The global electric vehicle motor market size surpassed USD 85 billion in 2024 and is predicted to reach around USD 576.57 billion by 2034, registering a CAGR of 21.1% from 2024 to 2034.
The electric vehicle drive motor market continues to grow substantially due to rising demand for energy-efficient motors in the automotive, aerospace, and manufacturing industries. With the growing popularity of electric vehicles, electric motors have become a crucial component for clean and sustainable transportation. Furthermore, developments in motor technologies, such as increased performance and lower energy consumption, are propelling the industry forward. Globally, governments are also encouraging energy-efficient technologies and environmentally conscious initiatives, increasing demand in the electric vehicle drive motor market.
The market for electric motors is anticipated to grow significantly as businesses transition to automation and renewable energy sources. Growth in the future will be mostly driven by the expansion of industrial machines and the growing demand for EVs. However, the market is constrained by the high beginning prices and the intricacy of motor design. Despite these obstacles, rapid industrialization and rising investments in EV manufacturing are expected to propel the Asia-Pacific region to market dominance. North America is predicted to increase significantly because of government backing for electric vehicles and technology improvements. The electric vehicle drive motor market is expected to grow rapidly due to the growing EV sector, technical advancements, and sustainable practices.
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| Stats ID: | 7891 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
| Stats ID: | 7891 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
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