Electric Vehicle Brushless DC Motors Market Size is Predicted to Expand at a CAGR of 3.6% to Reach US$ 15.7 Billion by 2031

Wilmington, Delaware, United States, June 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Surge in adoption of brushless DC motors in electric vehicles is ascribed to several advantages of the motor type over brushed motors, such as high durability, low electric noise generation, and precise control of the torque that is generated.

Rise in incorporation of brushless DC motors in electric 2-wheeler has generated significant revenue opportunities for companies in the market. The electric vehicle brushless DC motors market was valued at US$ 11.4 Bn in 2022 and is projected to reach US$ 15.7 Bn by 2031.

Battery manufacturers are offering advanced chemistries to improve performance of EV motors in order to bolster controllability of brushless DC motors. Demand for efficient propulsion systems has led to rapid shift from brushed DC motors toward brushless DC motors.

Recent market trends indicate a surge in incorporation of compact brushless DC motors in next-generation of electric vehicles due to their attractive traction characteristics, which is expected to broaden market outlook.

Electric vehicle manufacturers are adopting smart charging technology and smart vehicle-to-grid technology. These technologies are likely to spur demand for electric vehicles and will positively influence the electric vehicle brushless DC motors industry in the next few years.

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Market Snapshot:

Key Findings of Study

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Key Growth Drivers: Electric Vehicle Brushless DC Motors Market

Regional Growth Dynamics

Asia Pacific is anticipated to constitute the leading market share in the next few years. The region has presence of numerous prominent manufacturers of electric vehicles (EV). Considerable demand for brushless DC motors to meet requirements from newly produced electric vehicles is expected to fuel market growth in the region.

Constant focus of many EV manufacturers to unveil affordable passenger vehicles to cater to consumer demand in developing countries is expected to boost the demand dynamics in the market in Asia Pacific.

Continuous expansion of sustainable modes of urban transportation is poised to augment market size in Asia Pacific. Surge in utilization of advanced EV components is propelling the market in the region.

Competition Landscape: Electric Vehicle Brushless DC Motors Market

Prominent companies are focusing on a number of strategies to consolidate their positions, especially product launches, mergers, and acquisitions. The business landscape is highly competitive, with presence of a large number of companies competing between one another.

Leading players operating in the market are ABB Group, BYD Auto, Continental AG, Denso Corporation, Geely, Hitachi Automotive Systems, Hyundai Mobis, LG Electronics, Magna International, Mitsubishi Electric Corporation, Nidec Corporation, Robert Bosch GmBH, Siemens AG, Toshiba Corporation, Valeo S.A., and Tesla.

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Electric Vehicle Brushless DC Motors Market Segmentation

Type

Component

Motor Control

Motor Speed

Application

Propulsion

Sales Channel

Region

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