The electric vehicle motor market size was valued at USD 38.1 billion in 2021. The electric vehicle motor industry is projected to grow from USD 45.91 Billion in 2022 to USD 169.36 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.50% during the forecast period (2022 - 2030). The rise in demand for electric vehicle motor and stringent safety regulations set by the government for the automotive industry are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
As per the US Department of Energy (DOE), in March 2020, electric vehicle motor were responsible for half of the energy utilization in the US manufacturing sector. Electric vehicle motor used in industrial and infrastructure applications are responsible for 53% of the world's total electricity consumption. Thus, various regulations have been implemented to ensure efficient and effective energy utilization. The International Electrotechnical Commission (IEC), a European regulatory authority, has set energy efficiency norms. Various countries have started implementing such regulations to enhance the energy efficiency of electric vehicle motor. IEC has created a set of motor effectiveness regulations, known as IE1, IE2, IE3, and IE4, for decreasing carbon emissions.
Further, Development in the electric vehicle motor and an enhancement in government regulations and guidelines concerning vehicular emanations are the major reasons driving the electric vehicle motor industry. Nonetheless, the high starting cost of an electric engine and the high support costs related to an electric vehicle motor limit the development of the market.
Additionally, the electric vehicle powertrain control frameworks significantly affect the electric vehicle's range. The utilization of strict administrative restrictions is another major factor in industry expansion. Various governments have established stringent discharge standards to decrease GHG emissions and mitigate the causes of unnatural weather change. It thus expected automakers to develop zero-discharge automobiles to abide by more difficult emission regulations. These regulations have resulted in a more effective focus on producing the more capable electric car, which will boost market for electric vehicle motor during the forecast period.
However, Speedy urbanization, which adds a premium for financial transportation mediums like electric vehicles, is a key driver impacting the market expansion. When standing out from IC vehicles, electric vehicles are all the more monetarily clever and have a lower environmental impact. Thus, speedy urbanization drives the growth of the electric vehicle motor market revenue.
The electric vehicle motor market segmentation, based on power rating, includes >80 Kw, 40 Kw-80 Kw, and <40 kW. The >80 Kw segment held the majority share 2021 of the electric vehicle motor revenue. This is primarily due to low maintenance and can produce high torque at low speeds. However, 40 Kw-80 Kw is the fastest-growing category in the market due to its cost-effectiveness.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The electric vehicle motor market segmentation is based on motor type, brushless motors, DC brushed motors, induction (Asynchronous) motors, switched reluctance motors, and synchronous motors. The DC brushed motors segment dominated the market for electric vehicle motor in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. They are utilized extensively in small DC motors and, to a growing extent, in traction applications. A characteristic of series motors is that the motor develops a huge amount of starting torque. However, brushless motors are the fastest-growing category as they are more energy-efficient than brushed drills and can run on batteries for up to 50 percent longer.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific electric vehicle motor market accounted for USD 16.84 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Due to developing industrialization, Asia Pacific countries are moving toward web-based modern exercises in all areas. The GSM Association reports that Asia Pacific nations like Australia, Japan, and South Korea are progressively investigating the conceivable outcomes of recent administrations and related items. The district's car market is, in like manner, flourishing. Asia Pacific is the globe's most noteworthy producer of cars. Moreover, China electric vehicle motor market held the largest market share, and India electric vehicle motor was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the electric vehicle motor market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe electric vehicle motor market accounts for the second-largest market share due to the steps taken by the regional government to reduce carbon emissions have been the driving factor for the growth of the market in Europe. Further, the Germany electric vehicle motor market held the largest market share, and the UK electric vehicle motor market was the fastest-growing market in the European region.
The North America electric vehicle motor market is anticipated to grow at the fastest CAGR from 2022 to 2030. This is attributed to the presence of emerging players in these regions that are focused on developing electric vehicle motor technologies and increasing the efficiency of electric motors to increase the cruising range of electric vehicle motor. Moreover, US electric vehicle motor market held the largest market share, and the Canada electric vehicle motor market was the fastest-growing market in the North America region.
Major market players are spending a lot on R&D to increase their product lines, which will help to grow the electric vehicle motor market data. Market participants are also taking a range of strategic initiatives to grow their footprint ly, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, expand its investments, and collaboration with other organizations. Competitors in the electric vehicle motor industry must provide cost-effective items to expand and survive in an increasingly competitive and growing environment for electric vehicle motor market.
One of the primary business strategies manufacturers adopt in the electric vehicle motor industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In the electric vehicle motor market, major players such as Continental AG (Germany), Hitachi Automotive Systems Ltd. (Japan), Tesla Inc. (US) and others are working on expanding the electric vehicle motor market demand by investing in research and development activities and expanding the electric vehicle motor market revenue.
ABB Ltd is a technology leader in electrification and automation, allowing a more sustainable and resource-efficient future. The firm solutions connect engineering know-how and software to optimize how things are moved, manufactured, powered and operated. Building on more than 130 years of greatness, ABB's 105,000 employees are determined to drive innovations that fuel industrial transformation. In August 2022, ABB announced that it had signed an acquisition to purchase Siemen's low-voltage NEMA motor business. With manufacturing operations in Guadalajara, Mexico, this acquisition provides a well-regarded product portfolio, a longstanding North American customer base, and experienced operations, sales, and management team.
Also, WEG is a electric-electronic equipment firm, operating majorly in the capital goods sector with solutions in electric machines, automation and paints for several sectors, including infrastructure, steel, pulp and paper, oil and gas, and mining, among many others. WEG stands out in innovation by constantly developing solutions to meet the major trends in energy efficiency, renewable energy and electric mobility. With manufacturing units in 12 countries and present in more than 135 countries, the company has more than 36,900 employees worldwide. In July 2022, WEG launched the W12 electric vehicle motor, designed for high-performance industrial applications while offering versatility and efficiency.
March 19, 2023: The introduction of a large-scale, centralized electric truck charging system was today announced by Penske Truck Leasing, Hitachi America, Ltd. (Hitachi), and Hitachi Energy. Penske's electric truck deployments for its customers in the Stockton, California area are supported by this innovative project. Hitachi Energy has provided Penske with its cutting-edge Grid-eMotion® Fleet EV charging system for this pilot program. To meet the demanding needs of truck fleets of various sizes, the integrated direct current (DC) fast charging solution is made to scale up and deliver multi-megawatt level charging capabilities.
One of the new system's features is that, in comparison to traditional charging systems, it can reduce space requirements by up to 60%. Furthermore, it reduces cabling requirements by up to 40%, guaranteeing resource efficiency and preserving high-capacity charging for electric cars (EVs).
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 38.1 billion |
| Market Size 2022 | USD 45.91 billion |
| Market Size 2030 | USD 169.36 billion |
| Compound Annual Growth Rate (CAGR) | 20.50% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Continental AG (Germany), Hitachi Automotive Systems Ltd. (Japan), Tesla Inc. (US), BYD Auto Co. Ltd. (China), Denso Corporation (Japan), Metric Mind Corporation (US), Mitsubishi Electric Corporation (Japan), Allied Motion Technologies Inc. (US), Robert Bosch GmbH (Germany), and Siemens AG (Germany). |
| Key Market Opportunities | Emerging robotic technology will increase the demand for electric vehicle motor. |
| Key Market Dynamics | The rise in demand for electric vehicle motor Stringent safety regulations set by the government for the automotive industry |
Electric Vehicle Motor Market Highlights:
Frequently Asked Questions (FAQ) :
The electric vehicle motor market size was valued at USD 38.1 Billion in 2021.
The market is projected to grow at a CAGR of 4.7% during the forecast period 2022-2030.
North America had the largest share of the market
The electric vehicle motor key players are Continental AG (Germany), Hitachi Automotive Systems Ltd. (Japan), Tesla Inc. (US), BYD Auto Co. Ltd. (China), Denso Corporation (Japan), and Metric Mind Corporation (US).
The >80 Kw category dominated the market in 2021.
The DC brushed motors had the largest share in the market.
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