Electric Vehicle Motor Market Growth and Sights Market Research Study Forecasting Industry 27% CAGR

Electric Vehicle Motor Market Overview

Electric Vehicle Motor Market is expected to grow rapidly at a 27% CAGR consequently, it will grow from its existing size of from $47.89 billion in 2023 to $ 165.67 billion by 2030.

The Electric Vehicle (EV) Motor Market is a fast-growing sector of the automotive industry that focuses on the development production, integration, and distribution of electric motors to hybrid and electric vehicles.

The automotive industry is undergoing an exciting transformation towards electrification, demand for high-performance and efficient electrical propulsion technology has increased which has accelerated the growth of the electric motor market.

At its heart the electric vehicle motor is responsible for converting electrical energy generated by the battery in the vehicle into mechanical energy that drives the wheels.

The most popular kinds of electric motors typically employed in electric vehicles include Permanent Magnet Synchronous Motors (PMSM), Brushless DC Motors (BLDC) as well as Induction Motors. They offer distinct advantages in terms of power efficiency, density as well as the ability to design and build.

The increased focus on the reduction of carbon emissions, addressing the issue of climate change and achieving sustainability targets has led to the rapid adoption of electric vehicles across the world. This trend is a major driving factor behind this EV motor market's growing.

The world's regulatory and government agencies are creating incentives and policies to promote the development and use electronic vehicles which is further increasing the demand for electric motors.

The EV motor market is marked by constant technological advancements, and manufacturers are investing on research and development in order to increase the efficiency of motors, decrease weight, and improve the power output.

Furthermore, advances on motor control, energy management and cooling techniques are a major factor in improving the efficiency and range for electric vehicle.

Although the market offers significant opportunities, there are also challenges such as the need for a standard charging infrastructure, fears regarding the limitations of battery technology, and the cost of electric automobiles.

However, continuous developments of battery technologies, initiatives by the government and joint efforts in the auto industry are working to address these issues.

It is believed that the Electric Vehicle Motor Market is one of the key components of the shift to sustainable transport.

With electric cars becoming more commonplace, the demand for efficient, reliable as well as high performance electric motors are set to see significant growth, which makes the market for electric motors an essential factor in shaping the next phase of automobile industry.

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Trends 2024

In 2024 it was expected that the Electric Vehicle Motor Market was predicted to experience a number of notable developments. In the first place, a continuing emphasis on motor efficiency and density of power was expected. Manufacturers are likely to invest in new designs and materials to improve the efficiency of electric vehicles, while addressing issues related to the range of their vehicles and the efficiency of their energy.

The integration of sophisticated motor control systems as well as Artificial Intelligence (AI) for optimal control of energy and adjustments in real time was predicted to be a major trend. This could improve overall performance of the vehicle and better efficiency as well as addressing the issues associated with the rapid characteristics of electrical vehicle needs.

In addition, a shift towards modular and flexible motor designs was predicted. This is aimed at streamlining manufacturing processes, cut costs and increase flexibility when adapting technology to various types of vehicles and dimensions. Standardization efforts for specifications and interfaces for motors were also anticipated to gain momentum by enabling interoperability and compatibility across different electric vehicles.

Additionally, advancements in cooling technology for electric motors were expected to be a major trend. Effective thermal management is vital to maintain high performance and long-lasting motors as well as advancements in cooling systems are expected to play a significant part in solving these issues.

It is expected that the Electric Vehicle Motor Market in 2024 is likely to be influenced by continuous advancements on battery tech. As battery capacity increased and motors became more efficient, need for motors that are capable of harnessing and maximising the potential of these modern batteries is expected to rise.

Electric Vehicle Motor Market Dynamics

Growth Drivers

Demand in electric vehicle

 The primary reason for the development of electric vehicle engines, and which can impact the development of the market during the forecast timeframe, is the increasing demand to expand the range of electric vehicles.

Electric vehicle powertrain control frameworks have a major impact on the electric vehicle's performance. Implementation of stringent administrative limitations is another significant aspect in the expansion of the industry.

The rise in popularity for expanding the range of driving capabilities for electric cars is an main factor driving the growth in the development of an electric motor which influences the growth of the market throughout the entire figure.

The reach of electric vehicles is largely dependent on electronic powertrain controls frameworks. Another important driver of market expansion is the application of some serious guidelines for administration.

Many countries around the globe have established thorough discharge guidelines to limit emissions of greenhouse gases, thereby reducing the cause of the unnatural change in weather. Therefore, automakers must be able to design zero-discharge cars to comply with more stringent emanation guidelines.

These rules have led to an increase in the importance of the development of even more powerful electric vehicles that will boost market expansion in the projected timeframe.

The various factors that drive extension in the business sector comprise implementation of tax reductions as well as allocations for EV makers as well as end customers.

Certain barriers and imperatives are in place of preventing generally speaking, business sector extension. The steep initial cost of electrical engines, and the substantial maintenance cost associated with electric motors will force expansion of the business sector.

Restraints

 Aftermarkets are impacted by a lower rate of replacement. The lifespan of a motor for electric vehicles typically lasts between 15 and 20 years. However certain motors have an operational efficiency over the course of their lifetime which reduces the requirement for replacement.

Motors in electric vehicles are generally replaced after accidents. This is among the major reasons that limit the aftermarket market for sales.

In addition, in the emerging and cost-sensitive countries the market for electric cars is being hampered by issues such as high prices for electric vehicles and the absence of infrastructure, such as charging and service stations.

Electric Vehicle Motor Market Segment Analysis

Electric Vehicle Motor Power Rating Insights

The market for electric vehicle motors segmentation based on power rating, comprises >80 Kw, 40 Kw to 80 Kw, and 40 Kilowatts. The >80 kW segment accounted for the largest portion of 2021 of electric vehicle motor's revenue.

This is because of its low maintenance requirements and massive torque even at lower speeds. But, 40 Kw-80Kw is the fastest growing category on the market because of its value-for-money.

Electric Vehicle Motor Type Insights

The market for electric vehicles segments are based upon the type of motor brushless motors as well as DC brushed motors. Induction (Asynchronous) motors as well as switched reluctance, and also synchronous motors.

The DC brush motors segment led this market segment for an electric motors in 2022 and is expected to be the fastest-growing segment in the forecast timeframe 2023-2030. They are widely used in smaller DC motors, and to a larger degree, in traction applications.

The main characteristic for series motors is it produces a large amount of torque at the beginning. But brushless motors are by far the fastest growing category since they use less energy than brushed drills, and they can be powered by batteries for 50 % longer.

Competitive Landscape of the Electric Vehicle Motor Market

• Continental AG
• Hitachi Automotive Systems Ltd. (Japan)
• Tesla Inc. (US.)
• BYD Auto Co. Ltd. (China)
• Denso Corporation (Japan)
• Metric Mind Corporation (US.)
• Mitsubishi Electric Corporation
• Allied Motion Technologies Inc. (US.)
• Robert Bosch GmbH (Germany)
• Siemens AG (Germany), among others

New Developments

February 22, 2023- Continental’s New E-Motor Rotor Position Sensor: More Efficiency and Smoother Operations for Electric Vehicles

Toulouse, France, February 22, 2023. Technology company Continental is expanding its sensor portfolio for the fast-growing electric car market with the unveiling of a new innovative sensor. The high-speed inductive e-motor Rotor Position Sensor (eRPS) detects the exact position of the rotor in a synchronous electric machine, which helps to increase efficiency and enables smoother operations.

Compared to existing resolver sensors, the eRPS is more compact and 40 percent lighter in weight. Existing solutions for rotation measurement are often based on the resolver principle (a rotary electrical transformer), which is complicated and needs to be adapted to each type of synchronous motors specifically.

The eRPS, however, is a standardized component for every motor regardless of the number of pole pairs. It is easy to carry over this new sensor from one motor to another, making it an attractive option for electric cars. The start of production is planned for the end of 2025.

In November 2022, Nidec Corporation announced an investment of USD 715 million in Mexico to manufacture electric motors and e-axle drives for electric vehicles. The plant is anticipated to have a production capacity of 1 million units annually when it becomes operational in April 2023 or March 2024.

In October 2022, Brose Fahrzeugteile GmbH & Co. KG started the second building construction at its Bamberg location. The expansion will add 13000 sq m and increase the workspaces from 600 to 1200. The company is investing EUR 60 million (USD 62.4 million) in the growth of the premises.

Electric Vehicle Motor Market Regional Insights

Asia-Pacific Anticipated to Dominate the Market

In the world, Asia-Pacific is capturing the biggest share of electric motors that are used in the market for electric vehicles due to the significant EV sales, mostly from China. China along with India are the top consumers and producers for electric vehicle in Asia-Pacific.

Sales targets for national sales, favorable laws, and city air quality targets are boosting the domestic demand of both nations.

For example, It was announced that the Government of India announced having seventy e-Buses, five thousand 3 wheelers e-3 and 55000 4 wheeler passenger automobiles (including powerful hybrids) as well as 10 lakh e-2 wheelers in the three years to come under FAME II (Faster Adoption and Manufacturing of Hybrid Electric Vehicles) until 2022.

10000 crore (USD 1.2 billion) was given for FAME II (Faster Adoption and Manufacturing of Hybrid Electric Vehicles).

In highly technologically advanced regions, such as North America and Europe, an intense regulatory push for zero emission vehicles as well as substantial investment in charging infrastructure have led to the widespread adoption for electric cars, leading to the need for more advanced electric motors.

These regions are experiencing an increase of research and development focused on motor efficiency performance and the integration of smart grid technology.

Asia-Pacific which has a leading manufacturing of automobiles is a key participant on the EV Motor Market. Countries such as China, Japan, and South Korea are not only manufacturing hubs for electric cars but also are investing heavily in technological advancements for motors.

The government incentives as well as the ambitious goals to encourage electric vehicles help to boost the growth of the market for electric vehicles in the region. In addition, collaborations between automakers in the region and global technology providers play an important part in developing new motor technologies that are adapted to the preferences and requirements of Asian market.

In emerging economies like Latin America, the Middle East and Africa The adoption of electric vehicles and the associated motors is slowly gaining ground. Although these regions might have infrastructure challenges, growing awareness of environmental issues as well as the worldwide shift towards sustainable transportation is driving industries and governments to look into the possibility of electric vehicles as a solution to mobility.

This EV Motor Market in these regions is affected by factors such as economic feasibility, incentives from the government as well as efforts to create charging infrastructure

Segments Covered in the Electric Vehicle Motor Market

Electric Vehicle Motor Power Rating Outlook

• >80 kW
• 40 kW-80 Kw
• <40 kW

Electric Vehicle Motor Type Outlook

• Brushless Motors
• DC Brushed Motors
• Induction (Asynchronous) Motor
• Switched Reluctance Motor
• Synchronous Motor

Frequently Asked Questions:

How big Electric Vehicle Motor Market?

Electric Vehicle Motor Market is expected to grow rapidly at a 27% CAGR consequently, it will grow from its existing size of from $47.89 billion in 2023 to $ 165.67 billion by 2030.

What is the future outlook for the Electric Vehicle Motor Market?

The future outlook for the Electric Vehicle Motor Market is optimistic, driven by the global push towards electrification, advancements in motor efficiency, and ongoing innovations to address range and performance challenges, with increased market competition fostering technological advancements and cost reductions. However, challenges related to standardization, battery technology limitations, and infrastructure development will influence the pace of widespread adoption.

What applications do Electric Vehicle Motor have?

Electric Vehicle Motors are primarily used in electric and hybrid vehicles for propulsion, converting electrical energy from batteries into mechanical energy to drive the wheels. They also find applications in various industries for electrification purposes, such as in electric buses, trucks, and certain industrial machinery.

Which Are the Top Companies Hold the Market Share in Electric Vehicle Motor Market?

The report profiles key players such as Continental AG (Germany), Hitachi Automotive Systems Ltd. (Japan), Tesla Inc. (US), BYD Auto Co. Ltd. (China), Denso Corporation (Japan), Metric Mind Corporation (US), Mitsubishi Electric Corporation (Japan), Allied Motion Technologies Inc. (US), Robert Bosch GmbH (Germany), and Siemens AG (Germany).

Segments Covered in the Electric Vehicle Motor Market

Electric Vehicle Motor Power Rating Outlook

• >80 kW
• 40 kW-80 Kw
• <40 kW

Electric Vehicle Motor Type Outlook

• Brushless Motors
• DC Brushed Motors
• Induction (Asynchronous) Motor
• Switched Reluctance Motor
• Synchronous Motor

Research Methodology