Electric Vehicle Motor Market To Undertake Strapping Growth By The End 2034

The global electric vehicle motor market is set to strengthen its market hold globally at a promising CAGR of 21% from 2024 to 2034. The net revenue generated from the global EV motor industry is forecasted to hold a revenue of US$ 571,809.04 million by 2034 growing from US$ 84,995.77 million in 2024. The electric vehicle motor market represents 14.3% of the total electric vehicles market share (BEV, HEV, and PHEV).

At the same time, high maintenance costs coupled with higher initial costs on the part of electric motor are bound to restrain the market going forward.

Though there are complexities involved, the electric vehicles are helpful in the long run. As renewable energy resources are depleting, electric vehicles are a good alternative. Electric vehicle motor market is an ancillary market to electric vehicles market. With exorbitant demand for electric vehicles, the electric vehicle motor market is expected to grow on an unstoppable note in the years to come. Future Market Insights has etched these findings with future perspectives in its latest market study entitled “Electric Vehicle Motor Market”.

Key Takeaways from Electric Vehicle Motor Market

North America holds the largest market share with the US alone contributing for more than 90%. This data, however, pertains to the year 2021. It could lose 162 BPS points by the year 2032, which would take its share to 89.7%.
Europe is expected to witness a CAGR of 20.1% in electric vehicle motor market in the forecast period with Germany expected to witness growth 6 times in 2032 to the year 2022. Luxury electric vehicles are expected to rule the roost.
Coming to the Asia-Pacific, China is expected to create a lucrative opportunity worth US$ 86.5 Bn between 2022 and 2032. The government has also started giving subsidies to facilitate the proliferation of electric vehicles.
AC motors holds the largest market share and the status quo will continue even in the forecast period due to stronger grip provided on the bumpy routes.

“With environmentally-friendliness being the top priority, the electric vehicle motor market is bound to grow at an astounding rate in the forecast period”, says an analyst at Future Market Insights.