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The market for Electric Vehicle (EV) Motors is affected by different things. These factors change the way it works, influencing both how many of these motors are made and sold with electric cars. The main cause of the market is a worldwide effort to make transportation more environmentally friendly. People are starting to worry about pollution and climate change. Because of this, governments and those who buy things like cars want more electric vehicles instead of regular old engine powered ones because they're cleaner for the environment. The world is moving towards eco-friendly transportation, which means more demand for EV engines. They are very important in changing to a future with less pollution from cars and trucks.
Policies by the government and rewards have a big part in how the EV Motor market grows. Many governments around the world are making rules and giving bonuses to encourage people to buy electric cars. This includes helping out with money, tax breaks and rules that encourage car makers to make electric cars and people buying them. Moreover, efforts to increase places for charging help the whole market change. They affect both making and using electric motors in cars.
Technology improvements are important things in the electric motor business for cars. Changes in how engines are made, what they're built from and the ways we make them help EV motors work better, use less energy and save money. Improvements in batteries, power controls and systems make electric cars work better and go farther. As the market for electric cars grows, those who make motors must keep up with new technology. They need to provide top-notch solutions that meet more and more requests from car makers.
The cost of batteries and the total price for electric cars make a big difference in the EV Motor market. The falling price of lithium-ion batteries, which are a main part of electric cars, helps make EVs cheaper. This then drives more people to want them and raises the demand for motors in these vehicles. Government help and payments also change how money is spent on electric cars. This makes them more wanted by people, which helps the market to grow.
The EV Motor market is greatly affected by global trends in the car industry and choices made by buyers. As more people care about being environmentally friendly and look for ways to save energy, they want electric cars. This is making their popularity grow too. Car companies are answering these changes by giving us more electric cars, which in turn makes people want better and sure EV motors.
Infrastructure development, specifically the expansion of charging networks, contributes to the growth of the EV Motor market. The availability of charging infrastructure is a critical factor influencing consumer confidence in electric vehicles. As governments and private entities invest in the development of charging stations, it enhances the feasibility of owning and operating electric vehicles, ultimately boosting the demand for EV motors. The progress in charging infrastructure alleviates range anxiety and supports the broader adoption of electric mobility.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 45.91 Billion |
| Growth Rate | 20.50% (2022-2030) |
Electric Vehicle Motor Market Highlights:
Electric Vehicle Motor Market Overview:
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
Electric Vehicle Motor Market Trends
Rising demand for energy-efficient motors to boost the market growth
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.
Electric Vehicle Motor Market Segment Insights:
Electric Vehicle Motor Power Rating Insights
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.
Figure 1: Electric Vehicle Motor Market, by Power Rating, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Vehicle Motor Type Insights
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.
Electric Vehicle Motor Regional Insights
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.
Figure 2: Electric Vehicle Motor Market Share By Region 2021 (%)
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.
Electric Vehicle Motor Key Market Players & Competitive Insights
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.
Key Companies in the Electric Vehicle Motor market include
- 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)
- Siemens AG (Germany), among others
Electric Vehicle Motor Industry Developments
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).
Electric Vehicle Motor Market Segmentation:
Electric Vehicle Motor Power Rating Outlook
- >80 kW
- 40 kW-80 Kw
- <40 kW
Electric Vehicle Motor Type Outlook
- Brushless Motors
- DC Brushed Motors
- Induction (Asynchronous) Motor
- Switched Reluctance Motor
- Synchronous Motor
Electric Vehicle Motor Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
-
Middle East
-
Africa
-
Latin America
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