Electric Vehicle Motor Market Size to Surpass US$ 10.7 Bn By 2030

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05 Oct 2024

Table of Content

In 2022, the electric vehicle motors market size was estimated to be worth USD 8.68 billion. The size of the worldwide market for electric vehicle motors is anticipated to be approximately USD 40.58 billion by 2030 and is anticipated to expand at a notable CAGR of 21.26% from 2022 to 2030.

To control electric automobiles, an electric vehicle motor is an electromechanical device that totally transforms electric energy into mechanical energy. These anomalies are brought on by the interplay of the attractive field and flow in an electric engine. An electric vehicle engine's orientation, end section, shape, cooling edge, rotor, and stator are all crucial components. As the number of electric cars increases, the market for electric vehicle motors is predicted to grow quickly due to benefits such zero discharges, high efficiency, cheap maintenance costs, and computerised control. These engines are used in motorcycles that at least have one electric motor, whereas traveller and commercial vehicles often have two or more electric motors, depending on the size and purpose of the vehicle. 

The growing desire for longer electric vehicle ranges is the main driver fueling the need of the EV motor, which in turn is expected to boost market expansion during the projected period. The electric powertrain control systems have a big impact on how far an electric car can go. The implementation of strict government rules is another significant factor driving the market's expansion. In an effort to lessen the global warming causes, several nations have enacted strict emission standards. It leads to automakers to create zero-emission cars to comply with the stricter emission criteria. Due to the increased emphasis on creating more effective electric cars as a result of these restrictions, the market is expected to rise over the projected period. The implementation of subsidies and various tax schemes for EV production companies and consumers are further market development drivers.

Regional Snapshots

The demand for electric engines for electric cars continues to be dominated by Asia-Pacific. Due to increased EV sales, particularly in China, the Pacific region has captured the largest share of the global electric motor market. The largest producer and consumer of electric vehicles worldwide is China. Public policy objectives, constructive rules, and neighbourhood air quality considerations all promote local interest. For instance, China has mandated that manufacturers of electric or crossover cars account for no less than 10% of all new vehicle purchases. Beijing only grants 10,000 permits each year for the enlisting of burning motor vehicles in order to encourage residents to transition to electric cars. Additionally, the local automobile industry is thriving. The most notable region in the world for producing vehicles is Asia Pacific. Thus, during the speculative term, the APAC market will likely be driven by the expansion of these end-use organisations.

Because of increased interest in the oil and gas sector and increased building activity within the regions, which advances the expansion of the private and commercial areas, it is projected that Latin America, the Middle East, and Africa would see remarkable improvement.

Electric Vehicle Motor Report Scope

Report Highlights

• With a 57.9% market share in 2021, the AC motor type segment led the market.
• The DC motor type sector reported a revenue share of 41.9% in 2021.
• In 2021, the Asia Pacific region held the majority of market revenue with a 46.9% share.
• Between 2022 and 2030, the CAGR for Latin America, the Middle East, and Africa is expected to be notable.
• The passenger car segment dominated the overall market in 2021. This market may be divided into traveller vehicles and business vehicles based on the kind of vehicle.
• Various countries throughout the world have established stringent emission rules to reduce GHG transmissions and so regulate the causes of an unnatural weather shift. In this approach, it foresees that automakers would need to produce zero-release automobiles in order to adhere to harsher spread regulations. These recommendations have highlighted the acquisition of more powerful electric cars, which will drive market development throughout the anticipated time period.
• Rapid urbanisation is a major factor influencing market development since it increases the cost of financial transportation options like electric automobiles. When compared to IC automobiles, electric vehicles are both more economically wise and less harmful to the environment.

Market Dynamics

Drivers

Several important factors are driving the worldwide market for electric vehicle motors. Among them, increasing the range of electric cars' driving increases demand among people generally, promoting market expansion during the foreseeable term. Additionally, the implementation of important unofficial legislation in several locations may be another growth driver for the whole industry. The two main growth drivers in the total market are the presentation of tax reductions and sponsorships for electric car manufacturers and end users.

The primary factors influencing the electric vehicle motor market are advancements in the field of electric vehicles as well as an expansion of governmental rules and guidelines regarding vehicular outflows.

However, the high initial cost of an electric engine and the high ongoing maintenance expenses associated with an electric engine restrict market expansion. Additionally, despite these obstacles, mechanical developments like the development of energy-efficient engines are anticipated to support market expansion sooner rather than later. Additionally, a flurry of government initiatives related to electric cars will undoubtedly create a number of opportunities for industry growth.

Restraints

The total market for electric vehicle engines may experience market limits due to the high initial cost of electric engines and the high maintenance costs of electric motors. In addition, overall essential parts are working to overcome these obstacles and accelerate the growth of the electric car motor Industry during the coming few years. States in a few nations are encouraging the use of electric cars for commercial transportation in an effort to reduce the emissions of substances that affect ozone into the atmosphere. However, the absence of an electric vehicle charging infrastructure is a barrier for the sector.

Opportunities

The market Overall for electric vehicle motor has more likely prospects as a result of the rapid growth in electric car production and sales as well as the growing emphasis on more efficient creation. The growing use of high-performance engines in electric cars is creating appealing opportunities for producers and industry participants in the broader electric vehicle motor sector.

Challenges

The global market for electric vehicle motors is expected to address crucial problems with the availability of rare earth metals needed to make super-durable magnets for coordinated engines, since these metals are defenceless against trade supply problems and obstacles. Additionally, the COVID-19 pandemic, which has a negative impact on the industry, may provide challenges to the market as a whole.

Global market transactions have been affected by the epidemic overall. In any event, the leading companies have implemented a variety of plans and ideas to increase the Market Size over the speculative time.

Recent Developments

• General Motors Co., which has taken a significant interest in electric vehicles, agreed to purchase an 11 percent investment in Nikola Corp. for around $2 billion in September 2020.
• In February 2021, a number of automakers, such Nikola Motor and QuantumScape, aggressively opened to the world through SPAC agreements. Other automakers, however, such as Lightning eMotors and ChargePoint, are expected to eventually merge with GM and Ford.
• California and a group of manufacturers announced a new agreement in July 2019 to reduce ozone depleting chemical outflows, which will serve as a public choice for stricter car restrictions.
• Toyota unveiled its new LS and Mirai cars in Japan in April 2021. Both feature cutting-edge driver assistance systems.

Key Players

• Yasakawa Electric
• Gkn Driveline
• Toshiba
• Continental
• Denso
• Baldor Electric
• Hitachi Automotive Systems

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