Allied Market Research

Electric Vehicle Motor Market Industry Forecast 2023


Portland, OR -- (SBWIRE) -- 03/05/2018 -- Electric vehicle motor is an electromechanical device used to provide power to electric vehicles by converting electric energy into mechanical energy. This phenomenon is achieved by the interaction of electric motors magnetic field and current. Electric vehicle motor comprises bearings, end bracket, frame, cooling frame, rotor, and stator. The electric vehicle motor market is expected to witness lucrative growth during the forecast period due to increase in the number of electric vehicles, which is attributable to its advantages such as zero emission, low maintenance cost, high efficiency, and automated control. These motors are applicable in two-wheelers which are integrated with one or more than one electric motors; whereas passenger vehicles and commercial vehicles are integrated with two or more than two electric motors depending on the size and application of vehicles.

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The key factors that drive the electric vehicle motor market are growth in electric vehicle industry, and increase in government rules and regulations with respect to vehicular emission. However, high initial cost of electric motor, and high maintenance cost associated with electric motor restrain the market growth. Furthermore, irrespective of these challenges, the advancement in technologies, such as manufacturing of energy-efficient motors, is expected to boost the market growth in the near future. In addition, increase in government initiatives related to electric vehicles is expected to provide various opportunities for the market growth.

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