Electric Vehicle Motor Market Size to Hit USD 56.95 Bn by 2032

The global electric vehicle motor market was worth USD 8.5 billion in 2022 and is predicted to be worth around USD 56.95 billion by 2032, expanding growth at a CAGR of 21% during the forecast period 2023 to 2032.

Key Takeaways

  • AC motor type segment accounted 59% of revenue share in 2022.
  • DC motor type segment garnered 43% revenue share in 2022.
  • Asia Pacific region accounted market share of around 48% in 2022.
  • Latin America and the Middle East and Africa are expected to grow at a remarkable CAGR from 2023 to 2032.

Electric Vehicle Motor Market Size 2023 to 2032

An electric vehicle motor is an electromechanical gadget that changes electric energy into mechanical energy over completely to control electric vehicles. The interaction of an electric engine’s attractive field and flow causes these peculiarities. Orientation, end section, outline, cooling edge, rotor, and stator are all important for an electric vehicle engine.

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The electric vehicle motor market is anticipated to ascend at a quick speed during the conjecture time frame as the quantity of electric vehicles expands, inferable from advantages, for example, zero discharges, low upkeep costs, high proficiency, and computerized control. These engines are material in bikes that have at least one electric engines, while traveller vehicles and business vehicles have at least two electric engines relying upon the size and utilization of the vehicle.

Recent Developments

  • In September 2020, General Motors Co., which has made a critical interest in electric vehicles, consented to buy a 11 percent stake in Nikola Corp. for generally $2 billion.
  • In February 2021 Several vehicle organizations, such Nikola Motor and QuantumScape, have proactively opened up to the world through SPAC bargains, while others, like Lightning eMotors and ChargePoint, are supposed to consolidate with GM and Ford from here on out.
  • In July 2019, California and a gathering of automakers reported another structure consent to diminish ozone depleting substance outflows, which will act as a public choice to clean vehicle regulations.
  • In April 2021, Toyota disclosed the new LS and Mirai models in Japan, the two of which have modern driver help frameworks.

Regional Snapshots

Asia-Pacific keeps on ruling the market for electric engines for electric vehicles. On account of expanded EV deals, especially in China, Pacific region has caught the best portion of the worldwide electric motor market. China is the world’s top maker and purchaser of electric vehicles. Public deals goals, positive regulations, and neighborhood air-quality focuses on all assistance to support homegrown interest. China, for instance, has set a standard on makers of electric or crossover vehicles, which should represent no less than 10 Percent of complete new deals. Moreover, to urge inhabitants to progress to electric vehicles, the city of Beijing just gives 10k licenses for the enlistment of burning motor vehicles consistently. Also, the car business is flourishing in the locale. Asia Pacific is the world’s most noteworthy producer of automobiles. Thus, the extension of these end-use enterprises is probably going to drive the APAC market over the conjecture period.

Latin America and the Middle East and Africa are anticipated to see dramatic improvement because of expanded interests in the oil and gas industry and expanded building movement inside the areas, which advances the extension of the private and business areas.

Report Scope of the Electric Vehicle Motor Market

Report Coverage Details
Market Size by 2032 USD 56.95 Billion
Growth Rate from 2023 to 2032 CAGR of 21%
Asia Pacific Market Share in 2022 48%
AC motor  Type Market Share in 2022 59%
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Type, Vehicle Type, Motor Type, Power Rating, Application, Powertrain Type, Marketplace, End User, Geography

Market dynamics

What are the drivers of electric vehicle motor market?

  • The global market for electric vehicle motor is being driven by various essential reasons. Among them, expanding the driving scope of electric vehicles raises request among people in general, advancing market growth all through the anticipated period. Moreover, the execution of serious unofficial laws in many spots may be one more advancement driver for the overall market. Sponsorships for electric vehicle makers and end clients, as well as the presentation of tax reductions, are the two key development drivers in the overall market.
  • As per an European Climate Foundation investigation, it is guessed that by utilizing more proficient electric vehicles and bringing down oil interest, work will increment by 600,000 to 8,00,000 toward the finish of 2030. This can possibly push the overall market’s development all through the anticipated period.
  • Development in the electric vehicle area, as well as an expansion in government regulations and guidelines with respect to vehicular outflows, are the essential reasons driving the electric vehicle motor market.
  • Nonetheless, the high beginning expense of an electric engine, as well as the high support costs related with an electric engine, limit market extension. In addition, notwithstanding these impediments, mechanical progressions, like the creation of energy-proficient engines, are projected to help market development sooner rather than later. Besides, a flood in government exercises connected to electric vehicles is probably going to make various possibilities for market development.

What are the restraints of electric vehicle motor market?

On account of the great upkeep expenses of electric motor and the high introductory expense of electric engines, the overall market for electric vehicle engines might confront market restrictions. Besides that, overall central parts are endeavoring to conquer these hindrances and lift the development of the electric vehicle motor Industry in the next few years. States in a few countries are supporting the utilization of electric vehicles for business purposes to limit ozone harming substance emanations into the climate. Be that as it may, the shortfall of electric vehicle charging framework is an obstruction to the electric vehicle industry.

For instance, the Indian government plans to have solely electric vehicles on Indian streets by 2030. Be that as it may, one of the main standards for guaranteeing the reception of electric vehicles is the improvement of a strong electric vehicle framework. Sadly, most emerging countries’ EV charging foundation is as yet lacking and presently can’t seem to get up to speed to fulfill the interest, smothering the development of the electric vehicle industry.

What are the opportunities of electric vehicle motor market?

On account of the quick ascent in electric vehicle creation and deals, as well as the rising accentuation on more effective creation, the overall Market for electric vehicle motor has extra likely possibilities. The developing utilization of superior execution engines in electric vehicles is making alluring possibilities for industry members and producers in the overall Electric Vehicle Motor Industry.

What are the challenges of electric vehicle motor market?

  • The overall electric vehicle motor market is supposed to deal with critical issues in the obtainment of uncommon earth metals utilized in coordinated engines super durable magnets, where metals utilized in engines are helpless to trade supply concerns and impediments. Besides, the overall market might confront obstacles because of the COVID-19 pandemic, which adversely affects the business.
  • The overall pandemic has hampered worldwide market deals. In any case, the top players have executed various strategies and thoughts to expand the Market Size over the conjecture period.

Read Also: Electric Vehicle Adhesives Market Size to Surpass USD 11.51 Bn by 2032

Key Market Developments

  • Electric vehicles have turned into a fundamental part of the car business. It gives a way toward more noteworthy energy effectiveness, as well as lower outflows of toxins and other ozone depleting substances. The key components driving this ascent incorporate rising ecological worries, as well as gainful government endeavors. The yearly deals volume of electric traveler vehicles is assessed to surpass 5 million units toward the finish of 2025, and it is normal to represent 15 percent of complete vehicle deals toward the finish of 2026.
  • Super Power Systems marked another coordinated effort manage Statcon Energiaa (SE), an India-based power hardware producing business, in April 2021. The understanding is supposed to expand two associations’ involvement with the examination, assembling, and showcasing of force hardware items for the energy, rail, and protection businesses.
  • In February 2021, Johnson Electric presented another line of Low Voltage DC (LVDC) engines with highlights like little size, high power thickness, low working commotion, and high force. The new things are explicitly intended to give Smart Furniture like clinical beds, level flexible workstations, savvy chairs, and other buyer items a 17 percent longer life.
  • Mabuchi Motors expressed in June 2021 that it will finish a 100% procurement of Electromag SA for a complete capital of about CHF 0.1 million or USD 0.11 million. Mabuchi’s portfolio will be extended with new brushless engines used in medical care offices like ventilators and dental therapy.

Electric Vehicle Motor Market Players

  • Shenzhen V&T Technologies Co. Ltd.
  • Time High-Tech Co. Ltd.
  • Shanghai E-drive Co. Ltd.
  • Kelly Controls LLC
  • BYD
  • Zhuhai Enpower Electric Co. Ltd.
  • Delta Electronics
  • Profile
  • Chroma ATE Inc.
  • DEC Dongfeng Electric Machinery Co. Ltd.
  • Canadian Electric Vehicles Ltd
  • Fujian Fugong Power Technology Co. Ltd.
  • Hunan CRRC Times Electric Vehicle Co. Ltd.
  • Nidec (Beijing) Drive Technologies Co. Ltd.
  • Jing-Jin Electric Technologies (Beijing) Co. Ltd.
  • United Automotive Electronic Systems Co. Ltd. (UAES)
  • Shenzhen Inovance Technology Co. Ltd.
  • JEE Automation Equipment Co. Ltd.
  • Shandong Deyang Electronics Technology Co. Ltd.
  • Beijing Siemens Automotive E-Drive System Co. Ltd.
  • Zhongshan Broad-Ocean Motor Co. Ltd.
  • Parker
  • Prestolite E-Propulsion Systems (Beijing) Limited

Segments covered in the report

By Type

  • AC Motor
    • Synchronous AC Motor
    • Induction AC Motor
  • DC Motor
    • Brushed DC Motor
    • Brushless DC Motor

By Vehicle Type

  • Pure Electric Vehicle
  • Hybrid Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Fuel Cell Electric Vehicle (FCEV)

By Motor Type

  • Induction Motor
  • Synchronous Motor
  • Switched Reluctance Motor

By Power Rating

  • Up to 60 KW
  • 60 to 90 KW
  • Above 90 KW

By Application

  • Electric Two-Wheeler
  • Electric Three-Wheeler
  • Electric Commercial Vehicles
  • Electric Passenger Cars

By Powertrain Type

  • Single Motor
  • Dual Motor
  • Triple Motor
  • Four Motor

By Marketplace

  • OEM
  • Aftermarket

By End User

  • Agribusiness
  • Transportation
  • Private
  • Business

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

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