India Electric Vehicle Motor Market size was valued at USD 1.35 Bn in 2023 and is expected to reach USD 4.16 Bn by 2030, at a CAGR of 17.45 %.
India Electric Vehicle Motor Market Overview:
Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the India Electric Vehicle Motor Market. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The report provides the current state of the India Electric Vehicle Motor market by thorough analysis, and projections are made up to 2030.
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Key Mergers and Acquisitions:
- Vietnam & Thailand: Investments by companies like ABB and Mitsubishi Electric to establish regional collaborations for cost-effective motor components.
- Japan: Toyota Motor Corporation collaborates with Indian manufacturers to enhance motor efficiency.
- South Korea: Hyundai Motors invested ₹2,000 Crores ($269 million) for expanding EV infrastructure in India.
- Europe: Siemens AG introduced high-performance motor technologies in Indian factories.
- USA: Tesla entered the Indian market, contributing to electric motor advancements through local production
Key Developments by Industry Leaders:
- Tata Motors: Expanding its EV portfolio with advanced motorized systems like the Nexon EV.
- Mahindra & Mahindra: Investing $403 million for a new line of premium electric vehicles equipped with state-of-the-art motors.
- Hyundai Motors India: Announced a groundbreaking facility in Gurgaon focusing on electric motor R&D
Future Outlook and Trends:
The Indian EV motor market is expected to exceed 6.38 million units by 2030, supported by increased urbanization, a growing middle-class population, and robust R&D investments in lightweight, energy-efficient motors. Key players are leveraging IoT and AI technologies for motor optimization and safety enhancements.
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India Electric Vehicle Motor Market Segmentation:
By Motor Type
Alternating Current (AC) Motor
Direct Current (DC) Motor
Direct Current (DC) and Alternating Current (AC) motors make up the two market segments. Over the course of the forecast period, a direct current (DC) motor is anticipated to dominate the Indian electric vehicle motor market. Important parts like the armature, stator, commutator, and carbon brushes work together to transform electrical energy into mechanical energy in a DC motor. Situated inside the stator, a stationary component that produces a magnetic field, is the motor’s rotating armature. When direct current is applied, the armature’s magnetic field interacts with the field windings or permanent magnets to produce this magnetic field.
By Electric Vehicle Type
Battery Electric Vehicle
Hybrid Vehicles
Plug-in-Hybrid Vehicles
The market is divided into three segments: plug-in hybrid vehicles, hybrid vehicles, and battery electric vehicles. In 2023, battery electric vehicles accounted for the greatest share of the Indian electric vehicle motor market. An external power source, usually a regular 120-volt outlet, is used to charge BEVs. The onboard charger transforms alternating current (AC) electricity into direct current (DC) in order to replenish the battery. The electric motor that drives the car’s wheels is subsequently powered by this battery. Among the many benefits of BEVs are their speed, quietness, and enjoyment of driving. They also come with perks like access to carpool lanes and other incentives, and they make it easy to recharge, saving trips to the gas station. Because they have fewer moving components, they require less maintenance and have lower operating expenses.
By Power Rating
Up to 20 kW
20 kW to 100 kW
100 kW to 250 kW
Above 250 kW
By Marketplace
OEM
Aftermarket
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India Electric Vehicle Motor Market Key Players:
1. Mahle Electric Drives India Pvt Ltd
2. Bosch Limited
3. Delta Electronics India
4. ABB India Limited
5. Siemens Limited
6. Toshiba India Pvt Ltd
7. Bharat Heavy Electricals Limited (BHEL)
8. Exide Industries Ltd
9. Kinetic Green Energy & Power Solutions Ltd
10. Efacec
11. TATA Autocomp Systems Limited
12. Hitachi India Pvt Ltd
13. L&T Electrical & Automation
14. Danfoss India
15. Bonfiglioli Transmissions Pvt Ltd
16. Nidec India Pvt Ltd
17. Kirloskar Electric Company Ltd
18. Hindustan Electric Motors
19. Parker Hannifin India Pvt Ltd
20. Regal Beloit Corporation
21. TECO Electric & Machinery Co. Ltd
22. Mitsubishi Electric India Pvt Ltd
23. SKF India Ltd
24. Fuji Electric India Pvt Ltd
25. Rockwell Automation India Pvt Ltd.
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India Electric Vehicle Motor Market Regional Insights :
The size and trends in the India Electric Vehicle Motor market in each of the following regions are thoroughly examined in this research: North America (which includes the United States, Canada, and Mexico); Europe (which includes France, Spain, Germany, Italy, and other European countries); Asia-Pacific (which includes China, Japan, India, Australia, South Korea, ASEAN countries, and others APAC countries); South America (which includes Argentina, Brazil, and other South American countries); and Middle East and Africa (which includes South Africa, Egypt, and other MEA countries).
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Your Ultimate Guide: Key Questions Answered in the Latest Market Report:
- What is India Electric Vehicle Motor?
- What was the India Electric Vehicle Motor market size in 2023?
- Which are the factors expected to drive the India Electric Vehicle Motor market growth?
- Who are the leading companies and what are their portfolios in India Electric Vehicle Motor Market?
- What growth strategies are the players considering to increase their presence in India Electric Vehicle Motor?
- What are the upcoming industry applications and trends for the India Electric Vehicle Motor Market?
- What will be the CAGR at which the India Electric Vehicle Motor market will grow?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the India Electric Vehicle Motor Market?
- What are the different segments of the India Electric Vehicle Motor Market?
- What is the growth rate of the India Electric Vehicle Motor Market?
- What segments are covered in the India Electric Vehicle Motor Market?
- Who are the key players in the India Electric Vehicle Motor market?
- What are the key challenges and opportunities in the India Electric Vehicle Motor market?
- Which application holds the highest potential in the India Electric Vehicle Motor market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2023)
- Past Pricing and price curve by region (2018 to 2023)
- Market Size, Share, Size & Forecast by different segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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