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.
The electric vehicle (EV) motor market refers to the industry involved in the manufacturing, distribution, and development of electric motors specifically designed for electric vehicles. Here’s an overview of the electric vehicle motor market:
Types of Electric Motors:
Permanent Magnet Synchronous Motors (PMSM): These motors use permanent magnets to generate the magnetic field required for operation. PMSMs are known for their high efficiency and power density, making them popular in electric vehicles.
Induction Motors: Induction motors do not require permanent magnets and instead rely on electromagnetic induction to generate the rotating magnetic field. They are commonly used in electric vehicles due to their simplicity, reliability, and cost-effectiveness.
Brushless DC Motors (BLDC): BLDC motors use electronic commutation instead of brushes to control the direction of current flow, resulting in improved efficiency and reliability compared to traditional brushed DC motors. They are commonly used in electric vehicles for their high efficiency and torque density.
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Market Trends:
Growth of the Electric Vehicle Market: The increasing adoption of electric vehicles worldwide is driving demand for electric motors. Government incentives, environmental regulations, and advancements in battery technology are key factors fueling the growth of the electric vehicle market.
Emphasis on Efficiency and Performance: Manufacturers are focusing on developing electric motors with higher efficiency, power density, and torque characteristics to improve the performance and range of electric vehicles.
Integration of Motor and Transmission Systems: Integrating electric motors with transmission systems or developing integrated motor-transmission units can lead to further efficiency improvements and cost savings in electric vehicle drivetrains.
Market Drivers:
Environmental Regulations and Sustainability Initiatives: Stringent emissions regulations and growing concerns about climate change are prompting automakers to accelerate the transition to electric vehicles, driving demand for electric motors.
Technological Advancements: Advances in motor design, materials, and manufacturing processes are leading to more efficient and compact electric motors, further incentivizing their adoption in electric vehicles.
Cost Reduction Efforts: Manufacturers are investing in research and development to reduce the cost of electric motors through economies of scale, improved manufacturing processes, and material optimization.
Key Players:
Major players in the electric vehicle motor market include Siemens AG, ABB Ltd., Robert Bosch GmbH, Nidec Corporation, and BorgWarner Inc.
Additionally, electric vehicle manufacturers often develop their own proprietary electric motors or collaborate with motor suppliers to tailor motor designs to their specific vehicle models.
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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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