Overview and Scope
Electric vehicle motors refer to the electrically powered components responsible for converting electrical energy from the vehicle’s battery into mechanical energy to drive the wheels, enabling the vehicle to move. These motors are typically electrically efficient and contribute to the overall sustainability of electric transportation.
Sizing and Forecast
The electric vehicle motors market size has grown rapidly in recent years. It will grow from $20.52 billion in 2023 to $24.04 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to government incentives and regulations, environmental awareness, infrastructure development, consumer acceptance and demand.
The electric vehicle motors market size is expected to see rapid growth in the next few years. It will grow to $42.60 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to autonomous driving integration, global expansion of charging infrastructure, economic incentives and policies, integration with renewable energy sources. Major trends in the forecast period include technological advances, advancements in battery technology, emerging robotics technology, advancements in battery technologies.
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Segmentation & Regional Insights
The electric vehicle motors market covered in this report is segmented –
1) By Type: Alternating Current (AC) Motor, Direct Current (DC) Motor
2) By Component: Motor Stator, Rotor, Shaft And Bearing, Permanent Magnet, Casing, Wiring And Connectors
3) By Application: Electric Two-Wheeler, Electric Three-Wheeler, Electric Commercial Vehicles, Electric Passenger Cars
4) By End User: Agribusiness, Transportation, Private, Business
Asia-Pacific was the largest region in the electric vehicle motors market in 2023. The regions covered in the electric vehicle motors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in demand for electric and hybrid vehicles is expected to propel the growth of the electric vehicle motor market going forward. Electric vehicles (EVs) and hybrid vehicles are types of automobiles that use electric power either exclusively (EVs) or in combination with an internal combustion engine (hybrids) for propulsion, reducing or eliminating reliance on traditional fossil fuels. The increasing demand for electric and hybrid vehicles is driven by a growing awareness of environmental sustainability, government incentives, technological advancements, and a desire to reduce dependence on traditional fossil fuels. Electric and hybrid vehicles utilize electric motors for propulsion, converting electrical energy into mechanical power for movement. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the total sales of electric cars experienced significant growth, more than tripling over three years, rising from approximately 4% in 2020 to 14% in 2022. Further, in the first quarter of 2022, sales of electric cars surpassed 2.3 million units, reflecting a notable increase of about 25% compared to the corresponding period last year. It is expected to see 14 million sales by the end of 2023, representing 35% year-on-year. Furthermore, in February 2024, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, hybrid electric car sales saw a robust increase of 40.0%, while plug-in hybrid electric cars experienced a notable growth of 25.1%. Electrified vehicles accounted for 5.6% of the market, marking a rise from 4.0% in 2022. Therefore, the increase in demand for electric and hybrid vehicles is driving the growth of the electric vehicle motor market.
Key Industry Players
Major companies operating in the electric vehicle motors market are Tesla Motors Inc., Siemens AG, BYD Company Ltd., Bosch Mobility (Robert Bosch GmbH), DENSO Corporation, Continental AG, Magna International Inc., LG Magna e-Powertrain Co. Ltd., Mitsubishi Electric Corporation, Aisin Seiki Co Ltd., ABB Ltd., Toshiba Corporation, Nidec Motor Corporation, Parker Hannifin Corp., BorgWarner Inc., AISIN CORPORATION, Mahle GmBH, Delta Electronics Inc., Vitesco Technologies, Ametek Incorporation, GKN Automotive Ltd., Johnson Electric Holdings Limited, TECO Electric & Machinery Co. Ltd., Baldor Electric Company Inc., Chroma ATE Inc., Allied Motion Inc., Hitachi Astemo, ShenZhen V&T Technologies Co Ltd
The electric vehicle motors market report table of contents includes:
1. Executive Summary
2. Electric Vehicle Motors Market Characteristics
3. Electric Vehicle Motors Market Trends And Strategies
4. Electric Vehicle Motors Market – Macro Economic Scenario
5. Global Electric Vehicle Motors Market Size and Growth
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32. Global Electric Vehicle Motors Market Competitive Benchmarking
33. Global Electric Vehicle Motors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Vehicle Motors Market
35. Electric Vehicle Motors Market Future Outlook and Potential Analysis
36. Appendix
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