The global electric vehicle motor market size is projected to reach USD 11.15 billion by 2027 from an estimated USD 3.59 billion in 2020, witnessing a CAGR of 17.58% during the forecast period (2021-2027). The development of power rating more than 80kW segment is gaining momentum across the globe, aided by its use in luxury vehicles in the automotive industry. Furthermore, due to major changes in the purchasing pattern from the conventional IC engines and awareness for reducing carbon emission, the trend for Electric vehicles is increasing. These factors will augment the global electric vehicle motor market over the forecast period.
The increase in demand for electric vehicles is a major factor driving the growth of electric vehicle motors. Moreover, the market’s growth is boosted by stringent government regulations to reduce greenhouse gas emissions and offer incentives. Although, growing emphasis on comfort, luxury, safety, and convenience are fueling the global market growth for the electric vehicle motor market.
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Research is being carried out on various features such as vehicle range management, battery charging management online, and navigation-based assistance that would create growth prospective. Furthermore, commercial vehicles electrification and demand for luxury vehicles are provided multiple growth opportunities for the global electric vehicle motor market.
High initial and maintenance costs of electric vehicles are restraining the market growth:
The key factors restraining the global electric vehicle motor market are the high initial cost of electric motors and high maintenance costs associated with electric motors.
Many country’s lacks of sufficient infrastructures are projected to impede the growth of the electric vehicle motor market in the forecast period.
One of the challenges in designing electric vehicle motors is their failure du