Published Date: 30-Nov-2022
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According to a new report, published by KBV research, The Global Electric Vehicle Motor Market size is expected to reach $19.2 billion by 2028, rising at a market growth of 20.4% CAGR during the forecast period.
The DC Motor market is exhibiting a CAGR of 23.7% during (2022 - 2028). The DC Series motor is an excellent choice for traction applications because of its high beginning torque capacity. This motor's benefits include simple speed control and the ability to tolerate a rapid rise in load. It is the optimum traction motor because of all these features.
The Passenger Cars market is leading the segment in the Global Electric Vehicle Motor Market by Application in 2021; thereby, achieving a market value of $12.8 billion by 2028. Due to the fast-rising disposable income of consumers around the world, the segment is growing more quickly. A passenger vehicle is a motor vehicle that is designed to transport people and does not have more than nine seats.
The Hybrid Vehicle market is registering a CAGR of 20.6% during (2022 - 2028). A hybrid electric vehicle is one that gets its energy from two or more separate sources, like submarines that use diesel when they surface and batteries underwater. The use of pressurized fluid in hydraulic hybrids is another method for storing energy. A hybrid's system harvests energy while braking and employs at minimum one electric motor in addition to a gasoline engine to move the car.
The Asia Pacific market dominated the Global Electric Vehicle Motor Market by Region in 2021; thereby, achieving a market value of $8.0 billion by 2028. The Europe market is poised to grow a CAGR of 19.7% during (2022 - 2028). Additionally, The North America market would witness a CAGR of 20.1% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Electric Vehicle Type
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