Global Electric Vehicle Motor Market Outlook for 2024 to 2034

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

Don't pay for what you don't need

Customize your report by selecting specific countries or regions and save 30%!

Factors accelerating the global electric vehicle motor demand

  • Automakers are compelled to produce alternate propulsion systems owing to the stringent emission regulations by several governments.
  • Manufacturers are mandated to develop efficient products due to stringent designing and manufacturing standards to improve their efficiency, such as the integration of AC synchronous motors with brushed current excitation.
  • Advancements in battery technologies have improved their charging speed and lowered battery costs making the EVs affordable and practical.
  • Established automotive companies are investing extensively in research and development (R&D) of advanced vehicle systems such as artificial intelligence (AI).
  • Automotive companies and motor manufacturers are involved in mergers and partnerships to integrate advanced vehicle systems such as fast charging technology, connected vehicle technology, and vehicle battery technology.

Global Electric Vehicle Motor Market Historical Analysis (2019 to 2023) Vs Forecast Outlook (2024 to 2034)

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
Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Emerging Opportunities and Challenges for Electric Vehicle Motor Industry Players

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.

Country-wise Insights

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%

Stringent Vehicular Emission Norms Drive Sales of Electric Vehicles Motors

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.

Currently, EV Companies are witnessing Higher Sales in the United Kingdom

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.

High Demand for Luxury Electric Vehicles in Germany to Spur Demand

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.

Increasing Sales of Electric Car Motor Kits in Japan to Augment Growth

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.

Government Support is Bolstering the Electric Vehicle Motor Industry in India

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.

Get the data you need at a Fraction of the cost

Personalize your report by choosing insights you need
and save 40%!

Category-wise Insights

AC Electric Motors is Preferred over DC Electric Motors

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.

Adoption of Powerful Electric Vehicle Motors in Electric Vehicles

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.

Competitive Landscape for the Electric Vehicle Motor Market

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.

Key Players Profiled in the Electric Vehicle Motor Market Report

  • 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

Key Coverage in the Electric Vehicle Motor Market Report

  • Adjacent study on electric vehicle propulsion market.
  • Electric vehicle motor specifications and designs.
  • Electric vehicle motor price according to types.
  • Overview of electric vehicle drive system market.

Electric Vehicle Motor Market Report Scope

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

Key Segments Covered by Electric Vehicle Motor Industry Survey Report

By Product Type:

  • Alternating Current (AC)
  • Direct Current (DC)

By Power Capacity:

  • Up to 100kW
  • 101 to 200kW
  • Above 200kW

By Electric Vehicle (EV) Type:

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the Global Electric Vehicle Motor Market Currently?

The global electric vehicle motor market is estimated to be around USD 84,995.77 million in 2024.

What is the Growth Outlook of the Electric Vehicle Motor Market?

The global electric vehicle motor market is to grow at 21% during the forecast period.

What is the projected Value of Electric Vehicle Motor Market by 2034?

The global electric vehicle motor market is predicted to be valued at USD 571,809.04 million by 2034.

What was the Historical Size of the Electric Vehicle Motor Market?

The global electric vehicle motor market was valued at USD 33,370.99 million in 2019.

Which Product Type Dominates the Global Electric Vehicle Motor Market?

Alternating Current (AC) motors account for 83.8% share of the global electric vehicle motor market.

Which Regional Electric Vehicle Motor Market has the Highest Growth Potential?

Japan is predicted to witness a CAGR of 22.7% in sales of electric vehicle motor through 2034.

Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
  • 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
    • 5.1. AC Motor
    • 5.2. DC Motor
  • 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Power
    • 6.1. Up to 100kW
    • 6.2. 101-200kW
    • 6.3. Above 200kW
  • 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Electric Vehicle Type
    • 7.1. Battery Electric Vehicle
    • 7.2. Hybrid Vehicles
    • 7.3. Plug-in-Hybrid Vehicles
  • 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
    • 8.1. North America
    • 8.2. Latin America
    • 8.3. Western Europe
    • 8.4. Eastern Europe
    • 8.5. South Asia and Pacific
    • 8.6. East Asia
    • 8.7. Middle East and Africa
  • 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 16. Key Countries Market Analysis
  • 17. Market Structure Analysis
  • 18. Competition Analysis
    • 18.1. Tesla Inc.
    • 18.2. Aisin Seiki Co Ltd
    • 18.3. Bosch Mobility
    • 18.4. Siemens AG
    • 18.5. Nidec Motor Corporation
    • 18.6. ABB Ltd
    • 18.7. Toshiba Corporation
    • 18.8. Magna International
    • 18.9. Mitsubishi Electric
    • 18.10. Hitachi Astemo
    • 18.11. Parker Hannifin Corp.
  • 19. Assumptions & Acronyms Used
  • 20. Research Methodology
Recommendations

Automotive

Electric Vehicle Battery Market

July 2023

REP-GB-5388

324 pages

Automotive

Electric Vehicle Insulation Market

November 2022

REP-GB-15858

333 pages

Explore Automotive Insights

View Reports
Future Market Insights

Electric Vehicle Motor Market

Schedule a Call