Global EV motor market expected to grow by $5.38 bn during 2020-2024

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Global electric vehicle motor market is poised to grow by $5.38 bn during 2020-2024, progressing at a CAGR of about 21% during the forecast period says the report of Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

The market is concentrated, and the degree of concentration will accelerate during the forecast period. Allied Motion Technologies Inc., Continental AG, Delphi Technologies Plc, Denso Corp., Hitachi Ltd., Nissan Motor Corp., Robert Bosch GmbH, Siemens AG, Tesla Inc., and Toshiba Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Electric Vehicle Motor Market 2020-2024: Segmentation

Electric Vehicle Motor Market is segmented as below:

  • Power Rating
    • MPR
    • HPR
    • LPR
  • Geographic Landscape
    • APAC
    • Europe
    • MEA
    • North America
    • South America

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