The global electric vehicle motor market is set to strengthen its market hold globally at a promising CAGR of 21% from 2024 to 2034. The net revenue generated from the global EV motor industry is forecasted to hold a revenue of US$ 571,809.04 million by 2034 growing from US$ 84,995.77 million in 2024. The electric vehicle motor market represents 14.3% of the total electric vehicles market share (BEV, HEV, and PHEV).
The electric vehicle (EV) motor market is rapidly expanding, driven by the global shift towards sustainable transportation and the increasing adoption of electric vehicles. EV motors are the heart of electric vehicles, converting electrical energy into mechanical energy to drive the vehicle. The market is witnessing significant growth due to advancements in motor technology, rising consumer demand for environmentally friendly vehicles, and supportive government policies aimed at reducing carbon emissions. As more automotive manufacturers enter the EV space and invest in research and development, the variety and efficiency of electric motors are improving, further propelling market growth.
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Technological innovations are at the forefront of the EV motor market. The development of more efficient and powerful motors, such as permanent magnet synchronous motors (PMSMs) and induction motors, is enhancing the performance of electric vehicles. PMSMs, in particular, are favored for their high efficiency, compact size, and ability to deliver high torque at low speeds, making them ideal for a wide range of EV applications. Additionally, the integration of advanced control algorithms and power electronics is improving the overall efficiency and reliability of EV motors. These technological advancements are crucial in extending the range of electric vehicles, reducing charging times, and providing a better driving experience.
Government policies and incentives are also playing a pivotal role in the growth of the EV motor market. Many countries are implementing stringent emission regulations and offering subsidies, tax benefits, and grants to encourage the adoption of electric vehicles. These incentives are making EVs more affordable and attractive to consumers, thereby increasing the demand for efficient electric motors. Furthermore, investments in charging infrastructure and initiatives to promote the development of EV technology are creating a favorable environment for the growth of the EV motor market. As the global automotive industry continues to transition towards electrification, the demand for advanced and efficient EV motors is expected to surge, driving innovation and expansion in this dynamic market.
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.
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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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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