The Asia Pacific Electric Vehicle Motor Market would witness market growth of 20.7% CAGR during the forecast period (2022-2028).
The expansion of electric and hybrid vehicles, which is fuelled by a rise in the acceptance of clean mobility solutions and the construction of charging infrastructure, is causing the electric vehicle motors market to expand. The rising investments in electric vehicles (EVs) together with rising demand for energy-efficient motors are advancing the technological improvement of these motors. Due to the reduced power consumption and excellent efficiency of EV motors, there is a growing demand for EVs.
Furthermore, the demand for EVs is also being boosted by emission standards designed to protect environmental sustainability as more people are demanding for greener options. The general public's growing preference for zero-emission automobiles has boosted the popularity of hybrid electric vehicles (HEVs) all over the world. Globally, a large number of auto OEMs are currently developing innovative HEV and EV concepts.
Windshield wipers, sunroofs, HVAC blowers, ventilated seats, power windows, sliding doors, fuel pumps, power steering, radiator fans, steerable headlights, and many more applications use motors to perform their respective tasks. As safety features, intelligence, and convenience improve with each model of a car, the requirement for the number of motors in those vehicles rises as well. A typical modern electric vehicle, for instance, may easily have between 12 and 40 electric motors.
Due to increased EV sales, particularly in China, the Pacific region has captured the electric vehicle industry. The largest consumer and producer of electric vehicles worldwide is China. Public policy objectives, constructive rules, and neighbourhood air quality considerations all support local interests. Government of India during the COP21 Summit in Paris, electric mobility gives a practical alternative to overcoming these challenges. When combined with innovative pricing methods, the proper technology, and support infrastructure, the nation can be successful in the adoption of electric vehicles, which has been realized by the government of India and hence stated in their agenda. As a result, the regional electric vehicle motor market is expanding mainly due to these aspects.
The China market dominated the Asia Pacific Electric Vehicle Motor Market by Country in 2021; thereby, achieving a market value of $2,860.1 Million by 2028 The Japan market is registering a CAGR of 19.9% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 21.9% during (2022 - 2028).
Based on Type, the market is segmented into AC Motor and DC Motor. Based on Application, the market is segmented into Passenger Cars and Commercial Vehicles. Based on Electric Vehicle Type, the market is segmented into Battery Electric Vehicle, Plugin Hybrid Vehicle and Hybrid Vehicle. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Electric Vehicle Motor Market is Projected to reach USD 19.2 Billion by 2028, at a CAGR of 20.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bühler Motor GmbH, Inteva Products, LLC (The Renco Group Inc), Mabuchi Motor Co., Ltd., Johnson Electric Holdings Limited, Continental AG, Denso Corporation, Magna International, Inc., Robert Bosch GmbH, Nidec Corporation and MITSUBA Corporation
By Type
By Application
By Electric Vehicle Type
By Country
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