The Electric Vehicle Motor market is expected to grow at a CAGR of 21.2 % to reach US$ 396.3 Bn in 2032.
.jpg "The Global Electric Vehicle Motor Market 2022-2032 (USD Billion)")
Factors that have contributed in higher growth of the electric motor vehicle market is arriving demand for driving range of electric vehicles which results in positive impact on growth of market. The element on which range of electric vehicle is highly dependent is electric powertrain control systems. Other important attribute is the introduction of stringent government regulations. Globally, many nations have applied strict emission norms for lowering GHG emissions as to reduce the cause of global warming.
Geographically, the regions which are highlighted are LAMEA, North America, Europe and Asia-Pacific. Asia Pacific region is projected to contribute the maximum to the electric car motor market growth. The prompt increase in sales and production of electric vehicles in countries such as China and Japan and the presence of original equipment manufacturers, is expected to boost Asia-Pacific electric vehicle motor market share.
vehicles (EVs) and hybrid electric vehicle (HEVs) will be two factors that will dominate the global electric vehicle motor market which is expected to impact positively on market. EVs and hybrid are primarily powered by batteries. Various countries are taking initiatives in direction of lowering global warming. On increasing verge, countries are offering tax benefits and incentives to mount the use of green vehicles like EVs and HEVs. To invite more manufacturers for producing EVs and hybrids, top vehicle market regions started providing subsidies and incentives to them. This will be another considerable factor to promote the sale of EVs and HEVs in electric vehicle motor market in the upcoming time.
The global electric vehicle motor market segmentation is based on vehicle type, geography and type. On the grounds of type, it is split into synchronous AC motor and induction AC motor), alternate current (AC) motor, and direct current (DC) motor (brushless DC motor, brushed DC motor, and hermetic motor). DC Brushed Motors is envisioned to dominate the growth of the market. Based on vehicle type, it is classified as passenger cars, two-wheelers and commercial vehicles.
Based on power rating, the global market has categories which includes <40 Kw, 40 Kw-80 Kw and >80 Kw. The >80 kW segment is anticipated to dominate in all types of power rating during the forecast period. These types of motors are mainly used by the automotive manufacturers in luxury vehicles.
The key players of global electric vehicle motor market are Toyota Motor Corporation, Ford Motor Company, Ametek Incorporation, Baldor Electric Company Inc., Asmo Corporation Limited, Rockwell Automation Incorporation, Honda Motor Co., Ltd., Franklin Electric Cooperative Incorporation, Tesla Motors, Inc., Nissan Motor Corp ABB Group Ltd., Siemens AG, Baldor Electric Incorporation, Allied Motion Technologies Inc., ARC Systems Incorporation, Johnson Electric, oration Ltd., Brook Crompton UK Limited and BMW AG.
Electric Vehicle Motor Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | US$ 396.3 Bn |
| Growth Rate | CAGR of 21.2 % during 2022-2032 |
| Segment Covered | By Product Type, By Power, By EV Type, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Tesla Inc., Aisin Seiki Co Ltd, Bosch Mobility, Siemens AG, Nidec Motor Corporation, ABB Ltd, Toshiba Corporation, Magna International, Mitsubishi Electric, Hitachi Astemo, Parker Hannifin Corp., Delta Electronics Inc., BYD, Mahle GmBH, Vitesco Technologies |
Key segments of ‘Global Electric Vehicle Motor’
Based on motor type, the market has been segmented into,
- DC brushed motors
- DC brushless motors
- Induction (Asynchronous) motor
- Synchronous Motor
- Switched Reluctance motor
Based on device, the market has been segmented into,
- <40 kW
- 40 kW-80 kW
- >80 kW
Based on region, the market has been segmented into,
- Americas
- APAC
- EMEA
Key vendors
- Bosch
- Continental
- Delphi
- DENSO
- Tesla
Frequently Asked Questions (FAQ) :
Toyota Motor Corporation, Ford Motor Company, Ametek Incorporation, Baldor Electric Company Inc., Asmo Corporation Limited, Rockwell Automation Incorporation, Honda Motor Co., Ltd., Franklin Electric Cooperative Incorporation, Tesla Motors, Inc., Nissan Motor Corp ABB Group Ltd. are a few major players in electric vehicle motor market.
To get latest version of electric vehicle motor market report can be obtained on demand from the website.
The base year for the report is 2023 in electric vehicle motor market.