The global electric vehicle motor market size was exhibited at USD 8.70 billion in 2023 and is projected to hit around USD 63.55 billion by 2033, growing at a CAGR of 22.00% during the forecast period of 2024 to 2033.
Key Takeaways:
Electric Vehicle Motor Market Report Scope
| Report Coverage | Details |
| Market Size in 2024 | USD 8.70 Billion |
| Market Size by 2033 | USD 63.55 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 22.00% |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Segments Covered | Type, Vehicle Type, Motor Type, Power Rating, Application, Powertrain Type, Marketplace, End User, Geography |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Yasakawa Electric, Gkn Driveline, Toshiba, Continental, Denso, Baldor Electric, Hitachi Automotive Systems. |
The execution of thorough contamination and efficiency norms, government motivating forces, and improved charging foundation are a portion of the essential drivers driving the market's development, bringing about expanded reception of electric vehicles. During the anticipated period, the presentation of electric vehicles will increment interest for electric engines. Worldwide energy utilization, as well as the use of electrical hardware and apparatus in different areas and the renewables area, will drive market development.
The electric vehicle engine is an electromechanical gadget that changes electric energy into mechanical energy over completely to control electric vehicles. This impact is brought about by the communication of the attractive field and flow of an electric engine. End section for an electric vehicle engine, which incorporates direction, a cooling outline, an edge, a rotor, and a stator. The electric vehicle engine market is anticipated to grow fundamentally during the estimate time frame because of an expansion in the quantity of electric vehicles, which is credited to advantages, for example, zero-outflow, low upkeep cost, high productivity, and independent control. These engines are valuable in bikes that have at least one electric engines, while traveler and business vehicles have at least two electric engines relying upon the aspects and utilization of the vehicle.
Growth factors
The ascent popular for extending the driving scope of electric vehicles is the essential driver driving the development of the electric vehicle engine, which affects the market's development all through the figure period. The electric vehicle's reach is intensely dependent on the electric powertrain control frameworks. One more significant driver of market extension is the execution of serious administrative guidelines. Numerous countries all through the world have set thorough discharge norms to diminish GHG emanations thus moderate the reasons for an unnatural weather change. Subsequently, it expects automakers to create zero-discharge vehicles to satisfy more stricter emanation rules. These regulations have brought about a more noteworthy accentuation on the assembling of additional proficient electric vehicles, which will drive market extension during the projection time frame.
Different variables driving business sector extension incorporate the execution of tax reductions and appropriations for EV makers and end clients. Certain obstacles and imperatives are being capable, which will obstruct generally speaking business sector extension. The high introductory expense of an electric engine, as well as the high upkeep cost associated with an electric engine, are compelling business sector development.
Key market Drivers
Increase in demand for electric vehicles
A primary factor influencing the growth of the electric vehicle engines, which has an impact on the market's growth during the forecast period, is the rise in popularity for expanding the range of electric cars. The electric vehicle powertrain control frameworks have a significant impact on the electric vehicle's range. The implementation of strict administrative restrictions is another important factor in industry expansion.
Many governments have established stringent discharge standards to reduce GHG emissions and mitigate the causes of unnatural weather change. It thus anticipates automakers to develop zero-discharge automobiles to abide by tougher emission regulations. These laws have resulted in a more significant focus on the production of more capable electric car, which will fuel market expansion during the forecast period.
Increased demand for HVAC systems in residential, commercial, and industrial end-users
HVAC which is also known as heating, ventilation, and air conditioning systems uphold the quality of interior air and provide thermal comfort. They are among the basic elements of modern infrastructures, especially for massive office or commercial complexes. Electric DC motors are frequently used in HVAC systems to increase the efficiency of the airflow system and extend the life of the motors.
HVAC systems are becoming more and more necessary as the region's industrial and commercial sectors continue to grow, especially in China and India. According to a study by the market intelligence company Timetric Construction Intelligence Center, USD 1.08 trillion is expected to be invested in the global construction sector over the course of the next four to five years, primarily for the development of industrial structures (CIC).
Key Market Challenges
A small number of Chinese producers are in charge of setting the costs of raw materials including speciality alloys, copper wires, permanent magnets, steel bars, and thin precision metals required to create electric motors. The price of the product defines the dominance of specific providers in the market because there is little to no product differentiation. The other producers and suppliers in the market must bear the ensuing price changes. For instance, manufacturers and suppliers are unable to pass on price changes to end-user consumers when rare-earth permanent magnet costs fluctuate during the production processes. As a result, raw material suppliers' profit margins are impacted significantly.
Key market opportunities
Growing robotics technology and the global automotive industry's transition to electric cars
The worldwide automotive industry is making a technological shift toward electric means of transport. The encouraging steps made in Europe to decarbonize people are encouraging an increase in the usage of electric cars which are embedded with electric motors. Also, the cost associated with batteries has decreased, and innovations related to batteries have improved time for charging. Increasing government assistance such as tax breaks and incentives to peruse the utilization of electric motors in eco-friendly electric cars is also acting as a development opportunity for the electric motor market.
Segments Insights:
Vehicle Type Insights
The passenger vehicle fragment is supposed to overwhelm the market. In light of vehicle type, this market might be separated into traveler cars and business vehicles. In 2023, the passenger car area will overwhelm the overall market. Quick urbanization, which increments interest for monetary transportation mediums like as electric vehicles, is a key driver influencing market extension. When contrasted with IC vehicles, electric vehicles are more financially savvy and have a lower ecological effect. Accordingly, legislatures in significant economies like the China, India and USA energize the utilization of such vehicles. Such government backing, joined with expanded public interest in EV innovation, is projected to fuel EV interest before very long. Since the Electric vehicle On-Board charger business is inseparably connected to the EV business, development in the last option will ultimately prompt expanded interest for chargers. In spite of the fact that there are restricted potential outcomes in the business market from the EV environment, what's to come looks encouraging as key makers offer new items. Business EV reception is more troublesome than traveler vehicle reception since such vehicles utilize greater power and require more upkeep. We guess that interest for business EV on-board chargers will ascend as the quantity of business EV models available extends all through the gauge period.
Type Insights
The overall Market has been fragmented into D.C. Brushless Motors, DC Brushed Motors, Induction Motor, Switched Reluctance Motor, and Synchronous Motor. The D.C. Brushed Motors classification is supposed to lead the Market concerning development.
This fragment contains brushes and commutators that interface the engine's armature to the outer stockpile circuit. Carbon graphite, carbon, copper, and metal graphite are among the materials used to make these brushes.
Technology Insights
The developing ascent of self-driving trucks will influence the electric vehicle market. Top OEMs like as Tesla, Volvo, Vera, and Daimler, among others, have been creating self-driving electric vehicles for the market. New companies like Uber, Waymo, Embark, TuSimple, Einride and Ike have additionally started to make self-driving electric vehicles. For instance, Tesla uncovered plans to send its self-driving electric vehicle toward the finish of 2023. In this way, self-driving innovation will upgrade interest for electric vehicles in the long haul inferable from different advantages, for example, decreased mishap risk, comfort of purpose, and the consideration of significant worth added highlights. This innovation is projected to develop during the following 6 years. Consequently, the headway of self-driving electric vehicle innovation is profitable for market development.
Application Insights
The market is separated into applications like modern hardware, engine vehicles, HVAC gear, electrical machines, and others. In view of expanded interest in electric vehicles and the car business to meet worldwide targets for diminishing fossil fuel by products, the engine vehicle class is projected to go on at the front line. Developing modern speculation and rising requirement for energy-effective engines increment interest for modern hardware and HVAC gear. The rising arrangement of electrical engine based merchandise in the private area, like vacuum cleaners, clothes washers, coolers, and others, will drive the extension of the electrical machines section later on years.
End User Insights
Expanding accentuation on vehicles to decrease fossil fuel by products and lift the transportation portion the market is separated into modern, business, private, agribusiness, and transportation fragments in light of end-client. With states all through the world zeroed in on creating supporting regulations and guidelines to bring issues to light about the utilization of electric vehicles in their singular countries, the interest for electric engines from the car business in the transportation area has been expanding. This example is supposed to continue for a considerable length of time, driving interests in the transportation business. As a fundamental component of the functioning framework, the growing requirement for rural and modern siphons and engines, as well as homegrown machines, will drive the interest for electric engines.
Geography Insights
During the projected period, Asia Pacific is supposed to have the most elevated portion of the electric engine market. China, India, Japan, South Korea, Australia, and the remainder of Asia Pacific make up Asia Pacific. With developing industrialization, Asia Pacific countries are moving toward web based modern exercises in all areas. The GSM Association reports that created Asia Pacific nations like as Japan, Australia and South Korea are progressively exploring the conceivable outcomes of new administrations and connected items. The district's car industry is in like manner flourishing. Asia Pacific is the world's most noteworthy producer of cars. In 2018, the region delivered north of 50 million business vehicles. These variables are projected to support the development of the Asia Pacific electric engine market.
Moreover, with rising industrialization, Asia Pacific nations are moving toward web based modern exercises in each space. Nations like as Japan, Australia, and South Korea as per the GSM Association, are progressing in their investigation of the conceivable outcomes of new administrations and connected gadgets. Also, the car business is flourishing in the locale. Asia Pacific is the world's most noteworthy producer of automobiles. Thus, the extension of these end-use enterprises is probably going to drive the APAC market over the conjecture period.
Latin America and the Middle East and Africa are anticipated to see dramatic improvement because of expanded interests in the oil and gas industry and expanded building movement inside the areas, which advances the extension of the private and business areas.
Key market developments
Some of the prominent players in the electric vehicle motor market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global electric vehicle motor market.
By Type
By Vehicle Type
By Motor Type
By Power Rating
By Application
By Powertrain Type
By Marketplace
By End User
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers