The Latin America, Middle East and Africa Electric Vehicle Motor Market would witness market growth of 23.6% CAGR during the forecast period (2022-2028).
The electric motor, which transforms electricity into torque to propel the vehicle, is a crucial component of the electric vehicle powertrain. The motor receives the power given by the battery pack, and then transforms this electrical energy, causing the vehicle to move. One significant advantage of an EV motor is the availability of regenerative braking. In this technique, when no power is being used, the motors start producing electricity and begin returning it to the battery pack.
Due to reduced fuel and maintenance costs as well as the fact that buses with electric motors will produce less pollution, there has been an increased focus on electrifying the public fleet. Additionally, a number of favorable government programs and incentives like tax breaks and discounts have promoted the incorporation of electric vehicles in fleets of commercial vehicles. Therefore, these applications that use electric motors present business opportunities for the major players in the electric vehicle motors market.
South Africa has a sizable car manufacturing sector. The International Trade Administration estimates that in 2020, the South African car industry's overall GDP contribution was 4.9%. The nation's largest manufacturing sector, the production of automobiles and automotive components, contributed a considerable 18.7% of the value added to the manufacturing output, upholding the industry's status as a key participant in South Africa's industrialization process. The region's electric vehicle motor market would experience expansion due to the region's developing automotive sector and rising use of electric vehicles.
The Brazil market dominated the LAMEA Electric Vehicle Motor Market by Country in 2021; thereby, achieving a market value of $308.2 Million by 2028. The Argentina market is showcasing a CAGR of 24.3% during (2022 - 2028). Additionally, The UAE market would register a CAGR of 23% during (2022 - 2028).
Based on Type, the market is segmented into AC Motor and DC Motor. Based on Application, the market is segmented into Passenger Cars and Commercial Vehicles. Based on Electric Vehicle Type, the market is segmented into Battery Electric Vehicle, Plugin Hybrid Vehicle and Hybrid Vehicle. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Electric Vehicle Motor Market is Predict to reach $19.2 Billion by 2028, at a CAGR of 20.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bühler Motor GmbH, Inteva Products, LLC (The Renco Group Inc), Mabuchi Motor Co., Ltd., Johnson Electric Holdings Limited, Continental AG, Denso Corporation, Magna International, Inc., Robert Bosch GmbH, Nidec Corporation and MITSUBA Corporation
By Type
By Application
By Electric Vehicle Type
By Country
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