US electric vehicle motor market is anticipated to grow at a CAGR of more than 17% during the forecast period, 2019-2025. In the country, a downfall in EV sales was registered in 2019, due to the high cost of EV and stable fossil fuel prices. Around 325,000 EVs were sold in the US in 2019 which is around 2% of the total vehicle sales in the country. However, the presence of major market players in the country is one of the major motivators for market growth as they are constructing new EV manufacturing units. Tesla Inc. is one of the major players of EVs globally and whose sales are increasing continuously. The first European plant of Tesla started construction in November 2019, and to date, the vehicle supply will be maintained from Chinese and US plants mainly. Moreover, significant investments are witnessed in the country from the automaker in electric vehicle manufacturing which will create the demand for electric vehicle motors in the country. For instance, in January 2020, General Motors announced to invest $2.2 billion in constructing a new electric vehicle plant in Detroit. In addition, Volkswagen AG announced to invest an additional $800 million in the Chattanooga plant for EV manufacturing. These types of investments are expected to provide significant growth to the electric vehicle motor market in the country.
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Some of the major companies contributing to the market include ABB Ltd., Tesla Inc., BorgWarner Inc., Continental AG, Nidec Corp., Parker-Hannifin Corp., Protean Electric, Robert Bosch GmbH, Siemens AG, Valeo SA, WEG Industries, and others. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
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- Market Coverage
- Market number available for – 2024-2030
- Base year- 2023
- Forecast period- 2024-2030
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
US Electric Vehicle Motor Market by Motor Type
- DC Motor
- AC Motor
US Electric Vehicle Motor Market by Propulsion Technology
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
US Electric Vehicle Motor Market by Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Other (Two-Wheeler)
Company Profiles
- ABB Ltd.
- BorgWarner Inc.
- Continental AG
- Hitachi Automotive Systems, Ltd.
- Nidec Corp.
- Parker-Hannifin Corp.
- Protean Electric
- Robert Bosch GmbH
- Siemens AG
- SKF AB
- Tesla Inc.
- Toshiba International Corp.
- Valeo SA
- WEG Industries
- ZF TRW Automotive Holdings Corp.
The Report Covers
- Comprehensive research methodology of the US Electric Vehicle Motor Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the US Electric Vehicle Motor Market.
- Insights about market determinants which are stimulating the US Electric Vehicle Motor Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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