An electric vehicle motor is designed to convert electrical energy into mechanical energy for propulsion. It is also designed to enable regenerative braking in the vehicle.
Rise in demand for vehicle electrification across the globe, due to enactment of stringent emission norms across the globe to reduce the emission of harmful gases from vehicles, is likely to boost the electric vehicle motors market across the globe. Rise in demand for lightweight vehicles and fuel-efficient vehicles across the globe is likely to propel the electric vehicle motors market across the globe.
Rapid expansion of electric vehicle component manufacturer across the globe is likely to boost the electric vehicle motor market across the globe. Rise in government investment to boost production of electric vehicles across the globe is likely to fuel the electric vehicle motors market across the globe. Major vehicle manufacturers are trying to increase their electric vehicle power output and also vehicle range, which is likely to boost the electric vehicle motors market across the globe.
Europe & Asia Pacific to hold significant share of global Electric Vehicle Motors Market
Europe is projected to hold for a major share of the global electric vehicle motors market due to a rise in the demand for electric vehicle across the region. Rapid expansion of electric vehicle component manufacturers across the region also boosts the electric vehicle motors market. Europe has presence of major original equipment manufacturers as well as tier-1 suppliers, including Continental AG and Denso Corporation who have major facilities that undertake research & development on the electric vehicle motors, is likely to propel the electric vehicle motors market across the globe.
Followed by Europe, Asia Pacific is projected to hold a significant share of the global electric vehicle motors market due to an increase in production of electric vehicles across the region. Growing investment across the region for expansion of industries is likely to promote vehicle manufacturers to develop electric vehicle motors across the globe. Asia Pacific has major presence of electric vehicle parts manufacturing industries across China, India, and Japan is anticipated to propel the electric vehicle motors market across Asia Pacific.
Key Players Operating in Electric Vehicle Motors Market
The electric vehicle motors market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the electric vehicle motors market are:
