The global electric vehicle motor market is expected to grow by USD 5.38 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Electric Vehicle Motor Market 2020-2024 (Graphic: Business Wire)
Governments across the world are taking various initiatives in the form of tax benefits, subsidies, and other perks to encourage the adoption of EVs. For instance, in China, automakers involved in the manufacture of EVs can claim subsidies from the government. The subsidies and benefits can also be availed by foreign EV manufacturing companies operating in the country. In addition, increasing awareness about the adoption of green technologies is encouraging consumers to adopt vehicles that have very little impact on the environment. These factors are boosting the sale of EVs across the world, which is driving the growth of the global electric vehicle motor market.
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As per Technavio, the development of EV charging infrastructure will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Electric Vehicle Motor Market: Development of EVs Charging Infrastructure
Automobile OEMs and governments across the world are making significant investments to increase the availability of public and private charging facilities. For instance, in 2018, Tesla funded a project to develop 62 EV charging stations at Queen’s University at Kingston, Canada. The project is expected to help Tesla increase the sale of its EVs in the country. Similarly, China is planning to develop charging units at a regular interval of 50 miles. Such investments in the development of EV charging infrastructure will increase the adoption of EVs, thereby fueling the growth of the market.
“The rising trend of multi-speed transmission in EVs and the production of in-house electric motors by automakers will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Electric Vehicle Motor Market: Segmentation Analysis
This market research report segments the electric vehicle motor market by power rating (MPR, HPR, and LPR), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the electric vehicle motor market in 2019, followed by North America, Europe, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing demand for EVs from countries such as China, Japan, India, Singapore, Thailand, and South Korea.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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