating the appeal and sales of electric vehicles.




Vehicle Type:
Component:
Power Rating:


Strengths:
Weaknesses:
Opportunities:
Threats:
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 17% from 2020-2034 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research

Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 17%.
Key companies in the market include Robert Bosch GmbH (Germany), Siemens AG (Germany), ABB (Switzerland), AISIN CORPORATION (Japan), LG Magna e-Powertrain Co., Ltd (South Korea), Johnson Electric Holdings Limited (Hong Kong), BorgWarner Inc. (U.S.), Nidec Industrial Solutions (Japan), Mitsubishi Electric Corporation (Japan), Allied Motion, Inc. (U.S.), TECO Corporation (Taiwan), Toshiba International Corporation (Japan), GKN Automotive (U.K.).
The market segments include Vehicle Type, Component, Power Rating.
The market size is estimated to be USD 46 billion as of 2022.
Increasing Demand for Forged Products in Power. Agriculture. Aerospace. and Defense to Drive Industry Expansion.
Rising Adoption of Automation in Manufacturing to Drive Market Growth.
High Manufacturing Costs for Electric Vehicles are Restraining the Market Growth.
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The market size is provided in terms of value, measured in billion and volume, measured in K Units.
Yes, the market keyword associated with the report is "Electric Vehicle Motor Market," which aids in identifying and referencing the specific market segment covered.
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