Electric Vehicle Motor Market: Global Industry Analysis And Forecast (2023 to 2029)

Electric Vehicle Motor Market was valued at US$ 56.37 Bn in 2022. The Electric Vehicle Motor Market size is estimated to grow at a CAGR of 17.2% over the forecast period.
Electric Vehicle Motor Market Overview:
Because of the shifting consumer preference toward electric vehicles with a long range, the EV Motors market will increase steadily during the forecast period. Another significant factor positively affecting market expansion is the introduction of stringent government restrictions. To cut greenhouse gas emissions & stop global warming, the world community has established strict emissions regulations. In order to meet more stringent pollution rules, automakers now concentrate on creating zero-emission automobiles. These regulations will result in a stronger focus on the production of more effective electric vehicles during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Electric Vehicle Motor Market Dynamics:
The main factors which drive the electric vehicle motor market are growth in electric vehicle industry, & increase in government rules & regulations with respect to vehicular emission. The development in technologies, like manufacturing of energy-efficient motors, is expected to boost the market growth in the near future. In addition, rise in government initiatives related to electric vehicles is expected to provide many opportunities for the market growth.

2020 was an excellent year for electric vehicles, with Europe overtaking China as the largest market:

After ten years of volatile development, the number of electric cars sold worldwide reached 10 Mn in the year 2020, a gain of 43% over 2019 & a 1% stock share. In the year 2020, battery electric vehicles (BEVs) made up two-thirds of the stock and all new electric car registrations. China has the largest fleet with 4.5 Mn electric vehicles, but in 2020, Europe saw the largest annual rise to reach 3.2 Mn. The economic effects of the Covid-19 epidemic overall had a huge impact on the world market for all types of autos. New car registrations decreased by roughly a third in the first quarter of 2020 compared to the previous year. Stronger activity in the second half helped to counterbalance this to some extent, but altogether there was a 16% decline year over year. Notably, global electric car sales share increased 70% to a record 4.6% in 2020, despite conventional and overall new car registrations declining.

In 2020, there were about 3 million new electric vehicle registrations. With 1.4 million new registrations, Europe took the lead for the first time. China registered 1.2 million new electric automobiles after the United States registered 295 000. The number of electric vehicle registrations rose in 2020 as a result of a number of causes. Notably, the total cost of ownership for electric cars is gradually improving in various nations. Several countries offered or extended tax advantages that protected the purchase of electric cars from the slump in the auto industry.

Europe: In general, the European auto market shrank 22% in 2020. However, registrations of new electric vehicles more than doubled to 1.4 Mn, representing a 10% market share. Germany registered 395 000 new electric cars in the major markets, whereas France registered 185 000. The number of registrations in the UK more than doubled to 176 000. In Norway, the sales proportion of electric vehicles hit a record high of 75%, an increase of around one-third from 2019. Electric vehicle sales percentages surpassed 25% in the Netherlands, 30% in Sweden, and over 50% in Iceland. Despite the economic downturn, there has been a spike in electric car registrations in Europe. First, the European Union set 2020 as the deadline for enacting CO2 emissions limits that will reduce new cars' typical carbon dioxide (CO2) emissions/Km driven. Second, as part of stimulus packages to combat the consequences of the pandemic, many European governments extended their EV subsidy programmes. BEV registrations in Europe accounted for 54% of all electric vehicle registrations in the year 2020, continuing to outpace plug-in hybrid registrations (PHEVs). However, compared to the prior year, the number of BEVs registered doubled while the number of PHEVs tripled. BEVs made up a disproportionately large portion of all electric vehicle registrations in the Netherlands (82%), Norway (73%), the United Kingdom (62%) and France (60%).

China: The pandemic had a minor overall influence on the Chinese auto market than it did in other places. About 9% less new cars were registered overall. In the first half of 2020, fewer new electric vehicle registrations occurred than in the entire auto industry. As China restrained the pandemic, this pattern changed in the second half. As a result, the sales share increased to 5.7% from 4.8% in 2019. About 80% of newly registered electric vehicles were BEVs. Major policy decisions reduced the commercial incentives for electric cars in China. Initially scheduled to cease at the end of 2020, purchase subsidies were instead reduced by 10% and extended through 2022 after signs suggesting they would be eliminated more gradually before the pandemic. These signals were received prior to the pandemic and by April 2020. As a result of easing car license regulations in numerous places in response to the pandemic's economic effects, more internal combustion engine vehicles can now be registered to boost regional auto companies.

For Electric Vehicle (EV), motor is the one & only power source. Comparing with industry motor, the motor drive system in EV has several challenges, such as dynamic running with unpredicted drive cycle, high torque/power density to reduce the vehicle curb weight, robust limp-home functionality to ensure vehicle can run even when some key components failed, life-time guarantee, wide speed control range, etc.

Trends Affecting the Market for EV Motors:

EV manufacturers are incorporating AC synchronous motors with brushed current excitation more frequently. This type of motor was not utilised in EVs until recently because it was commonly accepted that brushless motors were the only viable option for an EV. BMW defied the trend by incorporating brushed current-excited AC synchronous motors in the new i4 & iX. The RMF of the stator is affected by this sort of rotor in a similar manner to a permanent-magnet rotor, but without the use of permanent magnets. Instead, it has six sizable copper lobes that, when powered by a DC battery, produce the required EMF. The system's capability to change the strength of the magnetic field on the rotor also enables optimization.

Manufacturers of EV motors face difficulties:

Lower replacement rates have an effect on the aftermarket. An electric car motor normally lasts 15 to 20 years, but certain motors have long working lives & don't require replacement as often. In cases of accidents, EV motors are routinely replaced. One of the key things keeping aftermarket sales down is this. The market for electric cars is also being restricted in developing & price-sensitive countries by factors like high electric vehicle prices and a lack of infrastructure, such as charging and repair facilities.

Sales of electric vehicle motors will be fueled by strict vehicle emission standards.

In the year 2022, the U.S. accounted for almost 91% of the North American electric car motor market. By the end of 2032, the market, which holds 89.7% of the market share, is expected to lose 162 BPS points. The U.S. EV market is lagging behind other industrialized countries with significant economies like China & Europe, where sales are just a third and a half as high, respectively. The governors of eight western states, including Colorado, Arizona, Idaho, Nevada, Montana, New Mexico, Wyoming, & Utah, signed a memorandum of understanding in 2019 to make it possible to travel in an EV across significant transportation corridors in the states. The sales of electric car motors will increase as a result.

Sales of Electric Car Motor Kits in China will grow as they increase.

A growing number of people can now afford to buy their autos thanks to China's recent robust economic progress. Mobility has increased as a result, and the global car market has expanded considerably. But this has also resulted in significant urban air pollution, high greenhouse gas emissions, and a growing dependency on foreign energy. To counteract these disconcerting trends, the Chinese government has created policies that encourage the usage of plug-in electric automobiles. Because buying an electric vehicle (EV) is more expensive than buying an internal combustion engine (ICE) vehicle, the government began providing significant subsidies for EV purchases. This is anticipated to drive the Chinese market for electric car motors.

As the impact of COVID-19 related lockdowns spread during the first quarter of 2020, global electric vehicle sales in major markets, including Europe and the US, are expected to fall significantly. Falling consumer demand, disruption to upstream & downstream supply chains, and government guidelines have now resulted in the suspension and curtailment of production at major automotive OEMs and battery manufacturers. European and US automakers have delayed Asian Li-ion battery shipments initially scheduled for Q2 2020 amid the growing uncertainty for automotive demand.

The market for AC motors will increase:

The AC motor industry is expected to generate an absolute incremental opportunity of more than US$ 286 Bn between 2022 & 2032, depending on the kind of product. When it comes to performance and efficiency, electric vehicles with AC motors have an advantage, especially on uneven roads. They have a faster acceleration and can be used for harsher, longer excursions.Battery electric vehicles are adopting EV motors:

Battery Electric Vehicles (BEVs) are a specific category of vehicle that is predicted to hold more than 45% of the market in the year 2022. Sales of BEVs have dramatically increased in the last few years, exceeding earlier expectations for their ultimate impact on the automobile industry. Now, almost all manufacturers hope to make BEVs their main offering in the upcoming years. Most OEMs had plans to deploy BEVs three years ago, but few expected or expected BEV dominance before the late 2030s, at the earliest. The rapid decline in battery prices, which will eventually bring their costs to level with those of ICE vehicles, is a significant factor in the rise in interest in BEVs.

The report's objective is to provide key industry players with a thorough insight of the global Electric Vehicle Motor Market. The research analyses complex data in plain terms & presents the historical & current state of the industry together with expected market size and trends. The analysis analyses important companies, including market leaders, followers, and new entries, in detail and covers all areas of the industry. The research includes a PORTER, PESTEL analysis with the probable influence of market micro-economic aspects. Analysis of both internal & external variables that are thought to have an impact on the company either favorably or unfavorably has been done in order to provide decision-makers with a clear futuristic vision of the sector.

The reports also help in understanding the Electric Vehicle Motor Market dynamic, & structure by analyzing the market segments and projecting the Electric Vehicle Motor Market size. Clear representation of competitive analysis of key players by Design, price, financial position, Motor Type portfolio, growth strategies, and regional presence in the Electric Vehicle Motor Market make the report investor’s guide.
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Electric Vehicle Motor Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 56.37 Bn.


Forecast Period 2023 to 2029 CAGR:
17.2%
Market Size in 2029:
US$ 171.22 Bn.


 Segments Covered:
by Motor Type
Alternating Current (AC) Motor
Direct Current (DC) Motor


by Vehicle Type
Passenger Car
Commercial Vehicle
Two-wheelers


by Power
Up to 100 kW
101-250 kW
Above 250 kW


by Assembly
Wheel Hub
Central Power Train



Electric Vehicle Motor Market, by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Electric Vehicle Motor Market Key Players:
1. Honda Motor Co., Ltd.
2. Toyota Motor Corporation
3. Tesla Motors
4. Ford Motor Company
5. Nissan Motor Corporation Ltd.
6. Continental AG
7. Ametek Incorporation
8. Siemens AG
9. Baldor Electric Company Inc.
10.Allied Motion Technologies Inc.
11.ARC Systems Incorporation
12.Hitachi Automotive Systems
13.Mitsubishi Electric
14.Bosch
15.Denso
16.Emerson Electric
17.Toshiba
18.Magna
19.Gkn Driveline
20.Aisin Aw.

Frequently Asked Questions:

1. What is the study period of the market?
Ans. The Global Electric Vehicle Motor Market is studied from 2022-2029.

2. What is the growth rate of Electric Vehicle Motor Market?
Ans. The Global Electric Vehicle Motor Market is growing at a CAGR of 17.2% over forecast period.

3. Which region has largest share in The Global Electric Vehicle Motor Market?
Ans. North America holds the largest share.

4. What is the Global Electric Vehicle Motor Market segment based on Vehicle Type?
Ans. Based on Vehicle Type market is segmented by Passenger Car, Commercial Vehicle,Two-wheelers

5. Who are the key players in the Global Electric Vehicle Motor Market?
Ans. The key players in the Global Electric Vehicle Motor Market are Honda Motor Co., Ltd.
Toyota Motor Corporation, Tesla Motors,Fo rd Motor Company, Nissan Motor Corporation Ltd. Continental AG ,Ametek Incorporation,Siemens AG,,Baldor Electric Company Inc.,Allied Motion Technologies Inc.,ARC Systems Incorporation, Hitachi Automotive Systems, Mitsubishi Electric, Bosch, Denso, Emerson Electric, Toshiba, Magna, Gkn Driveline, Aisin Aw.