Market Size of Electric Motors for Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 28.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Electric Vehicle Motor Market Analysis
The Electric Motors for Electric Vehicle Market is currently valued at USD 4.80 billion and is expected to register a CAGR of 28.63% during the forecast period.
COVID-19 led to manufacturing shutdowns, lockdowns, and trade restrictions that negatively impacted the electric motors for the electric vehicle industry in the first half of the year 2020. However, the post-COVID-19 recovery, the stringent automotive emissions norms adoption, and the provision of generous government incentives for the quick adoption of electromobility led to a very healthy rise in the sales of electric vehicles. It further produced significant growth in the sales of electric motors for electric cars. For instance, in 2020, electric passenger vehicle sales jumped to 3.1 million units, an increase of 39% over 2019.
In addition, the manufacturers implemented contingency plans to mitigate future business uncertainties to retain continuity with clients in the critical sectors of the automobile industry by diversifying their manufacturing and supply chains. For instance,
- In February 2020, Brose Fahrzeugteile SE & Co. KG opened its new campus in India at Hinjewadi near Pune. The new location will employ 430 people. Brose Fahrzeugteile SE & Co. KG announced an investment of EUR 60 million ( USD 62.4 million) in India in the future.
Over the long term, some of the major factors driving the growth of the market studied are the rising sales of electric vehicles due to the enactment of stringent emission and fuel economy norms, government incentives, and improving charging infrastructure. Massive investments in electric vehicles by major automotive companies, such as Toyota, Honda, Tesla, General Motors, and Ford, are expected to drive the electric motor market shortly. Additionally, the evolving partnerships between motor manufacturers and automotive companies are expected to expand the studied market globally.
Geographically Asia-Pacific is expected to be the largest electric motor market during the forecast period due to the presence of emerging markets such as China and India. Europe became a driving force in the market's development for the government's steps to curb carbon emissions. The United Kingdom, Germany, and France are all contributing to the market's expansion in this region.
Thus the factors mentioned above will further drive the growth in the electric motors for electric vehicles market globally.
Electric Vehicle Motor Industry Segmentation
Electric motors, primarily used for the propulsion/traction of electric vehicles, have been considered under the market scope. The electric motors for the electric vehicle market have been segmented by assembly type, application, motor type, vehicle type, power, and geography. The scope of the report covers details about recent developments, trends, and technologies in the market.
By assembly type, the market is segmented into the wheel hub and central Powertrain. The market is segmented by application type into passenger and commercial vehicles. The market is segmented by motor type: brushless DC motors, permanent magnet DC motors, asynchronous electric motors, synchronous reluctance motors, and others (axial flux ironless permanent magnet motors, switched reluctance motors, etc.) By power, the market is segmented into up to 100 KW, 101-250 KW, and Above 250 KW. By geography, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The report also provides market sizing and forecast for all the abovementioned segments in USD billion.
| Assembly | |
| Wheel Hub | |
| Central Power Train |
| Application | |
| Passenger Cars | |
| Commercial Vehicles |
| Motor Type | |
| Brushless DC Motor | |
| Permanent Magnet Synchronous Motor | |
| Asynchronous Motor | |
| Synchronous Reluctance Motor | |
| Others (Axial Flux Ironless Permanent Magnet Motor, Switched Reluctance Motors, etc. |
| Power | |
| Up to 100 kW | |
| 101-250 kW | |
| Above 250 kW |
| Geography | |||||||
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Electric Motors for Electric Vehicle Market Size Summary
The electric motors for electric vehicles market is experiencing significant growth, driven by the increasing adoption of electric vehicles worldwide. This surge is largely attributed to stringent automotive emissions norms, government incentives, and advancements in charging infrastructure. The market has rebounded strongly post-COVID-19, with manufacturers diversifying their supply chains to ensure continuity and meet the rising demand. Major automotive companies are investing heavily in electric vehicle technology, which is expected to further propel the market. The Asia-Pacific region, particularly China and India, is leading the market due to high sales and supportive government policies. Europe is also a key player, with countries like the United Kingdom, Germany, and France contributing to the market's expansion through initiatives aimed at reducing carbon emissions.
The demand for electric motors is anticipated to grow exponentially as electric vehicle sales rise in regions such as China, the United States, Japan, South Korea, and Europe. This growth is supported by government policies promoting electromobility and the phasing out of internal combustion engine vehicles. The market is moderately consolidated, with key players like Bosch Mobility Solutions, ABB, Nidec Corporation, and Brose Fahrzeugteile GmbH & Co. KG engaging in strategic activities such as joint ventures and capacity expansions to strengthen their market positions. These developments, coupled with the increasing focus on sustainable mobility solutions, are expected to drive the electric motors market for electric vehicles globally during the forecast period.
Electric Motors for Electric Vehicle Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Assembly
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2.1.1 Wheel Hub
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2.1.2 Central Power Train
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2.2 Application
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicles
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2.3 Motor Type
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2.3.1 Brushless DC Motor
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2.3.2 Permanent Magnet Synchronous Motor
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2.3.3 Asynchronous Motor
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2.3.4 Synchronous Reluctance Motor
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2.3.5 Others (Axial Flux Ironless Permanent Magnet Motor, Switched Reluctance Motors, etc.
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2.4 Power
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2.4.1 Up to 100 kW
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2.4.2 101-250 kW
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2.4.3 Above 250 kW
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Rest of North America
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2.5.2 Europe
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2.5.2.1 United Kingdom
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2.5.2.2 Germany
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2.5.2.3 France
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2.5.2.4 Italy
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2.5.2.5 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 India
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2.5.3.2 China
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2.5.3.3 Japan
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2.5.3.4 South Korea
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2.5.3.5 Rest of Asia-Pacific
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2.5.4 Rest of the World
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2.5.4.1 South America
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2.5.4.2 Middle-East and Africa
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Electric Motors for Electric Vehicle Market Size FAQs
What is the current Electric Motors for Electric Vehicle Market size?
The Electric Motors for Electric Vehicle Market is projected to register a CAGR of greater than 28% during the forecast period (2024-2029)
Who are the key players in Electric Motors for Electric Vehicle Market?
Bosch Mobility Solutions, ABB Co. Ltd., Nidec Corporation, Brose Fahrzeugteile SE & Co. KG and Johnson Electric Group are the major companies operating in the Electric Motors for Electric Vehicle Market.
