Tag: ev

Electric Motor Sales Market Growth: How Renewable Energy Fuels Demand

The global electric motor sales market size is expected to reach USD 322.08 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.5% from 2024 to 2030. Rapid technological advancements have been playing an imperative role in the growth of the market. Further, improved insulation and operational efficiency have significantly improved the electro-mechanical machines in terms of safety and functionalities, leading to increased demand across multiple industries. Electric motors are used in multiple applications across industry verticals such as home appliances, industrial machinery, and vehicles. The market is expected to witness high growth from Heating, Ventilation, and Cooling (HVAC) applications as they are an inseparable component of HVAC equipment.

Rising fuel prices across the globe are impelling people to shift to non-conventional fuel alternatives. As a result, electric vehicles are manufactured with a view of reducing operational costs and carbon footprint. The upsurge in the production of electric vehicles is expected to positively impact the demand for electric motors as they are used in various applications ranging from performance components to comfort components of the vehicle.

Access the Electric Motor Sales Market Size, Share & Trends Analysis Report By Application, By Power Output (Integral HP Output, Fractional HP Output), By Motor Type (Hermetic, AC, DC), By Power Rating, By Voltage (Low, Medium, High), By Region, And Segment Forecasts, 2024 – 2030

The industry is characterized by regulatory policies and government initiatives that promote energy efficiency in machines and equipment. High-efficiency and output, low power consumption, increased operational life, and low maintenance costs are essential requirements for the electro-mechanical machines. Notably, technological innovations have introduced improved design, components, and motor specifications resulting in fulfillment of end-user requirements. Innovations and evolving policy frameworks are crucial for industry development and will play a key role in fueling the demand for the products over the forecast period.

Asia Pacific region held the largest revenue share in the electric motor market in 2023 and is projected to witness the fastest CAGR from 2024 to 2030. The growth can be attributed to increasing industrialization investments in countries such as China, India, South Korea, and Australia. Further, the scope for market growth in the region is expected to increase significantly over the coming years, owing to the evolving agriculture sector through efficient irrigation practices and technology transfer.

Order your free sample copy of “Electric Motor Sales Market Report 2024 – 2030, published by Grand View Research

Electric Motor Sales Market Report Highlights

  • In terms of revenue, the AC motor segment dominated the electric motor market and accounted for the largest revenue share of 70.0% in 2023. This high share is attributable to AC motors’ extensive applications ranging from irrigation pumps to modern-day robotics.
  • In terms of revenue, the Fractional Horsepower (FHP) output segment dominated the market and accounted for the largest revenue share of 86.0% in 2023.
  • In terms of revenue, the motor vehicles segment dominated the electric motor sales market and accounted for the largest revenue share of 39.3% in 2023. This high share is attributable to the increased adoption of electric motors in the automotive industry.
  • Asia Pacific dominated the electric motor market and accounted for the largest revenue share of 50.0% in 2023. This is attributable to advancements in the agriculture sector and enormous investments in industrialization in countries, including China, India, South Korea, and Australia.

Key Electric Motor Sales Companies:

  • ABB Ltd.
  • Allied Motion Technologies, Inc.
  • Ametek Inc.
  • Johnson Electric Holdings Limited
  • Nidec Motor Corporation
  • Franklin Electric Co., Inc.
  • Regal Rexnord Corporation
  • Schneider Electric
  • Siemens
  • ORIENTAL MOTOR USA CORP

About Grand View Research:

Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058
Email:  sales@grandviewresearch.com

Electric Vehicle Market Segmentation: Passenger Cars, Commercial Vehicles, and Beyond

Rise and Rise of Electric Vehicles

Growing awareness about climate change and the need for sustainable practices have led consumers to seek eco-friendly alternatives, prompting electric vehicle market players to boost their portfolios. Consumers are increasingly interested in reducing their reliance on fossil fuels, which has boosted demand for EVs. Governments worldwide are implementing strict emission standards and promoting cleaner transportation. These policies encourage the adoption of EVs by providing incentives, tax breaks, and subsidies.

With countries committing to reduce their carbon footprints, the automotive industry is shifting toward sustainable alternatives like electric vehicles. With improving battery technology, EVs are becoming more powerful and efficient, making them an attractive choice for consumers. In addition, the environmental benefits of reduced greenhouse gas emissions and air pollution are contributing to the appeal of EVs.

The worldwide market for electric vehicle (EV) was valued at approximately USD 646.72 billion in 2023. It is projected to expand at a CAGR of 14.5% over the period from 2023 to 2030, as reported by Grand View Research.

Access the Electric Vehicle Market Size, Share & Trends Analysis Report 2023-2030, published by Grand View Research

Types of Electric Vehicle (EV) (Differentiated on Technologies)

In the evolving landscape of sustainable transportation, three types of electric vehicles stand out for their unique benefits. Battery Electric Vehicles (BEVs) are popular for their zero-emission performance, offering a silent and smooth ride with the added perk of lower maintenance due to their simpler design. Fuel Cell Electric Vehicles (FCEVs) are equally notable for their clean operation, emitting nothing but water vapor, while also diminishing the reliance on oil through the use of hydrogen as a fuel source; they boast the added advantage of rapid refueling times. Plug-in Hybrid Electric Vehicles (PHEVs) provide a versatile solution, running emission-free on short electric drives and seamlessly transitioning to gasoline for extended range, thus eliminating the worry of running out of charge. Collectively, these vehicles are driving the future of mobility towards an eco-friendlier horizon, each with its own set of advantages that cater to the varying needs of consumers seeking greener transportation options.

Autonomous EVs

Electric vehicles are at the forefront of autonomous driving development. Advanced driver-assistance systems (ADAS) find seamless integration into electric platforms. The inherent architecture of EVs facilitates sensor placement and efficient data processing for autonomous features. Autonomous EVs are driven by a complex network of sensors, cameras, radar systems, and advanced AI-based algorithms, which help them navigate and make real-time decisions on the road without any direct human intervention.

Order Your Sample Copy of the Electric Vehicle Market Size, Share & Trends Analysis Report By Product (BEV, PHEV, FCEV), By Application (Passenger Cars, Commercial Vehicles), By Region, And Segment Forecasts, 2023 – 2030

Battery Efficiency/Technology Used in EVs

Battery efficiency remains a top priority for EV manufacturers. Researchers are pushing the boundaries of energy density, cycle life, and safety. While lithium-ion batteries continue to dominate the market, there’s growing interest in solid-state batteries, which promise higher energy density and faster charging capabilities. The availability of high-power chargers (such as 350 kW) is reducing charging times significantly. Ultra-fast charging technologies, often coupled with 800-volt systems, enhance convenience for EV owners, making long trips more feasible.

In addition, weight reduction is critical for extending the EV range. Manufacturers are turning to materials like carbon fiber composites and advanced aluminum alloys to achieve this goal. Researchers continue to explore novel materials for battery casings, thermal management, and other structural components.

Investment Opportunities

Global EV sales are concentrated in China, Europe, and the United States, accounting for nearly 95% of all electric car registrations. In these regions, electric cars hold a significant share of the local car markets. Emerging markets like India, Thailand, and Indonesia have shown promising growth, tripling their electric car sales in 2023.

Electric car sales have been on a robust trajectory. Factors driving this growth include competition among manufacturers, falling battery and car prices, and ongoing policy support. Collaborations between traditional original equipment manufacturers (OEMs), new-entrant OEMs, captive finance companies, and dealerships will be crucial in the coming years. Companies are securing direct deals with battery manufacturers and investing in critical mineral mining to meet EV demand.

Some of the key players in the EV market are Tesla, BYD Company Ltd, and Toyota Motor Corporation, among others. Tesla recently introduced the 2024 Model 3 Performance, an upgraded version of the previously launched Model 3 sedan. Beyond cosmetic enhancements for a sportier look, this electric vehicle (EV) boasts mechanical improvements that enhance its performance. Notably, the new model features a more aerodynamic design compared to its predecessor.

In Conclusion

In summary, the electric vehicle market is poised for continued growth, with EVs inching closer to becoming a mass-market product across diverse regions. As technology advances, affordability improves, and supportive policies persist, the EV revolution is set to reshape the automotive industry worldwide.

Design a site like this with WordPress.com
Get started