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The size of the worldwide electric vehicle motor market was estimated at USD 9.58 billion in 2022 and is anticipated to increase by CAGR of 25.90% to USD 59.72 billion by 2030 from USD 12.60 billion in 2023. According to our research, the global market for EV motors showed a fall of 6.65% in 2020 compared to 2019. In all locations, demand for electric vehicle motors has been lower than expected compared to pre-pandemic levels due to the unprecedented and overwhelming COVID-19 pandemic.
An electric motor's job is to transform electrical energy into mechanical energy. In an electric car, it is utilised in place of an internal combustion engine. The traction battery pack provides energy for the Electric Vehicle (EV) motor, which powers the wheels of the vehicle. Vehicles employ a variety of motor types, including DC series motors, brushless DC motors, three phase AC induction motors, permanent magnet synchronous motors (PMSM), and switched reluctance motors (SRM). The adoption and sale of electric vehicles are directly correlated with the need for electric motors. The IEA reports that the market for electric vehicles is likely to develop throughout the forecast period as EV sales increase on an annual basis and become more widely adopted.
DRIVING FACTORS
Several regulatory agencies have established stringent control laws about how car emissions harm the environment and contribute to the greenhouse gas effect. Because of the major problem that is posed by vehicle pollution, the pace of air quality degradation is rising. The government intends to outlaw or halt the production of diesel and petrol vehicles. For instance, California in the United States has planned to outlaw the sale of gasoline-powered vehicles by 2035. The government also wants to increase the number of hybrid or electric vehicles on the road. This endeavour will lead to a rise in the number of electric vehicles on the road, which will raise demand for EV motors to be installed in the car. During the projected period, this will fuel the expansion of the EV motor market. The government is committed to raising the standard of the air. For instance, vehicles on the road emit 12.4 million tonnes of CO2 in Delhi, India. The adoption of electric vehicles is being encouraged by the Delhi government. In order to facilitate the adoption of electric vehicles and fuel the market expansion of electric motors, it is also focused on providing the infrastructure for charging.
RESTRAINING FACTORS
Due to its advantages and government-sponsored incentive programmes, electric vehicles are becoming more and more common in emerging nations. As a result, the demand for vehicles is dramatically rising year over year. However, the production of electric vehicles requires a significant amount of capital due to the requirement to purchase the rare earth metals needed in the permanent magnets for the synchronous motors. An EV costs the same as luxury automobile categories in terms of price. The government is trying to make electric vehicles less expensive, though. For instance, the Union Transport and Highways Minister declared in June 2022 that within a year the price of electric vehicles would be equal to the price of fuel automobiles. Businesses are attempting to recycle earth metals. For example, in March 2022, GKN Automotive announced that it would produce EV motors using recycled rare earth materials under the Secure Critical Rare Earth Magnets (SCREAM) for the U.K. programme. Under this programme, a team of engineers will produce the 800-volt electric motor for electric vehicles. Vehicle prices are significantly higher than those of conventional automobiles as a result of high manufacturing costs. This limits the adoption of electric vehicles in a few nations by a sizable population with low-to-middle incomes, which hinders the expansion of the EV motor market.
Report Coverage
Global Electric Vehicle Motor research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle Motor report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle Motor competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle Motor market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle Motor market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle Motor market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Robert Bosch GmbH (Germany), Siemens AG (Germany), ABB (Switzerland), AISIN CORPORATION (Japan), LG Magna e-Powertrain Co., Ltd (South Korea), Johnson Electric Holdings Limited (Hong Kong), BorgWarner Inc. (U.S.), Nidec Industrial Solutions (Japan), Mitsubishi Electric Corporation (Japan), Allied Motion, Inc. (U.S.), TECO Corporation (Taiwan), Toshiba International Corporation (Japan), GKN Automotive (U.K.)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle Motor market based on the below-mentioned segments:
Global Electric Vehicle Motor Market, By Type
Two Wheeler
Three Wheeler
Passenger Vehicle
Global Electric Vehicle Motor market, By Component
Motor Stator
Rotor, Shaft, and Bearing
Permanent Magnet
Casing
Wiring & Connectors
Global Electric Vehicle Motor Market, By Power Rating
Up to 20 kW
20 kW to 100 kW
100 kW to 250 kW
Above 250 kW
Global Electric Vehicle Motor market, Regional Analysis
An electric motor's job is to transform electrical energy into mechanical energy. In an electric car, it is utilised in place of an internal combustion engine. The traction battery pack provides energy for the Electric Vehicle (EV) motor, which powers the wheels of the vehicle. Vehicles employ a variety of motor types, including DC series motors, brushless DC motors, three phase AC induction motors, permanent magnet synchronous motors (PMSM), and switched reluctance motors (SRM). The adoption and sale of electric vehicles are directly correlated with the need for electric motors. The IEA reports that the market for electric vehicles is likely to develop throughout the forecast period as EV sales increase on an annual basis and become more widely adopted.
DRIVING FACTORS
Several regulatory agencies have established stringent control laws about how car emissions harm the environment and contribute to the greenhouse gas effect. Because of the major problem that is posed by vehicle pollution, the pace of air quality degradation is rising. The government intends to outlaw or halt the production of diesel and petrol vehicles. For instance, California in the United States has planned to outlaw the sale of gasoline-powered vehicles by 2035. The government also wants to increase the number of hybrid or electric vehicles on the road. This endeavour will lead to a rise in the number of electric vehicles on the road, which will raise demand for EV motors to be installed in the car. During the projected period, this will fuel the expansion of the EV motor market. The government is committed to raising the standard of the air. For instance, vehicles on the road emit 12.4 million tonnes of CO2 in Delhi, India. The adoption of electric vehicles is being encouraged by the Delhi government. In order to facilitate the adoption of electric vehicles and fuel the market expansion of electric motors, it is also focused on providing the infrastructure for charging.
RESTRAINING FACTORS
Due to its advantages and government-sponsored incentive programmes, electric vehicles are becoming more and more common in emerging nations. As a result, the demand for vehicles is dramatically rising year over year. However, the production of electric vehicles requires a significant amount of capital due to the requirement to purchase the rare earth metals needed in the permanent magnets for the synchronous motors. An EV costs the same as luxury automobile categories in terms of price. The government is trying to make electric vehicles less expensive, though. For instance, the Union Transport and Highways Minister declared in June 2022 that within a year the price of electric vehicles would be equal to the price of fuel automobiles. Businesses are attempting to recycle earth metals. For example, in March 2022, GKN Automotive announced that it would produce EV motors using recycled rare earth materials under the Secure Critical Rare Earth Magnets (SCREAM) for the U.K. programme. Under this programme, a team of engineers will produce the 800-volt electric motor for electric vehicles. Vehicle prices are significantly higher than those of conventional automobiles as a result of high manufacturing costs. This limits the adoption of electric vehicles in a few nations by a sizable population with low-to-middle incomes, which hinders the expansion of the EV motor market.
Report Coverage
Global Electric Vehicle Motor research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle Motor report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle Motor competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle Motor market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Robert Bosch GmbH (Germany), Siemens AG (Germany), ABB (Switzerland), AISIN CORPORATION (Japan), LG Magna e-Powertrain Co., Ltd (South Korea), Johnson Electric Holdings Limited (Hong Kong), BorgWarner Inc. (U.S.), Nidec Industrial Solutions (Japan), Mitsubishi Electric Corporation (Japan), Allied Motion, Inc. (U.S.), TECO Corporation (Taiwan), Toshiba International Corporation (Japan), GKN Automotive (U.K.) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Electric Vehicle Motor Market from 2021 to 2030.
- Market Forecast for Electric Vehicle Motor Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Electric Vehicle Motor competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Electric Vehicle Motor
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle Motor market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle Motor market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Robert Bosch GmbH (Germany), Siemens AG (Germany), ABB (Switzerland), AISIN CORPORATION (Japan), LG Magna e-Powertrain Co., Ltd (South Korea), Johnson Electric Holdings Limited (Hong Kong), BorgWarner Inc. (U.S.), Nidec Industrial Solutions (Japan), Mitsubishi Electric Corporation (Japan), Allied Motion, Inc. (U.S.), TECO Corporation (Taiwan), Toshiba International Corporation (Japan), GKN Automotive (U.K.)
Primary Target Market
- Market Players of Electric Vehicle Motor
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle Motor market based on the below-mentioned segments:
Global Electric Vehicle Motor Market, By Type
Two Wheeler
Three Wheeler
Passenger Vehicle
Global Electric Vehicle Motor market, By Component
Motor Stator
Rotor, Shaft, and Bearing
Permanent Magnet
Casing
Wiring & Connectors
Global Electric Vehicle Motor Market, By Power Rating
Up to 20 kW
20 kW to 100 kW
100 kW to 250 kW
Above 250 kW
Global Electric Vehicle Motor market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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