New Energy Vehicle Drive Motor Market Size, Share, Growth, and Industry Analysis by Type (Permanent Magnet Synchronous Motor, Direct Current Motor, Induction Motor‎), by Application (Passenger Vehicle, Commercial Vehicle), Regional Insights, and Forecast To 2032

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NEW ENERGY VEHICLE DRIVE MOTOR MARKET REPORT OVERVIEW

Global New Energy Vehicle Drive Motor Market size is predicted to reach USD 2.91 billion by 2032 from USD 12.2 billion in 2023, registering a CAGR of 17.1% during the forecast period.

New energy vehicle drive motor is a novel kind motor it is further like one kind motor that it gathers the function of electric motor and generator, it can offer power from the battery and it can also reprocess the power from automobile hitting on the brake, it more meets the idea of the new energy vehicles and societal need. The enlargement of electric vehicle (EV) charging infrastructure makes NEVs more suitable to use. Augmented availability of public and private charging stations decreases range anxiety and encourages more clients to switch to NEVs. Many governments offer financial incentives such as subsidies, tax rebates, and exemptions to promote the adoption of NEVs. These incentives lower the cost of NEVs for consumers and encourage manufacturers to produce more energy-efficient vehicles.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies need to stay updated with varying market trends and develop products that meet rising consumer needs. Companies coming up with advanced technological solutions for firming their positions.

COVID-19 Impact:Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has tremendously affected the complete world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

NEW ENERGY VEHICLE DRIVE MOTOR MARKET SEGMENTATION

By Type Analysis

According to type, the market can be segmented into permanent magnet synchronous motor, direct current motor, induction motor

Permanent magnet synchronous motor will capture the maximum market share through forecast period.

• Permanent magnet synchronous motor: They use permanent magnets implanted in the rotor to generate a continuous magnetic field. It deal quiet and smooth process with minimal vibration, improving vehicle comfort.

• Direct current motor: Direct Current (DC) motors alter electrical energy into mechanical energy through the use of direct current. They deliver high starting force, making them appropriate for uses needing initial high power.

• Induction motor: Induction motors function by making a current in the rotor from the stator's alternating current. They are known for their strength and comparatively simple construction without permanent magnets.

By Application Analysis

According to application, the market can be segmented into passenger vehicle, commercial vehicle

New energy vehicle drive motor market players cover segment as passenger vehicle will dominate the market share during forecast period.

• Passenger vehicle: Passenger vehicles embrace cars and light automobiles aimed for personal use.

• Commercial vehicle: Commercial vehicles embrace cars, buses, and other automobiles used for moving goods or passengers.

DRIVING FACTORS

"Increasing Awareness Among Consumers To Boost The Market Growth"

Increasing awareness of ecological issues and the essential for viable practices drive consumer interest in NEVs. Customers are progressively inspired by the desire to diminish their carbon footprint and support green technologies. Entities and societies can contribute to falling air pollution, refining air quality, and modifying climate change effects.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the new energy vehicle drive motor market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant R&D has led to cost declines in motor production. Improvements in manufacturing processes and materials contribute to let down the whole cost of NEV motors making NEVs more reasonable.

RESTRAINING FACTOR

"High Cost To Hamper The Market Growth"

NEVs normally have a higher cost compared to traditional vehicles mainly due to the outflow of advanced motors and batteries. This cost hurdle can deter price-sensitive customers from implementing NEVs.

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NEW ENERGY VEHICLE DRIVE MOTOR REGIONAL INSIGHTS

"North America to Dominate the Region Due To Technological Improvements & Strong Consumer Base"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

North America is further expected to witness growth in the new energy vehicle drive motor market share. The region is dominating the market due to technological improvements & strong consumer base with high purchasing power. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

LIST OF TOP NEW ENERGY VEHICLE DRIVE MOTOR MARKET COMPANIES

• Nissan (Japan)
• Delphi (U.K.)
• Bosch (Germany)
• MITSUBISHI (Japan)
• FUKUTA (Taiwan)

INDUSTRIAL DEVELOPMENT

November 2023: Nissan Motor Co., Ltd. (Nissan) has received its seventh consecutive gold award in Japan from the Work With Pride organization for being an LGBTQ friendly workplace.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.