ELECTRIC MOTORS FOR ELECTRIC VEHICLE MARKET ANALYSIS

Regional Analysis

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North America has established itself as the dominant region owing 46.3% in 2024 in the electric motors for electric vehicles market. The U.S. is spearheading the transition to electric vehicles with strong governmental support through tax incentives and investments in charging infrastructure. Major automotive original equipment manufacturers (OEMs) like Tesla, GM, and Ford have significantly expanded their electric vehicle portfolio over the last few years. This is attracting more component manufacturers to set up localized production and boosting investments across the electric powertrain value chain. States like California have also introduced regulations to phase out combustion engines, thus driving automakers to accelerate electrification plans. Additionally, the presence of major technology giants and startups working on electric vehicle technologies make North America a key innovation hub. Several new battery giga factories are also coming up which will cater to the growing demand for electric motors and power electronics from the automotive industry.

China has emerged as the fastest growing regional market for electric motors used in electric vehicles. The Chinese government has proactively taken steps like introducing quotas for new energy vehicles sales and providing generous purchase subsidies to drive mass adoption of electric vehicles. As a result, China has become the largest electric vehicle market in recent years with sales growing exponentially each year. Chinese automakers like BYD and SGMW are increasingly focusing on developing affordable long range electric cars for domestic and international markets. Coupled with low manufacturing and labor costs, China also has a strong indigenous component supply chain involved in battery production, motors, and vehicle manufacturing which helps original equipment manufacturers (OEMs) reduce costs. The electric motoes for vehicle market is entering mainstream adoption in big cities and steadily expanding to lower-tier cities, further propelling demand.