Electric Vehicle Motor Market Size, Share, Growth Analysis, By Vehicle Type (Passenger Vehicle, Two-Wheeler), By Component (Permanent Magnet, Motor Stator), By Power Rating (100kW to 250kW, 20kW to 100kW), By Region -Industry Forecast 2024-2031


Report ID: SQMIG25A2325 | Region: Global | Published Date: November, 2024
Pages: 164 |Tables: 0 |Figures: 0

Electric Vehicle Motor Market Insights

Global Electric Vehicle Motor Market size was valued at USD 8.68 Billion in 2022 and is poised to grow from USD 10.53 Billion in 2023 to USD 49.21 Billion by 2031, growing at a CAGR of 21.26% in the forecast period (2024-2031).

The electric motors have a direct relationship with the sales and uptakes of electric cars. Year after year, sales for electric cars increase, and expansion in the EV market, due to the elevated demand for electric vehicles, is expected to drive the electric vehicle motor market growth throughout the forecast period, as stated by the IEA. Both the COVID-19 pandemic and expansion of the electric vehicle sector made it difficult to predict the demand for electric vehicles and posed manufacturing problems. As the COVID-19 pandemic left people confined indoors for long periods of time, demand for electric vehicles has increased significantly in the market recently. In addition, since automobiles cause a greenhouse effect as they pollute the environment, some regulatory departments have released strict rules related to emissions. Air quality is degrading much faster due to vehicle pollution, which has become a tremendous issue. The government plans to ban or manufacture no more gasoline and diesel cars. California intends to ban the selling of any new gasoline-fueled vehicle by 2035. The government will also demand more electric or hybrid-electric cars on the roads. The program will trigger a need for EV motors on vehicles since there would be more electric vehicles on the roads. In the periods projected, this will thus keep propelling the expansion of the electric vehicle motor industry.

Market Snapshot - (2024-2031)

Global Market Size

Largest Segment

Fastest Growth

Growth Rate

CAGR

Global Electric Vehicle Motor Market ($ Bn)
Country Share for Asia-Pacific (%)

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Electric Vehicle Motor Market Segmental Analysis

The global electric vehicle motor market is segmented into vehicle type, component, power rating, and region. By vehicle type, the market is classified into two-wheeler, three-wheeler, passenger vehicle, and commercial vehicle. Depending on the component, it is categorized into motor stator, rotor, shaft, & bearing, permanent magnet, casing, and wiring & connectors. According to power rating, the market is divided into up to 20kW, 20kW to 100kW, 100kW to 250kW, and above 250kW. Regionally, the market is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Analysis by Vehicle Type

As per the electric vehicle motor market analysis, due to primarily to the increasing demand for electric and hybrid electric cars (EVs), the passenger vehicle category accounted for a considerable percentage of the market in 2023. The class also includes BEVs and HEVs, which have witnessed immense popularity owing to the enhanced environmental benefits and fuel efficiency. A smoother and quieter ride has spurred consumers into speeding up the adoption of electric transportation for their driving experiences. Government programs, including tightening pollution standards and attractive packages of financial incentives for buying electric cars, have also helped accelerate adoption. Simultaneously, growing fossil fuel prices motivate other people to buy electric vehicles. Demand for electric motors is thus on the increase; it amplifies the growth of such a niche market in the automotive industry.

However, increased requirements for greener, lighter, and smaller modes of transport, especially urban and local transport, led to one of the fastest growths in the electric two-wheeler segment in 2023. The ability of electrical two-wheelers to be easily mobile ensures greater consumption. It is therefore perfect for crowded metropolitan streets. Increased demand for electric two-wheelers can be attributed to their use of in-wheel electric motors that provide improved efficiency and compactness of design. Many customers are actively scouting electric options due to the steadily rising price of gasoline. Electric two-wheeler adoption is booming with the increased output and accessibility from the manufacturer side. Together, these elements are causing the electric two-wheeler market to grow rapidly, positioning it as a major force in the development of electric transportation in the future.

Analysis By Component

As per the electric vehicle motor market forecast, due to the higher penetration of electric vehicles (EVs) and renewable energy technologies, the permanent magnet segment of the electric motor market had the highest CAGR. Permanent magnets are critical for improving motor efficiency, made from neodymium and other rare earth metals. However, these are expensive and environmentally challenging to source and use. Following this, the producers are focusing on developing advanced electric motors that require much fewer rare earth elements. For instance, to reduce the production costs by as much as 20 times, Toyota has developed a new magnet for EV motors that has neodymium contents by about 50% and replaces those costly metals, such as terbium and dysprosium with cerium and lanthanum, which happen to be far more abundant. It was expected that this development would lower costs associated with the production of electric motors and help fabricate more affordable, efficient electric motors.

As the motor stators play a vital role in driving the electric vehicle (EV) motor, its component accounted for a significant share of the 2023 electric motor market. It is the stationary part of the motor, which is a stator, responsible for creating that magnetic field to energize the armature when rotating. This rotating force, which in large measure induces it, causes the vehicle to move. The stator will thus become a critical part of the system for the EV motor, so its operation interacts in tandem with efficiency and total energy consumption of the motor. The stator group, by virtue of the growing demand for electric cars, is predicted to become even more important as it further expands the scope of this technology in numerous sectors and encourages it to be used as widely as possible.

Global Electric Vehicle Motor Market By Vehicle Type

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Electric Vehicle Motor Market Regional Insights

Asia-Pacific held the majority market share in the electric vehicle motor market in 2023 and dominated it with China at USD 8.98 billion. The region has witnessed a higher rise in sales and registration of numbers of electric vehicles including two-wheelers, three-wheelers, passenger cars to even commercial vehicles. China alone accounted for approximately 9.49 million EVs sold in 2023, which have doubled as compared to the previous year and is expected to boost growth in the market. In addition, demand for EV motors has been growing in the region by rising electric mobility trends in countries such as China, India, and Japan. The preference among consumers to opt for EVs is growing in light of factors such as savings, environmental awareness, and government initiatives.

The electric vehicle (EV) motors market is expected to have a great deal of growth in Europe, considering the increasing focus on zero-emission technologies and the needs for cars that provide low maintenance and transportation expense. According to the European Automobile Manufacturers Association, new electric car sales in Europe increased by 37% year over year as of 2023 and accounted for 14.6% of total automobile sales. It is mainly caused by the increased preference of customers to environmentally friendly modes of transportation and regulatory constraints, but further to this, many electric cars have been put into various uses where extended range while driving is not as concerned, such as local deliveries in set zones. With this trend, the demand for EV motors in the region is expected to grow considerably and accelerate the growth in the market in the near future.

Global Electric Vehicle Motor Market By Geography
  • Largest
  • Fastest

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Electric Vehicle Motor Market Dynamics

Drivers

Government Regulations and Incentives

  • Governments across the globe are enforcing strict pollution standards and offering incentives such as tax relaxation and subsidies to encourage adoption of electric vehicles or EVs. In a move to reduce their adverse impact on the environment and meet greenhouse balance targets, these regulations are boosting consumer demand for EVs which further pushes the requirement for high-performance and efficient electric motors.

Rising Fuel Prices and Environmental Awareness

  • Due to more environmental awareness and high costs of fossil fuel, customers are moving to electric automobiles. EVs are an acceptable alternative for traditional gasoline-powered vehicles due to their zero emissions and reduced running costs. As the market shifts under this change, and particularly in regions where gasoline costs are high, the demand for EV motors is on the increase.

Restraints

High Initial Costs of EV Motors

  • Such high initial prices for electric cars and their motors remain a major barrier, despite the long-term cost advantage of EVs being attractive. For instance, because of the cost of developing innovative technologies and the minerals used in electric motors, some customers cannot afford EVs, hence preventing them from wide acceptance.

Limited Infrastructure for Charging

  • Poor charging infrastructure in most rural or remote areas is one of the fundamental challenges facing the electric vehicle motor industry. In essence, lack of readily available and practical charging facilities hampers the ease and usefulness of having an electric car, which may also limit the EV motor market expansion.

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Electric Vehicle Motor Market Competitive Landscape

Leading companies in the competitive electric vehicle (EV) motor market include Tesla, BYD, Nidec Corporation, Continental AG, and Siemens. These businesses have been making substantial investments in innovation that is set to improve motor performance and efficiency while reducing production costs. Key drivers of competitiveness are strategic alliances, acquisitions, and the ongoing new technological developments, incorporating artificial intelligence and smart features. Businesses are raising their production capacities also to answer the increasing demand for electric vehicles globally.

Top Player’s Company Profile

  • ABB
  • Mitsubishi Electric Corporation
  • Hitachi, Ltd.
  • Magna International Inc.
  • TOSHIBA CORPORATION
  • Continental AG
  • BorgWarner Inc.
  • Robert Bosch GmbH
  • NIDEC CORPORATION
  • AISIN CORPORATION
  • Allied Motion, Inc.
  • TECO Corporation
  • Siemens AG
  • GKN Automotive
  • LG Magna e-Powertrain Co., Ltd.

Recent Developments

  • Tohoku Magnet Institute (TMI) and AISIN CORPORATION collaborated in June 2023 to jointly develop an ultrahigh-efficiency EV motor using NANOMET. NANOMET has achieved high saturation magnetic flux density and ultralow iron loss.
  • Borgwarner Inc. developed Li Auto, its leading-edge integrated drive module (iDM220) for EVs in August 2023. This module shows outstanding performance, quiet and seamless operation, and excellent efficiency.
  • To market next-generation lithium-ion batteries using NTO as the anode material, TOSHIBA CORPORATION partnered with Sojitz Corporation and CBMM in September 2021. As a pilot project, the NTO battery is fitted to a brand-new electric car by Volkswagen Caminhões e Ônibus, and parties gather useful data on how the car operates.

Electric Vehicle Motor Key Market Trends

  • Improvements in Motor Performance and Efficiency: The electric vehicle market improvement begins with ongoing innovations in motor design. To promote the electric vehicle's longer driving range, shorter charging times, and reduced energy consumption, manufacturers are focusing on the efficiency, performance, and reliability of EV motors. Improvements can contribute to the growing appeal and utility of EVs for ordinary users.
  • Smart Technology Integration: Growing numbers of connected automobiles are pushing the market for EV motors, as smart technologies such as sensors and real-time monitoring systems are now being incorporated into motors. All aspects of driving experience and economy of electric vehicles are enhanced with such technologies, enabling predictive maintenance, performance improvements, and better energy management.

Electric Vehicle Motor Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, the electric vehicle or EV motor market is also witnessed growing at a significant rate with growing fuel prices, government incentives, and the environmental factor. More and more people are opting for electric vehicles due to their affordability and eco friendliness. Such demand necessitates increasingly sophisticated, high-performance EV motors. The industry is expanding even faster with improvements in motor efficiency and the infusion of smart technology. Greater penetration is still hindered by challenges such as high initial costs and insufficient charging infrastructure. Although these challenges exist, the market will increase further due to advantages and growing government support. More expansion in the usage of EVs will fundamentally dictate the future of green transportation in the coming era.

Report Metric Details
Market size value in 2022 USD 8.68 Billion
Market size value in 2031 USD 49.21 Billion
Growth Rate 21.26%
Base year 2023
Forecast period (2024-2031)
Forecast Unit (Value) USD Billion
Segments covered
  • Vehicle Type
    • Two-Wheeler, Three-Wheeler, Passenger Vehicle, and Commercial Vehicle
  • Component
    • Motor Stator, Rotor, Shaft, & Bearing, Permanent Magnet, Casing, and Wiring & Connectors
  • Power Rating
    • Up to 20kW, 20kW to 100kW, 100kW to 250kW, and Above 250kW
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB
  • Mitsubishi Electric Corporation
  • Hitachi, Ltd.
  • Magna International Inc.
  • TOSHIBA CORPORATION
  • Continental AG
  • BorgWarner Inc.
  • Robert Bosch GmbH
  • NIDEC CORPORATION
  • AISIN CORPORATION
  • Allied Motion, Inc.
  • TECO Corporation
  • Siemens AG
  • GKN Automotive
  • LG Magna e-Powertrain Co., Ltd.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electric Vehicle Motor Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electric Vehicle Motor Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electric Vehicle Motor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Vehicle Motor Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicle Motor Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electric Vehicle Motor Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Electric Vehicle Motor Market size was valued at USD 8.68 Billion in 2022 and is poised to grow from USD 10.53 Billion in 2023 to USD 49.21 Billion by 2031, growing at a CAGR of 21.26% in the forecast period (2024-2031).

Leading companies in the competitive electric vehicle (EV) motor market include Tesla, BYD, Nidec Corporation, Continental AG, and Siemens. These businesses have been making substantial investments in innovation that is set to improve motor performance and efficiency while reducing production costs. Key drivers of competitiveness are strategic alliances, acquisitions, and the ongoing new technological developments, incorporating artificial intelligence and smart features. Businesses are raising their production capacities also to answer the increasing demand for electric vehicles globally. 'ABB', 'Mitsubishi Electric Corporation', 'Hitachi, Ltd.', 'Magna International Inc.', 'TOSHIBA CORPORATION', 'Continental AG', 'BorgWarner Inc.', 'Robert Bosch GmbH', 'NIDEC CORPORATION', 'AISIN CORPORATION', 'Allied Motion, Inc.', 'TECO Corporation', 'Siemens AG', 'GKN Automotive', 'LG Magna e-Powertrain Co., Ltd.'

Governments across the globe are enforcing strict pollution standards and offering incentives such as tax relaxation and subsidies to encourage adoption of electric vehicles or EVs. In a move to reduce their adverse impact on the environment and meet greenhouse balance targets, these regulations are boosting consumer demand for EVs which further pushes the requirement for high-performance and efficient electric motors.

Improvements in Motor Performance and Efficiency: The electric vehicle market improvement begins with ongoing innovations in motor design. To promote the electric vehicle's longer driving range, shorter charging times, and reduced energy consumption, manufacturers are focusing on the efficiency, performance, and reliability of EV motors. Improvements can contribute to the growing appeal and utility of EVs for ordinary users.

Asia-Pacific held the majority market share in the electric vehicle motor market in 2023 and dominated it with China at USD 8.98 billion. The region has witnessed a higher rise in sales and registration of numbers of electric vehicles including two-wheelers, three-wheelers, passenger cars to even commercial vehicles. China alone accounted for approximately 9.49 million EVs sold in 2023, which have doubled as compared to the previous year and is expected to boost growth in the market. In addition, demand for EV motors has been growing in the region by rising electric mobility trends in countries such as China, India, and Japan. The preference among consumers to opt for EVs is growing in light of factors such as savings, environmental awareness, and government initiatives.

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Electric Vehicle Motor Market

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