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.
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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.
Government policies and incentives are also crucial to the growth of the EV motor market. Many countries are enforcing stringent emission regulations and offering subsidies, tax benefits, and grants to promote the adoption of electric vehicles. These incentives make EVs more affordable and appealing to consumers, thereby increasing demand for efficient electric motors. Moreover, investments in charging infrastructure and initiatives to advance EV technology are creating a supportive environment for market growth. As the global automotive industry moves towards greater electrification, the demand for advanced, efficient EV motors is expected to rise significantly, driving innovation and expansion in this vibrant sector.
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 USD 86.5 Billion 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 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.
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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
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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