MarkNtel Advisors recently published a detailed industry analysis of the India Electric Vehicle Motor Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
India Electric Vehicle Motor Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The India Electric Vehicle Motor Market size was valued at around USD 0.898 billion in 2024 and is projected to reach USD 2.889 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 21.5% during the forecast period, i.e., 2025-30.
What are the major Driver the India Electric Vehicle Motor industry?
Increasing Sale of Electric Vehicles Driving Market Growth – The sale of electric vehicles in India has been continuously increasing. There is growing traction for electric vehicles among the Indian population owing to reducing travel expenses to a bare minimum and being environment-friendly. As per the India Brand Equity Foundation, it was suggested that about 50% of all three-wheeler purchases will become electric in 2024, around 5% for two-wheelers, and nearly 2% for captive cars. They are thronged by electric motors, which use battery-supplied electrical energy for propulsion, across the board for all of these automobiles. Increasing production of such vehicles supports their growing demand with increasing demand for motors. This means there is an impetus for sharp growth in the motor market due to the revival of EV sales, which is also expected to remain alive in the coming forecast period.
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What segments define the India Electric Vehicle Motor Market from 2025 to 2030? How do these segments contribute to market dynamics and growth?
- By Vehicle Type
- Electric Passenger Cars- Market Size & Forecast 2020-2030, USD Billion
- Sedan- Market Size & Forecast 2020-2030, USD Billion
- Hatchback- Market Size & Forecast 2020-2030, USD Billion
- SUV- Market Size & Forecast 2020-2030, USD Billion
- Electric Commercial Vehicles- Market Size & Forecast 2020-2030, USD Billion
- Electric Light Commercial Vehicles- Market Size & Forecast 2020-2030, USD Billion
- Electric Light Trucks- Market Size & Forecast 2020-2030, USD Billion
- Electric Minivans- Market Size & Forecast 2020-2030, USD Billion
- Electric Medium & Heavy Commercial Vehicles- Market Size & Forecast 2020-2030, USD Billion
- Electric Trucks- Market Size & Forecast 2020-2030, USD Billion
- Electric Bus- Market Size & Forecast 2020-2030, USD Billion
- Electric Light Commercial Vehicles- Market Size & Forecast 2020-2030, USD Billion
- Electric Two Wheelers- Market Size & Forecast 2020-2030, USD Billion
- Electric Scooters- Market Size & Forecast 2020-2030, USD Billion
- Electric Motorcycles- Market Size & Forecast 2020-2030, USD Billion
- Electric Three Wheelers- Market Size & Forecast 2020-2030, USD Billion
- Electric Passenger Cars- Market Size & Forecast 2020-2030, USD Billion
According to report, Based on the type of vehicle, electric two-wheelers are the major users of motors, thus holding a market share of around 60%.
- By Type
- AC Motor- Market Size & Forecast 2020-2030, USD Billion
- DC Motor- Market Size & Forecast 2020-2030, USD Billion
- By Motor Type
- Brushless Motors- Market Size & Forecast 2020-2030, USD Billion
- Brushed Motors- Market Size & Forecast 2020-2030, USD Billion
- Induction (Asynchronous) Motors- Market Size & Forecast 2020-2030, USD Billion
- Switched Reluctance Motors- Market Size & Forecast 2020-2030, USD Billion
- Synchronous Motors- Market Size & Forecast 2020-2030, USD Billion
According to report, Based on the type of motor, brushless motors dominate the market with a share of around 48%.
- By Component
- Motor Stator- Market Size & Forecast 2020-2030, USD Billion
- Rotor, Shaft, and Bearing- Market Size & Forecast 2020-2030, USD Billion
- Permanent Magnet- Market Size & Forecast 2020-2030, USD Billion
- Casing- Market Size & Forecast 2020-2030, USD Billion
- Wiring & Connectors- Market Size & Forecast 2020-2030, USD Billion
- Others- Market Size & Forecast 2020-2030, USD Billion
- By Power Rating
- Up to 20 kW- Market Size & Forecast 2020-2030, USD Billion
- 21 kW to 100 kW- Market Size & Forecast 2020-2030, USD Billion
- 101 kW to 250 kW- Market Size & Forecast 2020-2030, USD Billion
- Above 250 kW- Market Size & Forecast 2020-2030, USD Billion
Geographical Analysis: India Electric Vehicle Motor Market Market
- By Region
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- North
- South
- East
- West
Explore the Complete India Electric Vehicle Motor Market Analysis Report –
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India Electric Vehicle Motor Market Share & Competitive Landscape:
The India Electric Vehicle Motor Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the India Electric Vehicle Motor Market are:
- ABB
- Tata Motors
- Kirloskar Electric
- Nidec Corporation
- Bharat Heavy Electricals Limited (BHEL)
- Bonfiglioli
- Laxmi Hydraulics Pvt. Ltd.
- Robert Bosch GmbH
- CG Power & Industrial Solutions Ltd.
- Weg Industries India
India Electric Vehicle Motor Industry Recent Developments
- 2024: ABB launched a new package, consisting of an AMXE250 motor and HES580 inverter, for electric buses. This inverter is the first 3-level inverter, and the motor features high torque density for improved dynamic performance. Their integration will lead to an increased lifespan of the motor.
- 2024: Nidec Corporation collaborated with Ashok Leyland, a leading commercial vehicle manufacturer in India. This collaboration aimed to provide an electric motor-controller system (“E-Drive”) for commercial vehicles to Ashok Leyland, as vehicle electrification is gaining momentum.
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Questions Addressed in this Study
1.What factors are driving the India Electric Vehicle Motor Market Market growth?
2.How is the India Electric Vehicle Motor Market Market expected to grow over the next five years?
3.What are the key insights into the current trends in the India Electric Vehicle Motor Market Market?
4.What is the current size of the India Electric Vehicle Motor Market Market, and how is it projected to change in the future?
6.What is the future outlook for the India Electric Vehicle Motor Market Market in terms of technological advancements and market expansion?
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