The global electric vehicle motor market is worth US$ 8.68 Billion as of now and expected to reach US$ 18.09 Billion by the year 2032 at a CAGR of 8.5% between 2022 and 2032.
Market Overview:
The Electric Vehicle Motor Market is experiencing significant growth due to the increasing adoption of electric and hybrid vehicles worldwide. These vehicles rely on electric motors for propulsion, offering zero-emission transportation solutions and contributing to efforts to reduce greenhouse gas emissions and combat climate change.
The market encompasses a variety of electric motor types, including permanent magnet synchronous motors (PMSM), induction motors, switched reluctance motors (SRM), and traction motors, tailored to different vehicle types, performance requirements, and efficiency standards.
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Key Players:
Motor Manufacturers: Leading motor manufacturers in the Electric Vehicle Motor Market include Siemens AG, ABB Group, Bosch Limited, Continental AG, Nidec Corporation, and Toshiba Corporation, among others. These companies specialize in the design, production, and supply of electric motors for automotive applications.
Automotive OEMs: Electric vehicle manufacturers, such as Tesla, Nissan, BMW, General Motors, BYD Auto, and Volkswagen, integrate electric motors into their vehicle platforms as original equipment, specifying motor characteristics and performance parameters to meet vehicle design and driving requirements.
Tier 1 Suppliers: Tier 1 automotive suppliers, including BorgWarner Inc., Magna International Inc., Valeo SA, and ZF Friedrichshafen AG, supply electric motors, drivetrain components, and powertrain solutions to OEMs for integration into electric and hybrid vehicles.
Market Drivers:
Government Incentives: Government incentives, subsidies, and regulatory mandates promoting electric vehicle adoption, zero-emission vehicle (ZEV) mandates, and emission reduction targets drive demand for electric motors in electric and hybrid vehicles.
Technological Advancements: Advances in electric motor technology, materials science, manufacturing processes, and power electronics improve motor efficiency, power density, torque output, and thermal management, enhancing overall vehicle performance and driving range.
Environmental Awareness: Growing awareness of environmental issues, air pollution, and the need for sustainable transportation solutions motivates consumers and fleet operators to transition to electric vehicles powered by electric motors, reducing reliance on fossil fuels and mitigating environmental impact.
Cost Reduction: Economies of scale, manufacturing efficiencies, and declining costs of electric motor components, such as rare earth magnets, copper windings, and power electronics, contribute to cost reductions and make electric vehicles more affordable and competitive with internal combustion engine vehicles.
Key Takeaways from Electric Vehicle Motor Market
- North America holds the largest market share with the US alone contributing for more than 90%. This data, however, pertains to the year 2021. It could lose 162 BPS points by the year 2032, which would take its share to 89.7%.
- Europe is expected to witness a CAGR of 20.1% in electric vehicle motor market in the forecast period with Germany expected to witness growth 6 times in 2032 to the year 2022. Luxury electric vehicles are expected to rule the roost.
- Coming to the Asia-Pacific, China is expected to create a lucrative opportunity worth US$ 86.5 Bn between 2022 and 2032. The government has also started giving subsidies to facilitate the proliferation of electric vehicles.
- AC motors holds the largest market share and the status quo will continue even in the forecast period due to stronger grip provided on the bumpy routes.
“With environmentally-friendliness being the top priority, the electric vehicle motor market is bound to grow at an astounding rate in the forecast period”, says an analyst at Future Market Insights.
Competitive Motors
- Mabuchi Motors, in June 2021, declared finishing 100% acquisition of Electromag SA for CHF 0.1 Mn or US$ 0.11 Mn.
- Wolong Electric, in March 2020, did acquire small industrial motors’ business of GE for US$ 160 Mn with the objective of helping it to obtain a significant position in the market.
- Nidec Corporation, in February 2020, tabled 2 novel traction motor systems; viz 50 kW Ni50Ex and 200 kW Ni200Ex based on original 150 kW E-Axle (100% integrated traction motor system encompassed with a reduction gearbox, an electric motor, and an inverter).
- WEG, in October 2019, installed LV electric motor plant in Hosur (India). This new-fangled 13K square meter facility holds the capability of manufacturing 250K electric motors/year.
- Allied Motion Technologies, in May 2019, came up with EnduraMax 75i Series, brushless DC motor comprising an all-digital integrated drive. The application areas include AGV vehicle traction/steering, rotary/linear actuators, medical patient-handling equipment, mobile HVAC blowers, pumps, and material handling systems.
- ABB, in March 2019, floored stainless steel motors to address food and beverage plants. This motor is capable of forbearing high pressure spray with complete compatibility with the high standards.
- TECO Westinghouse (Canada), in January 2018, announced entering into new distribution partnership with Westech Industrial for gaining access to uncharted and new markets all over Canada.
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Key Segments Covered in Electric vehicle motor Industry Analysis
By Product Type:
- AC
- DC
By Power:
- Up to 100kW
- 101-200kW
- Above 200kW
By EV Type:
- BEV
- HEV
- PHEV
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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