The global electric vehicle motor market is set to strengthen its market hold globally at a promising CAGR of 21% from 2024 to 2034. The net revenue generated from the global EV motor industry is forecasted to hold a revenue of USD 571,809.04 million by 2034 growing from USD 84,995.77 million in 2024. The electric vehicle motor market represents 14.3% of the total electric vehicles market share (BEV, HEV, and PHEV).
Report Attribute | Details |
---|---|
Electric Vehicle Motor Market Size (2024) | USD 84,995.77 million |
Market Anticipated Forecast Value (2034) | USD 571,809.04 million |
Market Projected Growth Rate (2024 to 2034) | 21% CAGR |
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The global electric vehicle motor market was valued at USD 33,370.99 million in 2019. From 2019 to 2023, demand for electric vehicle motors increased at an impressive 20.1% CAGR despite the challenges observed during the pandemic years. The overall market value was about USD 70,172.44 million in 2023.
During this period several government authorities started providing subsidies and incentives for the adoption of electric vehicles to stay in line with emission control norms. For example, the Chinese government invested about USD 600 billion to promote electric vehicles and the Indian government abolished regulations that hiked the price of electric vehicles.
Attributes | Details |
---|---|
Electric Vehicle Motor Market Value (2019) | USD 33,370.99 million |
Market Revenue (2023) | USD 70,172.44 million |
Market Historical Growth Rate (CAGR 2019 to 2023) | 20.1% CAGR |
Manufacturers of EVs are now integrating AC synchronous motors with brushed current excitation. Until now it was widely believed that brushless motors were the only practical choice for an electric vehicle. For instance, with the inclusion of brushed current-excited AC synchronous motors in the new i4 and iX, BMW has preserved the impact of electric vehicle propulsion on the market.
Despite the flourishing electric vehicle motor market size, the lower replacement rates are anticipated to negatively impact the aftermarket. Typically the life of electric vehicle motors is between 15 and 20 years.
However, certain motors available in the automotive market have a lifetime operational efficiency that reduces the need for replacement. Also, in emerging and price-sensitive nations, electric vehicle motor sales are constrained by higher prices and maintenance costs of EVs.
The table below lists the regional markets with favorable opportunities for electric vehicle traction motor market growth.
Regional Market Comparison | CAGR (2024 to 2034) |
---|---|
United States | 20.2% |
Germany | 20.1% |
United Kingdom | 20.9% |
Japan | 22.7% |
India | 20.9% |
The United States held around 91% of the North American electric vehicle motor market in 2023. The market is set to lose 162 BPS points by 2034, following a CAGR of 20.2% over the projected years.
The United States electric vehicle drive system market is falling behind that of other emerging nations in Asia. However, favorable regulations to promote EV uses are likely to continue to have a positive impact on EV motor production and sales in the coming days. The United States is home to technologically advanced research institutes catering to the development of electric vehicles and the evolution of the modern electric vehicle motor market.
Electric vehicle motor market sales in the United Kingdom are increasing promisingly and could exhibit a 20.9% CAGR through 2034.
The United Kingdom is currently the most lucrative electric vehicle motor market in Europe owing to high EV sales. National sales targets, municipal air-quality targets, and favorable laws support domestic production of EVs and emerging trends in EV motor technology.
Over the forecast period, sales of electric vehicle motors in Germany are expected to grow at a CAGR of 20.1%. By the end of 2034, total sales of EV motors in the country are projected to grow by 6.2x.
The transition to more electric vehicles on German roadways is expected to be accelerated by the subsidies for buying an all-electric vehicle. Subsidies are available up to a maximum of USD 9,781.5. For plug-in hybrid vehicles, the assistance might reach USD 7336.
Japan is projected to create a substantial incremental opportunity for its electric vehicle motor manufacturers by registering a CAGR of 22.7% through 2034.
Due to a notable expansion of Japan’s automotive sector, the industry participants, like Toyota or Honda, are aiming to increase their production of electric vehicles. As a result, Japan’s electric propulsion system market is increasing in size having a positive impact on electric vehicle motor sales.
India is emerging as a promising market for electric vehicle motor manufacturers with an anticipated CAGR of 20.9% from 2024 to 2034.
The Indian government has implemented laws to promote the production of electric vehicles to reduce dependence on foreign countries for electric mobility.
The emergence of new EV manufacturers in the region is expected to strengthen the electric motor and EV motor technology market in the country. Furthermore, many global players have established their manufacturing facilities and technological centers in the country in recent years.
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Based on product type, the electric motor operating on alternating current (AC) constitutes a segment with almost 83.8% market share in 2024.
Attributes | Details |
---|---|
Top Product Type or Segment | Alternating Current (AC) |
Total Market Share in 2024 to 2034 | 83.8% |
Electric vehicles with AC motors have the advantage of having a stronger grip when it comes to performance and efficiency, especially on bumpy routes. They can be utilized for longer and harder excursions and have higher acceleration.
In terms of power capacity, electric motors of power more than 200 kW are estimated to account for around 36.6% of the total market share market in 2024.
Attributes | Details |
---|---|
Top Power Capacity Segment | Above 200 kW |
Total Market Share in 2024 | 36.6% |
Over the past few years, production of electric vehicles has accelerated significantly, outpacing previous predictions creating a higher demand for electric motors in the range of 200 kW and more.
A significant contributor to the increase in interest in BEVs is the quick drop in battery prices, which will eventually bring their prices to parity with those of ICE vehicles.
Leading players operating in the global electric motor for electric vehicle market are concentrating on improving the motors' efficiency via research and development. They are also entering into partnerships and collaborations with original equipment manufacturers (OEMs) to improve sales and market holding.
Few OEMs anticipated or planned for BEV domination before the late 2030s, at the earliest, while most OEMs had plans to deploy BEVs three years ago.
Recent Developments in the Global Electric Vehicle Motor Market
Renault and WHYLOT have teamed to deploy axial flux motors in hybrid vehicles starting in 2025.
Western manufacturers have started to lower the amount of rare earth metals used in electric motors. Eastern manufacturers, like Toyota, have developed magnets that use 20 to 50% less neodymium than previous models, although they still employ permanent magnets.
Attribute | Details |
---|---|
Estimated Market Size (2024) | USD 84,995.77 million |
Projected Market Size (2034) | USD 571,809.04 million |
Anticipated Growth Rate (2024 to 2034) | 21% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Market Analysis | USD million or billion for Value and Units for Volume |
Key Regions Covered | North America; Latin America; Europe; Middle East & Africa (MEA); East Asia; South Asia and Oceania |
Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
Key Segments Covered | By Product Type, By Power Capacity, By Electric Vehicle (EV) Type, and By Region |
Key Companies 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 |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
The global electric vehicle motor market is estimated to be around USD 84,995.77 million in 2024.
The global electric vehicle motor market is to grow at 21% during the forecast period.
The global electric vehicle motor market is predicted to be valued at USD 571,809.04 million by 2034.
The global electric vehicle motor market was valued at USD 33,370.99 million in 2019.
Alternating Current (AC) motors account for 83.8% share of the global electric vehicle motor market.
Japan is predicted to witness a CAGR of 22.7% in sales of electric vehicle motor through 2034.
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