Electric Vehicle Motor Market Size, Growth, Trends, Report 2032

The global electric vehicle motor market was valued at USD 10.24 billion in 2023 and is predicted to reach around USD 56.95 billion by 2032, expanding growth at a CAGR of 21% from 2023 to 2032.

Key Points:

AC motor type segment accounted 59% of revenue share in 2022.
DC motor type segment garnered 43% revenue share in 2022.
Asia Pacific region accounted market share of around 48% in 2022.
Latin America and the Middle East and Africa are expected to grow at a remarkable CAGR from 2023 to 2032

Electric Vehicle Motor Market Size 2023 to 2032

The electric vehicle (EV) motor market has experienced significant growth in recent years due to increasing demand for electric vehicles globally. This market encompasses a variety of electric motors used in EVs, including induction motors, permanent magnet motors, and others. The market is poised for continued expansion as EV adoption rises, supported by advancements in motor technology and government incentives for cleaner transportation.

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Table of Contents

Growth Factors:

Key growth factors in the EV motor market include the rising demand for eco-friendly transportation options, advancements in electric motor technology, and increased investment in electric vehicle infrastructure. Additionally, stricter emission regulations worldwide are pushing automakers to develop and produce more electric vehicles, thereby boosting the demand for EV motors.

Region Insights:

The EV motor market exhibits different growth patterns across various regions. In North America, the market is driven by government incentives and policies promoting electric vehicle adoption. In Europe, stringent emission standards and a strong focus on sustainability drive market growth. Asia-Pacific, particularly China, is a major hub for EV production and consumption, leading the market with high demand and manufacturing capabilities.

Report Scope of the Electric Vehicle Motor Market

Report Coverage	Details
Market Size by 2032	USD 56.95 Billion
Growth Rate from 2023 to 2032	CAGR of 21%
Asia Pacific Market Share in 2022	48%
AC motor Type Market Share in 2022	59%
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Type, Vehicle Type, Motor Type, Power Rating, Application, Powertrain Type, Marketplace, End User, Geography

Drivers:

The main drivers of the EV motor market include government policies promoting EV adoption, advancements in motor efficiency and performance, and growing consumer awareness of environmental issues. Additionally, the development of improved charging infrastructure and the declining cost of EV technology are key drivers that support market growth.

Opportunities:

Opportunities in the EV motor market include the development of more efficient and cost-effective motor technologies, expanding electric vehicle models across different vehicle types, and increased collaboration between automakers and technology companies. There is also potential for growth in emerging markets where EV adoption is still in its early stages.

Challenges:

Challenges in the EV motor market include high initial costs for EVs and their components, limited charging infrastructure in certain regions, and competition from traditional internal combustion engine vehicles. Additionally, the supply chain for critical materials, such as rare earth elements used in certain types of motors, can pose risks and uncertainties for manufacturers.

Key market developments

Electric vehicles have turned into a fundamental part of the car business. It gives a way toward more noteworthy energy effectiveness, as well as lower outflows of toxins and other ozone depleting substances. The key components driving this ascent incorporate rising ecological worries, as well as gainful government endeavors. The yearly deals volume of electric traveler vehicles is assessed to surpass 5 million units toward the finish of 2025, and it is normal to represent 15 percent of complete vehicle deals toward the finish of 2026.
Super Power Systems marked another coordinated effort manage Statcon Energiaa (SE), an India-based power hardware producing business, in April 2021. The understanding is supposed to expand two associations’ involvement with the examination, assembling, and showcasing of force hardware items for the energy, rail, and protection businesses.
In February 2021, Johnson Electric presented another line of Low Voltage DC (LVDC) engines with highlights like little size, high power thickness, low working commotion, and high force. The new things are explicitly intended to give Smart Furniture like clinical beds, level flexible workstations, savvy chairs, and other buyer items a 17 percent longer life.
Mabuchi Motors expressed in June 2021 that it will finish a 100% procurement of Electromag SA for a complete capital of about CHF 0.1 million or USD 0.11 million. Mabuchi’s portfolio will be extended with new brushless engines used in medical care offices like ventilators and dental therapy.

Electric Vehicle Motor Market Companies

Shenzhen V&T Technologies Co. Ltd.
Time High-Tech Co. Ltd.
Shanghai E-drive Co. Ltd.
Kelly Controls LLC
BYD
Zhuhai Enpower Electric Co. Ltd.
Delta Electronics
Profile
Chroma ATE Inc.
DEC Dongfeng Electric Machinery Co. Ltd.
Canadian Electric Vehicles Ltd
Fujian Fugong Power Technology Co. Ltd.
Hunan CRRC Times Electric Vehicle Co. Ltd.
Nidec (Beijing) Drive Technologies Co. Ltd.
Jing-Jin Electric Technologies (Beijing) Co. Ltd.
United Automotive Electronic Systems Co. Ltd. (UAES)
Shenzhen Inovance Technology Co. Ltd.
JEE Automation Equipment Co. Ltd.
Shandong Deyang Electronics Technology Co. Ltd.
Beijing Siemens Automotive E-Drive System Co. Ltd.
Zhongshan Broad-Ocean Motor Co. Ltd.
Parker
Prestolite E-Propulsion Systems (Beijing) Limited

Segments covered in the report

By Type

AC Motor
- Synchronous AC Motor
- Induction AC Motor
DC Motor
- Brushed DC Motor
- Brushless DC Motor

By Vehicle Type

Pure Electric Vehicle
Hybrid Electric Vehicle
Plug-in Hybrid Electric Vehicle
Fuel Cell Electric Vehicle (FCEV)

By Motor Type

Induction Motor
Synchronous Motor
Switched Reluctance Motor

By Power Rating

Up to 60 KW
60 to 90 KW
Above 90 KW

By Application

Electric Two-Wheeler
Electric Three-Wheeler
Electric Commercial Vehicles
Electric Passenger Cars

By Powertrain Type

Single Motor
Dual Motor
Triple Motor
Four Motor

By Marketplace

OEM
Aftermarket

By End User

Agribusiness
Transportation
Private
Business

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa