Electric Vehicle Motor Market – Business Opportunities and Global Forecast by year 2032
In 2022, the global electric vehicle motor market was valued at about US$ 58.1 billion. Overall sales are predicted to grow at an impressive CAGR of 21.2%, reaching a value of nearly US$ 396.3 Billion by 2032, according to the electric vehicle motor market analysis by FMI.
As per the electric vehicle motor market survey, more than 83% of all EV motor sales worldwide are powered by AC motors. And, 14.3% of the worldwide electric vehicles contain EV drive motors, including BEVs, HEVs, and PHEVs.
To comply with pollution control standards, governments in emerging economies are also offering subsidies and other incentives for the manufacturing and use of electric cars. These days, customers are favoring electric vehicles as battery and hybrid models become more fuel-efficient, which has been observed to create vast amounts of electric vehicle motor market opportunities.
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The need for electric drive motors for car is rising quickly as more electric vehicles are produced and used globally. Further, electric vehicle drive motor sales have been gaining traction recently due to their advantages, including quiet operation, the capacity to control pollution, and decreased fuel usage.
The United States EV drive motor market is lagging behind other industrialized countries with significant economies like China and Europe, where electric vehicle drive motor sales are just a third and a half as high, respectively.
Key Takeaways from Electric vehicle motor market Study
- As per the previous electric vehicle motor market report, the demand for electric vehicle motors grew at a 20% CAGR from 2017 to 2021 and is anticipated to expand at a 21.2% CAGR over the projected period.
- By following this average growth rate, the absolute growth of the global electric vehicle motor market is estimated to be around US$ 11.5 Billion over the next ten years.
- Owing to the rapid expansion of the electric vehicle industry, the Asia Pacific region represents a high potential electric vehicle motor market. By 2032, the said market is expected to increase 6.8 times.
- By 2021, the US accounted for almost 91% of the North American market for electric drive units for a vehicle. Moreover, by 2032, this market, which has 89.7% of the market share, is projected to lose 162 BPS points.
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Competitive Landscape for the Global Electric vehicle motor market
Some of the well-known electric vehicle motor market players are 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, and Vitesco Technologies among others.
Key competitors in the global market for electric vehicles are focusing on enhancing the motors’ efficiency through research and design development. To increase sales of electric vehicle drive motor, they are also forming alliances and working together with OEMs to source better raw materials at competitive price and enhanced market presence.
Key Segments Covered in Electric vehicle motor Industry Analysis
By Product Type:
- Up to 100kW
- Above 200kW
By EV Type:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Recent Developments in the Global Electric vehicle motor market:
- The Indian government intends to do away with licenses for the manufacturing and use of electric vehicles that is predicted to boost the demand for electric vehicle drive motor in the country.
- In the previous year the Chinese government said that it would invest roughly US$ 600 Billion to encourage electric vehicles.