Report Overview
-
Request a Free Sample to learn more about this report
The global electric vehicle flat wire motor market size was USD 1191.1 million in 2022. As per our research, the market is expected to reach USD 7114.5 million in 2028, exhibiting a CAGR of 34.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the electric vehicle flat wire motor market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
In contrast to the conventional round wire windings used in the majority of electric motors, an electric vehicle flat wire motor employs flat wire windings. Due to the ability to stack the flat wire more densely to produce a motor with a higher power density, this design enables a more effective use of available space. Flat wire motors are also renowned for their high thermal conductivity and low resistance, which helps to keep the motor running more efficiently and at a lower temperature. This may lead to the motor having a longer lifespan and the electric car having greater overall performance.
Several factors are causing the electric vehicle flat wire motor business to expand. First, there is an increase in the demand for electric vehicles, which necessitates strong and effective motors. Manufacturers of electric vehicles choose flat wire motors over conventional round wire motors as they have a higher power density and efficiency. Moreover, flat wire motor production is now simpler and more affordable thanks to advancements in manufacturing technology. The demand for environmentally friendly transportation options is also growing, which is stimulating investment and innovation across the whole electric vehicle market.
COVID-19 Impact: Consumers Invested Less on EVs as a Result of the Global Economic Slowdown
The market for flat wire motors for electric vehicles has been negatively impacted by the Covid-19 epidemic in a number of ways. Due to the epidemic, there were delays in the production and delivery of electric vehicles, especially those with flat wire motors. These delays were attributed to interruptions in global supply networks. As a result, flat wire motors were less in demand from producers of electric vehicles. Second, since the global economy slowed as a result of the epidemic, less money was spent by consumers and invested in the electric vehicle sector. Due to this, fewer electric vehicles were in demand.
Latest Trends
"Use of Axial Flux Flat Motors Instead of Traditional Motors as they're More Reliable"
There have been some recent breakthroughs in the electric car flat wire motor sector, which is continually changing. The creation of axial flux flat wire motors is one of the most recent advancements in the electric vehicle flat wire motor sector. The stator and rotor of axial flux flat wire motors are organized in the shape of a flat disc, and the magnetic field runs parallel to the axis of rotation. In comparison to conventional radial flux motors, this design enables a shorter and more compact motor with a higher power density and efficiency. Axial flux flat wire motors are also more dependable and simple to maintain due to their fewer moving parts.
Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be segmented into Hairpin Flat Wire Motor, Wave Winding Flat Wire Motor and Centrally Winding Flat Wire Motor
- By Application Analysis
Based on application, the market can be divided into Pure Electric Vehicle and Hybrid Electric Vehicle
Driving Factors
"Environmental Concerns and Government Regulations Contribute to the Rapid Growth of the EV Industry"
Several factors, including the growing concern about environmental pollution and the depletion of fossil fuels, are contributing to the rapid rise in demand for electric vehicles. With incentives and restrictions, governments all over the world are promoting the use of electric vehicle flat wire motors. Flat motors are an increasingly appealing alternative for electric vehicle makers since they need high-performance and efficient motors for their vehicles. This is due to their small size, high density of power, and low resistance.
"Increased Investments and Partnerships by Businesses is Growing the Demand for the Flat Motors "
The market for electric vehicle flat wire motors is experiencing tremendous investment as well as ongoing research and development. The development of new products and innovation are all being sparked by this investment, which is also enhancing production methods and cutting costs. Private businesses are also partnering to provide necessary facilities for electric vehicles, such as charging stations, which will increase the popularity of electric cars and the demand for flat wire motors.
Restraining Factors
"High Production Cost Might Restrict the Flat Wire Motors Market Expansion "
The high cost of production is one restraint on the electric vehicle flat wire motor market growth. Flat wire motors need to be manufactured precisely and with high-quality components, which might raise the cost of production. Electric vehicle adoption may be constrained by price-conscious buyers due to the high cost of flat wire motors, which can make them more expensive. This is especially true for smaller electric vehicles, namely electric scooters and bicycles, which might not have the same economies of scale as bigger electric vehicles, such as cars and trucks.
Regional Insights
-
Request a Free Sample to learn more about this report
"Asia Pacific to Dominate the Market due to the Region’s Substantial Demand for Electric Cars "
The electric vehicle flat wire motor market share was dominated by the Asia Pacific region. Due to the region's robust manufacturing sector and the substantial demand for electric cars in countries such as China, Japan, and South Korea. The government of China has offered subsidies and incentives to encourage the adoption of electric vehicles, making it the country with the greatest market for such vehicles. Flat wire motors, which are essential to the effectiveness and performance of electric cars, have seen a huge increase in demand as a result. In addition, the Asia Pacific region is anticipated to continue to dominate the market for flat wire motors for electric vehicles in the years to come given the continued push towards electric mobility and the growing emphasis on decreasing carbon emissions.
Key Industry Players
"Key Players Focus on Strategic Alliances and Collaborations to Broaden their Market Reach"
In order to broaden their market reach and boost the variety of their products, businesses are developing strategic alliances and collaborations with other participants in the market for electric vehicle flat wire motors. To broaden their customer base businesses are also engaged in mergers and acquisitions. For instance, the German automaker Audi purchased UQM Technologies, a company that makes electric vehicle motors in the United States, in 2020 to improve its electric vehicle motor capabilities.
List of Market Players Profiled
- Hasco (India)
- BorgWarner (U.S.)
- Santroll (China)
- LG (South Korea)
- Denso (Japan)
- Hitachi (Japan)
Report Coverage
This report covers the electric vehicle flat wire motor market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 1191.1 Million in 2022 |
| Market Size Value By | US$ 7114.5 Million by 2028 |
| Growth Rate | CAGR of 34.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type and Application |
| Regional Scope | Global |
Frequently Asked Questions
-
What value is the global electric vehicle flat wire motor market expected to touch by 2028?
The global electric vehicle flat wire motor market is expected to touch USD 7114.5 million by 2028.
-
What CAGR is the electric vehicle flat wire motor market expected to exhibit during 2022-2028?
The electric vehicle flat wire motor market is expected to exhibit a CAGR of 34.7% over 2022-2028.
-
Which are the driving factors of the electric vehicle flat wire motor market?
Environmental concerns and government regulations contribute to the rapid growth of the EV industry and increased investments and partnerships by businesses is growing the demand for the flat motors are the driving factors of the electric vehicle flat wire motor market.
-
Which are the top companies operating in the electric vehicle flat wire motor market?
Hasco, BorgWarner, Santroll, LG and Denso are the top companies operating in the electric vehicle flat wire motor market.
