#Electric Vehicle Motor Market

[techdriveplay]

What Percentage of Cars Sold in 2023 Were Electric?

The automotive industry has been rapidly shifting towards electric vehicles (EVs), driven by increasing environmental concerns, technological advancements, and government incentives. The year 2023 marked a significant milestone in this transition. This transition has raised the question: What Percentage of Cars Sold in 2023 Were Electric? Let’s dive into the data to understand the impact and…

[poojagblog-blog]

/PRNewswire/ -- Electric Motors Market in terms of revenue was estimated to be worth $152.2 billion in 2024 and is poised to reach $206.4 billion by 2029, growing at a CAGR of 6.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. Electric Motors Market is driven mainly by Increasing demand for HVAC systems among residential, commercial, and industrial end-users, growing demand for electric motors in manufacturing industries, and rising demand for energy-efficient motors.

[bhavesh-31]

Electric Vehicle Motor Market Size

[vijukumar]

The Electric Vehicle (EV) Market: Trends, Key Players, and Future Outlook

The Electric Vehicle (EV) market represents one of the most dynamic and rapidly evolving sectors within the global automotive industry. As the world faces increasing environmental challenges and a pressing need to reduce carbon emissions, the shift towards electric mobility has become not just desirable but essential. This blog explores the latest trends shaping the EV market, identifies key players driving the industry's growth, and provides a forward-looking analysis of the market's future trajectory.

Market Trends

The EV market has been characterized by several key trends that are reshaping the automotive landscape. These trends are not only influencing consumer preferences but are also driving the strategic decisions of automakers, governments, and investors.

1. Acceleration of Government Regulations and Incentives

Governments across the globe are implementing stringent regulations and offering substantial incentives to promote the adoption of electric vehicles. Policies such as tax rebates, subsidies, and emission reduction targets are creating a favorable environment for the growth of the EV market.

Europe: The European Union's commitment to becoming climate-neutral by 2050 is a significant driver of EV adoption in the region. The EU's Green Deal and the ban on the sale of new internal combustion engine (ICE) vehicles by 2035 are pushing both manufacturers and consumers towards electric mobility.

China: As the world's largest automotive market, China has been at the forefront of the EV revolution. The Chinese government has introduced policies such as the New Energy Vehicle (NEV) mandate, which requires automakers to produce a certain percentage of EVs, thus fueling the market's growth.

United States: The U.S. has seen a renewed focus on electric vehicles under the Biden administration, with ambitious plans to achieve net-zero emissions by 2050. Federal incentives, along with state-level programs like California's Zero Emission Vehicle (ZEV) mandate, are accelerating EV adoption across the country.

2. Advancements in Battery Technology

Battery technology is the backbone of the EV market, and ongoing advancements are critical to the industry's growth. The focus is on improving energy density, reducing charging times, and lowering costs.

Solid-State Batteries: One of the most promising developments in battery technology is the advent of solid-state batteries. These batteries offer higher energy density, faster charging, and enhanced safety compared to traditional lithium-ion batteries. Companies like QuantumScape and Toyota are leading the charge in bringing solid-state batteries to market, which could revolutionize the EV industry.

Cost Reduction: The cost of EV batteries has decreased significantly over the past decade, making electric vehicles more affordable. The price of lithium-ion battery packs fell from over $1,000 per kWh in 2010 to around $137 per kWh in 2021. This trend is expected to continue, with costs projected to drop below $100 per kWh by 2025, further reducing the price gap between EVs and ICE vehicles.

3. Expansion of Charging Infrastructure

The availability and accessibility of charging infrastructure remain crucial to the widespread adoption of electric vehicles. The expansion of both public and private charging networks is a key trend that is enabling the growth of the EV market.

Fast Charging Networks: Companies like Tesla, ChargePoint, and Electrify America are rapidly expanding their fast-charging networks, which are capable of charging EVs in a fraction of the time required by standard chargers. The development of ultra-fast chargers, capable of delivering up to 350 kW, is particularly significant, as it reduces charging times to around 15-20 minutes for a full charge.

Wireless Charging: Wireless or inductive charging is an emerging technology that could transform the way EVs are charged. By eliminating the need for physical connectors, wireless charging offers a more convenient and seamless charging experience. Automakers such as BMW and Hyundai are exploring wireless charging solutions, with pilot projects already underway.

4. Rise of Autonomous Electric Vehicles

The convergence of electric mobility and autonomous driving technology is poised to redefine the future of transportation. Autonomous Electric Vehicles (AEVs) offer the potential for increased safety, reduced traffic congestion, and lower operating costs.

Level 4 and 5 Autonomy: Companies like Waymo, Tesla, and General Motors are leading the development of fully autonomous vehicles (Levels 4 and 5). These vehicles, when combined with electric powertrains, are expected to revolutionize urban mobility, particularly in the context of ride-sharing and robo-taxi services.

AI and Machine Learning: The integration of artificial intelligence (AI) and machine learning into AEVs is enhancing their ability to navigate complex environments and make real-time decisions. These technologies are critical for the widespread deployment of autonomous electric vehicles on public roads.

Key Market Players

The global EV market is dominated by several key players who are driving innovation, scaling production, and competing for market share. These companies are not only leading in terms of sales but are also at the forefront of research and development, shaping the future of the EV industry.

1. Tesla, Inc.

Market Share: Tesla holds approximately 15% of the global EV market share, making it the undisputed leader in the industry.

Overview: Founded in 2003 by Elon Musk and others, Tesla has revolutionized the EV market with its high-performance electric vehicles, innovative technology, and a strong brand identity. Tesla's Model S, Model 3, Model X, and Model Y have set new benchmarks in the industry, with the Model 3 becoming the best-selling EV globally in 2021. Tesla's proprietary Supercharger network, coupled with its advancements in battery technology, continues to position the company as a market leader.

2. BYD Company Limited

Market Share: BYD holds around 13% of the global EV market, making it one of the largest EV manufacturers in the world.

Overview: BYD, a Chinese multinational, has been a major player in the electric vehicle market, offering a wide range of electric cars, buses, and commercial vehicles. The company's strength lies in its vertical integration, controlling both battery production and vehicle manufacturing. BYD's commitment to innovation is evident in its development of the Blade Battery, a new type of lithium-iron-phosphate (LFP) battery that enhances safety and performance.

3. Volkswagen Group

Market Share: Volkswagen holds approximately 6% of the global EV market share.

Overview: Volkswagen is making significant strides in the EV market with its ID series, which includes the ID.3, ID.4, and the upcoming ID. Buzz. The German automaker has committed to investing over $80 billion in electrification by 2025, with the goal of becoming a global leader in electric mobility. Volkswagen's Modular Electric Drive Matrix (MEB) platform is central to its EV strategy, enabling the production of a wide range of electric vehicles across different segments.

4. NIO Inc.

Market Share: NIO holds around 3% of the global EV market share, with a strong presence in the premium EV segment.

Overview: NIO, often referred to as the "Tesla of China," is a leading manufacturer of premium electric vehicles. The company's innovative battery-as-a-service (BaaS) model, which allows customers to lease batteries separately from the vehicle, has garnered significant attention. NIO's flagship models, including the ES8, ES6, and EC6, are known for their performance, luxury, and advanced technology.

5. Hyundai Motor Company

Market Share: Hyundai holds approximately 4% of the global EV market share.

Overview: Hyundai has emerged as a key player in the EV market with its Ioniq and Kona Electric models. The South Korean automaker is expanding its EV lineup under the Ioniq sub-brand, with plans to introduce several new electric models by 2025. Hyundai's commitment to hydrogen fuel cell technology, alongside battery electric vehicles, positions the company as a versatile player in the clean energy transition.

Conclusion

The Electric Vehicle market is at a pivotal moment in its evolution, with rapid advancements in technology, increasing government support, and growing consumer acceptance driving its expansion. Key trends such as the development of solid-state batteries, the expansion of charging infrastructure, and the rise of autonomous electric vehicles are set to shape the future of the industry. Leading companies like Tesla, BYD, Volkswagen, NIO, and Hyundai are not only competing for market share but are also pushing the boundaries of innovation, making electric vehicles more accessible, efficient, and appealing to consumers. However, the industry still faces challenges, including the need for further cost reductions, the expansion of charging networks, and the development of sustainable battery solutions.

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[medicaldevicesindustrynews]

Motor Lamination Market is Driven by Surging Vehicle Sales

Themotor lamination market is estimated to touch USD 22.9 billion in 2023, which will increase to USD 32.0 billion, with a 4.9% compound annual growth rate, by 2030. The progression of this industry is because of the rising sale of automobiles, particularly those employing electricity as the secondary or primary propulsion source, across the globe. Furthermore, automobile, as well as equipment…

[dsiddhant]

/PRNewswire/ -- Electric Motors Market is projected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8% according to a new report by MarketsandMarkets™.

[ur-mag]

Electric vehicle market experiences ‘Field of Dreams’ moment – but it’s a nightmare for car makers and a worrying sign | In Trend Today

Electric vehicle market experiences ‘Field of Dreams’ moment – but it’s a nightmare for car makers and a worrying sign Read Full Text or Full Article on MAG NEWS

[techdriveplay]

Dodge's Electric Evolution: Bringing the V8 Rumble to the Electric Arena

In an ambitious move to marry the past with the future, Dodge is setting the stage to infuse its electric cars with the soul-stirring sounds and dynamic feel of its legendary V8-powered muscle cars. This innovative endeavor aims not just to preserve the iconic auditory and tactile experience of driving a Dodge muscle car but to elevate it within the realm of electric vehicles (EVs). The Electric…

[electronalytics]

DC Traction Generators Market Analysis, Key Players, Share Demand and Outlook by 2017 to 2032

Overview: The DC Traction Generators Market refers to the market for generators specifically designed for direct current (DC) traction systems used in transportation applications. DC traction generators are responsible for generating electrical power to propel various vehicles, including electric trains, trams, and other mass transit systems.

Trends:

Electrification of Transportation: The global trend towards the electrification of transportation is driving the demand for DC traction generators. As countries and regions strive to reduce carbon emissions and shift towards cleaner modes of transport, the demand for electric propulsion systems and corresponding DC traction generators is increasing.

Lightweight and Compact Designs: There is a growing emphasis on developing lightweight and compact DC traction generators. These generators aim to reduce weight and size, enabling better integration into vehicles and improving overall system efficiency. Advanced materials, innovative designs, and optimized electromagnetic systems are being employed to achieve these goals.

Efficiency and Energy Savings: Increasing focus on energy efficiency and sustainability is driving the demand for DC traction generators with higher efficiency ratings. These generators help minimize energy losses, optimize power conversion, and contribute to overall energy savings in transportation systems.

Demand: The demand for DC traction generators is driven by several factors:

Electrification Initiatives: Government initiatives and regulations promoting the electrification of transportation systems are a key driver of the DC traction generator market. Supportive policies, incentives, and funding programs aimed at reducing greenhouse gas emissions and improving air quality are boosting the demand for DC traction generators.

Urbanization and Mass Transit Systems: The growth of urbanization and the need for efficient mass transit systems are driving the demand for DC traction generators. Electric trains, trams, and light rail systems are being adopted in urban areas to alleviate congestion, reduce pollution, and provide sustainable transportation options.

Modernization of Rail Networks: The modernization and upgrade of existing rail networks, particularly in developing countries, are fueling the demand for DC traction generators. As rail infrastructure is improved and electrification projects are undertaken, the need for reliable and efficient DC traction generators for trains and trams is increasing.

Outlook: The outlook for the DC Traction Generators Market is positive, driven by the global push for cleaner and more sustainable transportation solutions. As electrification initiatives continue to gain traction, the demand for DC traction generators is expected to grow. Advancements in generator technologies, lightweight designs, improved efficiency, and integration of renewable energy sources will likely shape the market's growth and competitiveness.

We recommend referring our Stringent datalytics firm, industry publications, and websites that specialize in providing market reports. These sources often offer comprehensive analysis, market trends, growth forecasts, competitive landscape, and other valuable insights into this market.

By visiting our website or contacting us directly, you can explore the availability of specific reports related to this market. These reports often require a purchase or subscription, but we provide comprehensive and in-depth information that can be valuable for businesses, investors, and individuals interested in this market.

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Market Segmentations:

Global DC Traction Generators Market: By Company • L&S Electric • Siemens • ABB • Hitachi Energy • WESTINGHOUSE • Ingeteam Traction Systems • VEM Group • Kirloskar Electric Company • Swiger Coil Systems • Nidec Generator • General Electric • Bharat Heavy Electricals • WEG Industries • TDC Parsons Peebles Global DC Traction Generators Market: By Type • 24KW • 30KW • Others Global DC Traction Generators Market: By Application • Railroad • Industrial • Mining • Others Global DC Traction Generators Market: Regional Analysis All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global DC Traction Generators market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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[poojagblog-blog]

The global Electric Motors Market is expected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8% during the forecast period. This market is mainly driven by increasing investments in electric vehicles. Increasing demand for HVAC systems among residential, commercial, and industrial end-users, and growing demand for electric motors in manufacturing industries are the major driving factor for the electric motor market.

[faultfalha]

Mahle has announced a new thermal management module that combines the advantages of SCT and MCT motors. This new technology kit is aimed at OEMs and offers a variety of thermal management options. The module is designed to be easy to install and provides a variety of benefits, including improved performance and increased efficiency.

[expertmarketresearchreport]

Japan Electric Vehicle Motor Market Report 2023-2028

The key trends in the Japan electric vehicle motor market include the increasing research and development activities in the automotive industry with the aim of reviving and relaunching improved versions of electric battery vehicles. These developments are expected to have a significant impact on the growth of the electric vehicle motor market in Japan.

More Information Visit Site: Japan Electric Vehicle Motor Market

[esglatestmarketnews]

Significance of ESG to Stay Ahead of the Game in Electric Passenger Cars Industry: Astra ESG solutions

 A notable surge in the adoption of electric mobility, underpinned by developments in autonomous and driver-assistance systems (ADAS), mobility sharing and digitization has fostered the electric passenger cars industry size. The need for decarbonization and uptake in climate-specific funds have boded well for stakeholders promoting ESG goals. With motor vehicles being one of the principal contributors to GHG emissions, automakers are likely to prioritize environmental, social and governance pillars. Moreover, soaring demand for personal vehicles across emerging economies and the need for product safety will remain invaluable to bolster the sustainability quotient. 

Stakeholders, such as governments, consumers and investors, are encouraging OEMs to become carbon-free and propel ESG metrics. For instance, investors expect companies to emphasize ESG aspects, with consumers exhibiting traction toward the brand that values ethical and sustainable value chain. Industry leaders are likely to prioritize ESG to simplify compliance, enhance customer trust, foster investor confidence and propel brand reputation. Companies are likely to adopt United Nations Sustainable Development Goals, greenhouse gas protocol, International Labor Organization (ILO), Sustainability Accounting Standards Board (SASB), United Nations Global Compact (UNGC) and International Organization for Standardization (ISO). 

Bullish demand for minerals, including aluminum, copper, lithium, cobalt and nickel poses major concerns. High emissions and waste and water pollution from mineral extraction and processing could subside the social and environmental upsides of EVs. Stakeholders are slated to focus on fostering eco-friendly manufacturing and propelling sustainability. For instance, SQM, one of the largest producers of lithium in the world, contemplates boosting capacity two-fold by 2025. It is geared to minimize water usage by 50% and become carbon neutral by 2030. 

Environmental Perspective

Government regulations have put pressure on automakers to enhance fuel efficiency amidst emissions stemming from vehicle usage instead of the process of manufacturing vehicles. Climate change regulations have compelled auto companies to bolster fuel efficiency. To illustrate, Toyota aims 30% reduction of global average CO2 emissions by 2025. The company also rolled out Green Purchasing Guidelines to emphasize purchasing low-environmental-footprint parts and equipment. As minimizing carbon emissions has become business-imperative, companies are expected to report Scope 1, 2—mandatory to report— Scope 3—voluntary—to gain a sustainable competitive edge. General Motor Company aims 72% reduction of Scope 1 and 2 emissions by 2035. Besides, MMC uses Total Quality Management tools, such as Plan-Do-Check-Act (PDCA), to monitor the progress of its goals. 

Regulators, Investors and stakeholders have exhibited an increased inclination for stringent emission standards as an emphasis on the environmental consequences of their business activities could augur well for society. In September 2022, General Motors Co announced its support for forming rigorous federal emissions standards to help ensure that at least 50% of new vehicles sold would be zero-emission by 2030. The company has an audacious goal of doing away with tailpipe emissions from new light-duty vehicles by 2035. In a bid to expedite its shift to an all-electric future, GM plans to manufacture over one million units of EV capacity in North America and China by 2025.

Social Perspective

An uptick in the number of car accidents has posed challenges to automakers to propel product safety for brand value and reputation. Toyota Motor Corporation is at the top with a social disclosure score of 67%. The company has adopted Zero Casualties from Traffic Accidents goal and is offering support to drivers to eliminate traffic fatalities. The automotive giant has ramped up investments in autonomous vehicles with an infusion of USD 500 million in autonomous ridesharing and Uber. Amidst a surge in demand for passenger vehicles, Toyota has introduced programs that can augment the useful life of its models and reuse/recycle end-of-life vehicles. 

Auto companies are poised to prioritize a decent work environment and economic growth as a vast supply chain exposes companies to the risk of human rights violations. For instance, in April 2022, General Motors asked suppliers to ink a new ESG Partnership Pledge to commit to human rights, climate and sustainable procurement. The automotive behemoth vies for a certain score by 2025 for issues including diversity and non-discrimination, employee health and safety, and child and forced labor, among others. Meanwhile, MMC witnessed the highest employee turnover—around 3.33%—in the fiscal year 2020. Companies are likely to focus on measures to prevent modern slavery and protect the human rights of foreign workers. Toyota annually issues a statement on “Toyota’s action taken for Forced Labor of Migrant Workers (Statement on the Modern Slavery Acts)” within its report to foster awareness of forced labor at production sites in Japan and across the world.

Is your business one of participants of the Global Electric Passenger Cars Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.

Governance Perspective

Industry partners and other stakeholders prioritize transparency and sustainability reports to analyze and propel, including but not limited to gender diversity, directors’ roles and equity. Stakeholders have reinforced the significance of independent directors in enhancing governance and sustainability portfolios. Needless to say, independent directors act as a watchdog to oversee the operation and functioning of the senior management from a neutral perspective. Notably, GM has 12 independent directors out of 13. Moreover, 54% of its directors are women, with 67% of board committees chaired by women. The company asserted the Audit Committee would review and oversee the Sustainability Report from 2022.

Ford Motor Company and GM have a governance score of more than 70%. The former has a bullish cybersecurity program, while the latter and MMC have a cybersecurity committee. Ford has been complying with global cybersecurity standards for automakers and has adopted the Automotive Consumer Protection Principles. VW has augmented its ESG portfolio following the diesel-engine scandal wherein pervasive cheating was done on emissions tests. Volkswagen Group has underscored its efforts on transparency in the procurement of battery raw materials. For instance, in September 2020, VW joined forces with RCS Global to emphasize auditing suppliers for conformance with safe working conditions, human rights and environmental protection. 

The competitive landscape alludes to the infusion of funds into organic and inorganic strategies to foster their sustainability profiles. To illustrate, in April 2022, Mercedes-Benz announced it would cut CO2 emissions by half per passenger car over the lifecycle by the decade-end. It aims for around 50% share of BEVs and plug-in hybrids by 2025. With EVs being an essential part of sustainable transportation, stakeholders expect robust growth. The electric passenger cars market size garnered USD 120.81 billion in 2020 and is expected to depict a 32.5% CAGR from 2021 to 2028. The future of passenger vehicles could be electric and prompt stakeholders to underpin their ESG goals.

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research

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