Market Summary
The India Electric Vehicle Motor Market is growing due to innovation, evolving demand, and industry shifts. This report offers insights into market size, value, trends, competitive analysis, and key company strategies. It supports strategic planning with data-driven forecasts and regional insights, helping stakeholders identify opportunities, assess performance, and navigate the changing landscape effectively.
Key Report Highlights:
- Market size and projections
- Recent strategic moves by companies
- Primary stakeholders
- Import and export trends
- Competitive landscape assessment
- Emerging opportunities
- Market trends and indicators
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Market size and projections
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.
Market Key Driver –
The growth of the industry is motivated by rising electric vehicle sales supported by the emergence of environmental concerns, expanding charging infrastructure, reduced running costs, and a burgeoning middle class. The Federation of Automobile Dealers' Association has stated that in 2023, about 82,688 electric vehicles were sold in India, and by 2024, this figure is set to rise by nearly 20 percent to over 100,000 units. And with every such vehicle going with the motor, there will be a need for motors simultaneously.
Competitive Landscape:
The report profiles key players in the India Electric Vehicle Motor market, including:
- 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
These companies are adopting strategies such as mergers, acquisitions, and partnerships to strengthen their market position.
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India Electric Vehicle Motor Market Segmentation Analysis:
The market is segmented into the following categories:
By Vehicle Type
- Electric Passenger Cars
- Sedan
- Hatchback
- SUV
- Electric Commercial Vehicles
- Electric Light Commercial Vehicles
- Electric Light Trucks
- Electric Minivans
- Electric Medium & Heavy Commercial Vehicles
- Electric Trucks
- Electric Bus
- Electric Two Wheelers
- Electric Scooters
- Electric Motorcycles
- Electric Three Wheelers
- Electric Light Commercial Vehicles
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
- DC Motor
By Motor Type
- Brushless Motors
- Brushed Motors
- Induction (Asynchronous) Motors
- Switched Reluctance Motors
- Synchronous Motors
Based on the type of motor, brushless motors dominate the market with a share of around 48%.
By Component
- Motor Stator
- Rotor, Shaft, and Bearing
- Permanent Magnet
- Casing
- Wiring & Connectors
- Others
By Power Rating
- Up to 20 kW
- 21 kW to 100 kW
- 101 kW to 250 kW
- Above 250 kW
By Region
- North
- South
- East
- West
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Key Questions Covered in the Report:
- What is the current size and value of the India Electric Vehicle Motor market?
- How is the India Electric Vehicle Motor market expected to grow by 2030?
- What key trends are shaping the future of the India Electric Vehicle Motor market?
- What factors are driving demand in the India Electric Vehicle Motor industry?
- Which regions show the strongest growth in the India Electric Vehicle Motor market?
- Who are the major players in the India Electric Vehicle Motor market and their strategies?
- What segments are leading revenue generation in the India Electric Vehicle Motor market?
- How are regulations influencing the India Electric Vehicle Motor market outlook?
- What are the major challenges facing the India Electric Vehicle Motor market?
- What new technologies are emerging in the India Electric Vehicle Motor industry?
- How is consumer behavior evolving in the India Electric Vehicle Motor market space?
- What opportunities exist for new entrants in the India Electric Vehicle Motor market?
- How does pricing vary across regions in the India Electric Vehicle Motor market?
- What investment trends are impacting the India Electric Vehicle Motor market growth?
- What is the forecasted CAGR for the India Electric Vehicle Motor market through 2030?
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