The Global Electric Motors for Electric Vehicle Market size was valued at USD 205.68 Billion in 2022 and is projected to reach USD 1365.88 Billion by 2030, growing at a CAGR of 26.7% from 2022 to 2030.
Electric Motors For Electric Vehicle Market Overview:
An electric vehicle motor is an electromechanical device used to power an electric vehicle by converting electrical energy into mechanical energy. This phenomenon is achieved by the interaction of the electric motor's magnetic field and current. Electric vehicle motor end bracket is composed of bearing, cooling frame, frame, rotor and stator. The electric vehicle motor market is expected to witness lucrative growth during the forecast period owing to the increase in electric vehicles owing to their advantages such as zero emissions, low maintenance cost, high efficiency and automatic control. This motor can be applied to two-wheeled vehicles integrated with one or quite a single electric motor. Passenger cars and commercial vehicles are integrated with two or more electric motors, depending on the size and use of the vehicle.
The major factor driving the growth of electric vehicle motors is the growing demand for improved driving range of electric vehicles, which will positively impact the market growth during the forecast period. The range of electric vehicles mainly depends on the electric powertrain control system. Another major driver for market growth is the introduction of stringent government regulations. Many countries around the world are implementing stringent emission standards to lower greenhouse gas emissions to reduce the causes of global warming. Therefore, automakers must develop zero-emissions vehicles to meet more stringent emission standards. These regulations have increased interest in more efficient electric vehicle production, driving the market growth over the forecast period. Other factors driving market growth are the introduction of tax incentives and subsidies for EV manufacturers and end users.
There are certain challenges and constraints that will hinder overall market growth. Factors such as high initial cost of electric motors and high maintenance costs associated with electric motors are restraining the market growth. Additionally, lack of standardization in charging infrastructure hinders market growth. Additionally, the high cost of EVs compared to ice vehicles, strict charging station installation rules and limited EV range are potential restraints hindering the overall growth of global electric motors for electric vehicles market. Nevertheless, advancements in technology, the use of vehicle-to-grid (V2g) EV charging stations, EV charging stations powered by renewable energies, and untapped potential in emerging markets provide lucrative growth opportunities.
Electric Motors For Electric Vehicle Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Electric Motors For Electric Vehicle Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In February 2021, several automakers, including Nikola Motor and QuantumScape, have already gone public through SPAC deals, while others, such as Lightning eMotors and ChargePoint, are expected to merge with GM and Ford in the future.
- In September 2020, General Motors Co., which has made a major foray into electric vehicles, concluded that it would buy an 11% stake in Nikola Corp. for nearly $2 billion.
Major Market Segments Covered in Electric Motors For Electric Vehicle Market Industry Research:
Market Key Players:
Hitachi Automotive Systems, Mitsubishi Electric, Baldor Electric, Bosch, Denso, Emerson Electric, And Others.
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Pure Electric Vehicle (PEV)
- Passenger Cars
- Commercial Vehicles
Policies in Europe and China will boost the adoption of electric vehicles and, in turn, boost the massive growth of global electric motors in the electric vehicle market. Electrification of transportation systems in Europe and North America is also set to accelerate after 2020, driven by electric buses. Against the backdrop of plummeting battery costs and increasing manufacturing scale, sales of electric mirrors for electric vehicles will surge. In Western Europe, the UK and Germany are expected to lead the electric motor market for electric vehicles thanks to strong sales of electric buses.
Additionally, investments in ASEAN countries to increase the fleet of electric buses and surge electric vehicle adoption will help the global growth of the electric motor market for electric vehicles. Promising growth is expected worldwide, with the US, China and Europe becoming key regions for electric motors for the electric vehicle market in the near future.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
Furthermore, efforts by local governments around the world to curb the harmful emissions produced by vehicles powered by fossil fuels are driving the global electric motor for electric vehicle market. However, the projected volume of electric vehicles by 2025 is insufficient charging infrastructure for electric vehicles which will impact the demand for electric motors for electric vehicles. Some of the major OEMs are investing heavily in electric vehicles which will drive expansion in the global electric motors for electric vehicle market.
Key issues associated with electric motors for electric vehicles include fuel cell cost, fuel production feasibility, and gas station availability. The prevalence of conventional vehicles combined with high electric vehicle prices across Asia, Latin America and the Middle East is expected to slow down the adoption of electric vehicles in the market. Thus hindering the global electric motors for electric vehicles market.
Beyond this, most OEMs use permanent magnet motors that rely on metal due to the fact that they are generally stronger, lighter and more efficient than induction electric motors for electric vehicles. To remain competitive in the global electric motors for electric vehicle market, manufacturers of electric motors for electric vehicles aim to reduce electric motor cost, volume and weight while increasing performance, efficiency and maintaining reliability.
Electric Motors For Electric Vehicle Market report scope:
Key Takeaways from this Electric Motors For Electric Vehicle Market Report
- Estimate Electric Motors For Electric Vehicle Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Electric Motors For Electric Vehicle Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
What is the CAGR of Electric Motors For Electric Vehicle Market?
The Electric Motors For Electric Vehicle Market is growing at a CAGR of 26.7% During Forecast Period.
What are the key types of Electric Motors For Electric Vehicle Market?
Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Pure Electric Vehicle (PEV)
What are the key applications of Electric Motors For Electric Vehicle Market?
Passenger Cars, Commercial Vehicles
Who are the key players in Electric Motors For Electric Vehicle Market?
Hitachi Automotive Systems, Mitsubishi Electric, Baldor Electric, Bosch, Denso, Emerson Electric, And others.