New Delhi, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Electric Vehicle Motor Material Market to witness impressive growth in coming future
The research and analytics firm Staticker Business Consulting released the updated version if its report on “Electric Vehicle Motor Material Market - Country wise Detailed Analysis, Business Opportunities and Forecasts”.
According to Staticker Business Consulting, the Electric Vehicle Motor Material Market size is expected to grow at a CAGR of 23% during (2024 – 2032), and will reach $10 billion by 2032.
Furthermore, advancements in motor technology have paved the way for more efficient and powerful electric vehicle motors. Traditional internal combustion engines are being replaced by electric motors that offer higher torque, better acceleration, and improved overall performance. These advancements require the use of advanced materials that can withstand higher temperatures and provide better conductivity. Electric vehicle motor materials, such as copper, aluminum, and rare-earth magnets, play a crucial role in enhancing the performance of EV motors.
Rising EV production and demand for advanced motor materials will drive the Electric Vehicle Motor Material Market
Rare earth metals, including neodymium and dysprosium, have become essential components in the production of electric motors for EVs. These metals are known for their superior magnetic properties, which enable the production of high-performance magnets. These magnets are crucial for the operation of electric motors, as they generate the necessary magnetic fields that drive the rotor and ultimately propel the vehicle. The demand for rare earth metals is expected to witness a significant surge in the coming years, as the EV market continues to grow and the need for advanced motor materials rises.
In addition to rare earth metals, lightweight alloys also play a critical role in the Electric Vehicle Motor Material Market. These alloys, such as aluminum and magnesium, offer a perfect balance between strength and weight, making them ideal for enhancing the efficiency and range of EVs. Lightweight materials help reduce the overall weight of the vehicle, which directly impacts its energy consumption and battery life. As the EV market matures and the demand for longer-range electric vehicles increases, the need for lightweight alloys in motor production will only escalate.
Competitive landscape in Electric Vehicle Motor Material Market and key market players
The competitive landscape in the electric vehicle motor material market is constantly evolving, with companies investing heavily in research and development to stay ahead of the competition. As the demand for electric vehicles continues to rise, the market players are expected to focus on developing advanced materials that offer improved performance, efficiency, and sustainability.
Companies like BASF SE, Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation, Covestro AG, Arkema S.A., Solvay S.A., and SGL Carbon SE are at the forefront of developing advanced materials that enable the production of efficient, lightweight, and high-performance EV motors. Their contributions are instrumental in shaping the future of sustainable transportation and driving the electrification revolution forward.
Europe is a fast-growing market for Electric Vehicle Motor Material
The motor material market in Europe is experiencing a significant surge due to several factors. Firstly, the increasing number of EV manufacturers in the region has created a high demand for motor materials. With established brands like Volkswagen, BMW, and Renault leading the charge, the need for reliable and efficient motor materials has never been higher.
Secondly, the European market is witnessing a shift towards greener technologies, with governments providing incentives and subsidies to promote the adoption of EVs. This has further boosted the demand for motor materials as more people are inclined to make the switch from traditional internal combustion engines to electric vehicles.
Moreover, Europe's commitment to sustainable practices extends beyond the EV market. The region is actively investing in renewable energy sources such as wind and solar power. This clean energy transition aligns perfectly with the electrification of transportation, creating a virtuous cycle where EVs are powered by renewable energy sources, leading to a significant reduction in carbon emissions.
Germany, UK, France and Norway are most potential countries in Europe Electric Vehicle Motor Material Market
Among these countries, Germany is leading the way in terms of EV production and technology. German automakers such as Volkswagen, BMW, and Mercedes-Benz are investing heavily in electric mobility and are at the forefront of innovation. The country's strong manufacturing capabilities and engineering expertise make it an ideal location for the production of EV motor materials.
The United Kingdom is also making significant strides in the EV market. With the government's commitment to banning the sale of new petrol and diesel cars by 2030, there is a growing need for motor materials to support the production of electric vehicles. British companies are actively involved in developing advanced motor materials and technologies, positioning the UK as a key player in the European market.
France, known for its automotive industry, is also witnessing a surge in demand for EV motor materials. The French government has announced plans to ban the sale of new petrol and diesel vehicles by 2040, further driving the adoption of electric vehicles. French companies are investing in research and development to develop efficient and sustainable motor materials, contributing to the growth of the market.
Norway, often seen as a pioneer in electric mobility, has the highest EV adoption rate in Europe. The Norwegian government provides various incentives such as tax exemptions and toll benefits to promote the use of electric vehicles. This has led to a significant increase in EV production, creating a substantial demand for motor materials. Norwegian companies are actively involved in the development of advanced motor materials, establishing the country as a prominent player in the European market.
The Asia Pacific region dominates the global Electric Vehicle Motor Material Market
Japan, with its long-standing expertise in automotive manufacturing, has also played a significant role in shaping the EV motor material market. Japanese companies are renowned for their technological advancements and precision engineering, making them key suppliers of high-quality motor materials for EVs. These materials not only enhance the performance of electric motors but also contribute to the overall durability and efficiency of EVs.
South Korea, home to major automotive manufacturers like Hyundai and Kia, has also emerged as a key player in the EV motor material market. The country's focus on technological innovation and sustainable transportation has propelled its position in the global market. South Korean companies are heavily investing in the development of advanced motor materials, such as lightweight alloys and high-performance magnets, to meet the evolving demands of the EV industry.
Apart from China, Japan, and South Korea, other countries in the Asia Pacific region, such as India and Singapore, are also making significant strides in the EV motor material market. These countries are adopting favorable policies and incentives to promote the adoption of EVs, driving the demand for motor materials. Additionally, the presence of a strong manufacturing base and research institutions further strengthens their position in the global market.
China is the leading producer and supplier of Electric Vehicle Motor Material
China's dominance in the production and supply of EV motor materials can be attributed to several factors. Firstly, the country has invested heavily in research and development, fostering innovation and technological advancements in the field of electric mobility. This has enabled Chinese manufacturers to develop high-quality motor materials that meet global standards.
Additionally, China boasts a vast reserve of rare earth minerals, which are essential for the production of EV motor materials. Rare earth minerals such as neodymium, praseodymium, and dysprosium are crucial components of the magnets used in electric motors. China accounts for a significant portion of the world's rare earth mineral production, giving it a competitive edge in the EV motor material market.
Furthermore, China's robust manufacturing infrastructure and economies of scale have allowed it to establish a strong supply chain for EV motor materials. The country has a well-developed network of raw material suppliers, manufacturers, and distributors, ensuring a steady and reliable flow of motor materials to meet the growing demand both domestically and internationally.
Electric Vehicle Motor Material Market go-to-market strategy
To effectively penetrate the Electric Vehicle Motor Material Market, manufacturers and suppliers should consider forming strategic partnerships with EV motor manufacturers. Collaborating with established players in the market can provide access to their distribution networks, brand recognition, and expertise. These partnerships can also lead to joint product development and mutually beneficial marketing initiatives, ultimately driving sales and market share.
Most comprehensive report on the Global Electric Vehicle Motor Material Market, published by Staticker Business Consulting
Staticker has published the most detailed market research report on Global Electric Vehicle Motor Material Market, covering country-wise market analysis, market trends and business opportunities. Below are the key points covered in the report:
- Electric Vehicle Motor Material Market size, industry trend and growth forecast for all major countries
- Electric Vehicle Motor Material Market TAM, SAM, SOM and TAM expansion strategy
- Business opportunity analysis, key market segments that are attracting the most investments
- Coverage on all major product portfolios and revenue streams
- Electric Vehicle Motor Material Go-to-Market strategy
- Target market selection strategies
- Competitive landscape, market share analysis and business positioning
Market revenue and forecast for the period (2024 - 2032), by Region:
- North America
- U.S.A
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Sweden
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Australia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Middle East & Africa
About Staticker Business Consulting
Staticker is a business intelligence firm with clients worldwide. We provide the right knowledge and advisory to business organizations and help them to grow and excel. We specialize in areas such as Digital Transformation, Manufacturing Intelligence, Supply Chain Analysis, Supplier Intelligence, Import-Export Insights, Market Trends and Competitive Intelligence.
