Electric Vehicle Motor Market to Reach USD 120 Billion by 2030 | MarkNtel

BEIJING - Feb. 24, 2025 - PRLog -- The Global Electric Vehicle (EV) Motor Market is projected to witness substantial growth, with its size expected to soar from approximately USD 46 billion in 2024 to USD 120 billion by 2030. This growth trajectory represents a remarkable compound annual growth rate (CAGR) of around 17% during the forecast period from 2025 to 2030.

The surge in market demand is largely driven by increasing investments in EV infrastructure, government initiatives promoting EV adoption, and stringent CO2 emissions regulations enacted globally. Notably, several major economies, including the European Union, the United States, and China, have implemented strict mandates aiming for net-zero greenhouse gas emissions by 2050, further emphasizing the need for the transition from internal combustion engines to electric vehicles.

Key Market Insights:

• Estimated Market Value: The market was valued at USD 46 billion in 2024, projected to grow to USD 120 billion by 2030.
• Growth Rate: Expected CAGR of 17% from 2025 to 2030.
• Leading Region: The Asia-Pacific region dominates the market, accounting for nearly 60% of global sales, driven by major players in countries like China, Japan, and South Korea.

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The market segmentation reveals that electric passenger cars lead in market share, comprising about 70% of the total. This segment is propelled by heightened environmental concerns, advancements in battery technology, and aggressive government incentives aimed at boosting EV sales. Simultaneously, the 100 kW to 250 kW power rating segment is anticipated to maintain its dominance, primarily due to the demand for light commercial vehicles.

Market Drivers and Opportunities:

The rising adoption of EVs, spurred by environmental concerns and declining battery prices, is a crucial driver of market growth. In 2023, global EV sales reached 14 million units, showcasing a significant escalation compared to previous years. Furthermore, the integration of Artificial Intelligence (AI) and the Internet of Things (IoT) within electric powertrains presents a pivotal opportunity for enhancing vehicle efficiency and performance.

Technological Trends:

The adoption of silicon carbide (SiC) technology in power electronics is emerging as a key trend, significantly boosting EV performance by improving range and reducing power losses. SiC-based inverters have been demonstrated to enhance EV efficiency, providing manufacturers with a competitive advantage.

Challenges Ahead:

Despite its growth potential, the market faces challenges, notably performance limitations in extreme weather conditions which impact battery efficiency and motor operation.

Conclusion:

The Electric Vehicle Motor Global Market is poised for robust growth, driven by technological advancements, supportive government policies, and increasing consumer acceptance of electric mobility.

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