The global electric vehicle (EV) motor market is poised for substantial growth, projected to expand at an impressive CAGR of 21% from 2024 to 2034. Revenue from the EV motor sector is expected to rise from USD 84,995.77 million in 2024 to USD 571,809.04 million by 2034. Currently, the electric vehicle motor market holds a 14.3% share of the total electric vehicles market, which includes Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV).
The rapid expansion of the EV motor market is driven by the global shift towards sustainable transportation and increasing adoption of electric vehicles. EV motors, which convert electrical energy into mechanical power to propel vehicles, are central to this transformation. This market growth is fueled by advancements in motor technology, rising consumer demand for eco-friendly vehicles, and supportive government policies aimed at reducing carbon emissions. As automotive manufacturers continue to enter the EV sector and invest in research and development, the variety and efficiency of electric motors are improving, further accelerating market growth.
Technological advancements are leading the charge in the EV motor market. Innovations such as permanent magnet synchronous motors (PMSMs) and induction motors are enhancing vehicle performance. PMSMs, known for their high efficiency, compact design, and capability to deliver substantial torque at low speeds, are particularly advantageous for various EV applications. Additionally, the integration of advanced control algorithms and power electronics is boosting the efficiency and reliability of EV motors, which contributes to extended vehicle range, reduced charging times, and an improved driving experience.
Key Takeaways from Electric Vehicle Motor Market:
- The market is set to lose 162 BPS points by 2034, following a CAGR of 20.2% over the projected years.
- Germany is expected to witness a CAGR of 20.1% in electric vehicle motor market in the forecast period from 2024 to the year 2034
- Japan is projected to create a substantial incremental opportunity for its electric vehicle motor manufacturers by registering a CAGR of 22.7% through 2034.
“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 Analysis:
- Mabuchi Motors, in June 2021, declared finishing 100% acquisition of Electromag SA for CHF 0.1 Million or USD 0.11 Million.
- Wolong Electric, in March 2020, did acquire small industrial motors’ business of GE for USD 160 Million 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 Players Profiled in Report:
- Tesla Inc.
- Aisin Seiki Co Ltd
- Bosch Mobility
- Siemens AG
- Nidec Motor Corporation
- ABB Ltd
- Toshiba Corporation
- Magna International
- Mitsubishi Electric
- Hitachi Astemo
- Parker Hannifin Corp.
- Delta Electronics Inc.
- BYD
- Mahle GmBH
- Vitesco Technologies
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
Access Report Details for More In-Depth Information:
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.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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