The Electric Vehicle Motors Market is projected to grow at a CAGR of around 17% during the forecast period, i.e., 2025-30. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market's trajectory in the coming years.
Various factors that drive the growth of this market include, rising investments in EV infrastructure, government schemes facilitating EV adoption, and strict CO2 emission standards laid by various agencies for automobile manufacturers around the world. Some of the mandates that are laid by various countries include the European Union’s CO2 emission regulation for cars, China’s New Electric Vehicle Mandate, and California’s Zero-Emission Vehicle (ZEV) mandate, which strive to lower greenhouse gas emissions like reducing CO2 emissions from vehicles to achieve net zero emissions by 2050.
For instance, the European Union is working towards a reduction of CO2 emissions from new vehicles by 55% from its 2021 levels while the U.S. has implemented region-wise strict policies to segment out automobiles with internal combustion engines. The fiscal incentive policies by various governments like primary purchase subsidies, and tax rebates on EV registration have facilitated EV manufacturing by major automakers. For instance, India's FAME II scheme offers EV subsidies to customers for up to USD 172 per kWh to a maximum of 40% of total vehicle cost whilst the Inflation Reduction Act offers clean tax credits of up to USD 7500 for new vehicles and USD 4000 for pre-owned vehicles to EV consumers in the United States. The cost of EV possession is being greatly decreased through these incentives which is increasing customer demand.
Moreover, smart grids and the expansion of charging infrastructure are also facilitating the adoption of EVs. Over three million public charging stations have been set up globally by 2023 with China having the most with over 2.7 million stations. To accommodate the developing quantity of EVs on the street, this expansion is crucial. With automakers and tech behemoths investing billions in electric mobility innovation, is being spurred via growing investments in EV manufacturing and R&D. Tesla, Toyota, and Volkswagen for instance are making significant investments in next-generation EV technologies to improve efficiency and performance propelling the EV motor market growth.
Additionally, motor technology is developing with advancements in lightweight materials and motor efficiency improving overall vehicle performance. Permanent magnet motors with high efficiency are becoming more popular because they provide better power-to-weight ratios. Furthermore, more compact lightweight, and high-performance designs are becoming possible due to advancements in in-wheel and axial flux motors which enhance vehicle dynamics and range. To further optimize energy consumption and make EVs more sustainable and efficient there is a greater emphasis on lightweight and compact motor designs.
Exploring the Market Dynamics: What’s Driving the Growth of Electric Vehicle Motor Market?
Rising Adoption of Electric Vehicles Due to Environmental Concerns – Primarily the need to lower carbon emissions and growing environmental concerns are driving the increasing use of EVs which in turn drives the demand for EV motors. Transportation sector contributes to 45% of CO2 emissions, in which cars play a pivotal role. To fight this more than 20 nations including the U.S., China, and EU members have committed to phasing out internal combustion engine vehicles by 2040. Around the world, governments are implementing more stringent emission standards and encouraging the use of electric vehicles by offering incentives and, thus propelling the EV’s motor demand. In 2023 global car sales of EVs increased from 3.5 million higher than in 2022 demonstrating a substantial shift in consumer preferences. Furthermore, EV adoption as a sustainable substitute for fossil fuel-powered vehicles has accelerated due to the drop in battery prices.
✅In case you missed it, we are currently revising our reports. Click on the below to get the latest research data with forecast for years 2025 to 2030, including market size, industry trends, and competitive analysis. It wouldn’t take long for the team to deliver the most recent version of the report.
Download a sample PDF of this report to gain insights into the complete report structure - https://www.marknteladvisors.com/query/request-sample/electric-vehicle-motor-market.html
Key Takeaways from the Market Study:
· Historical Data: 2020-23
· Base Year: 2024
· Forecast Period: 2025-30
· CAGR (2025-2030): 17%
· Key Players to Watch: Siemens AG, ABB Ltd., Nidec Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, BorgWarner Inc., Continental AG, Magna International Inc., Hitachi, Ltd., AISIN CORPORATION, LG Magna e-Powertrain Co., Ltd., Johnson Electric Holdings Limited, Toshiba Corporation, GKN Automotive, Allied Motion Technologies Inc., and Others are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Latest News in the Electric Vehicle Motor Industry:
- September 2024: Siemens to carve out the eMobility business, merging with Heliox for enhanced market agility and growth. This strategic move aims to optimize leadership in the fast-growing EV charging market, fostering innovation and new partnerships.
- October 2024: Nidec and Ashok Leyland partnered to develop next-gen electric motor-controller systems for commercial vehicles, advancing India's EV adoption. This collaboration aims to enhance efficiency, sustainability, and innovation in commercial vehicle electrification.
Market Segmentation of Electric Vehicle Motor Industry
The Electric Vehicle Motor market is segmented as follows:
- By Vehicle Type
- Electric Passenger Cars- Market Size & Forecast 2020-2030, USD Million
- Sedan- Market Size & Forecast 2020-2030, USD Million
- Hatchback- Market Size & Forecast 2020-2030, USD Million
- SUV- Market Size & Forecast 2020-2030, USD Million
- Electric Commercial Vehicles- Market Size & Forecast 2020-2030, USD Million
- Electric Light Commercial Vehicles- Market Size & Forecast 2020-2030, USD Million
- Electric Light Trucks- Market Size & Forecast 2020-2030, USD Million
- Electric Minivans- Market Size & Forecast 2020-2030, USD Million
- Electric Medium & Heavy Commercial Vehicles- Market Size & Forecast 2020-2030, USD Million
- Electric Trucks- Market Size & Forecast 2020-2030, USD Million
- Electric Bus- Market Size & Forecast 2020-2030, USD Million
- Electric Two Wheelers- Market Size & Forecast 2020-2030, USD Million
- Electric Scooters- Market Size & Forecast 2020-2030, USD Million
- Electric Motorcycles- Market Size & Forecast 2020-2030, USD Million
- Electric Three Wheelers- Market Size & Forecast 2020-2030, USD Million
- By Type
- AC Motor- Market Size & Forecast 2020-2030, USD Million
- DC Motor- Market Size & Forecast 2020-2030, USD Million
According to report, the rechargeable segment holds a larger share of the Global Electric Vehicle Motor Market mainly due to their lower costs.
- By Motor Type
- Brushless Motors- Market Size & Forecast 2020-2030, USD Million
- Brushed Motors- Market Size & Forecast 2020-2030, USD Million
- Induction (Asynchronous) Motors- Market Size & Forecast 2020-2030, USD Million
- Switched Reluctance Motors- Market Size & Forecast 2020-2030, USD Million
- Synchronous Motors- Market Size & Forecast 2020-2030, USD Million
- By Component
- Motor Stator- Market Size & Forecast 2020-2030, USD Million
- Rotor, Shaft, and Bearing- Market Size & Forecast 2020-2030, USD Million
- Permanent Magnet- Market Size & Forecast 2020-2030, USD Million
- Casing- Market Size & Forecast 2020-2030, USD Million
- Wiring & Connectors- Market Size & Forecast 2020-2030, USD Million
- Others- Market Size & Forecast 2020-2030, USD Million
- By Power Rating
- Up to 20 kW- Market Size & Forecast 2020-2030, USD Million
- 21 kW to 100 kW- Market Size & Forecast 2020-2030, USD Million
- 101 kW to 250 kW- Market Size & Forecast 2020-2030, USD Million
- Above 250 kW- Market Size & Forecast 2020-2030, USD Million
According to reports, offline retail holds the largest market share.
Explore further details about this research report - https://www.marknteladvisors.com/research-library/electric-vehicle-motor-market.html
Electric Vehicle Motor Market Geographical Analysis
North America
South America
Europe
The Middle East & Africa
Asia-Pacific
According to reports, North America holds a prominent share of the Electric Vehicle Motor Market
Why Choose US?
At MarkNtel Advisors, we are committed to providing advanced, tailored market research solutions to meet the specific needs of our clients. Our goal is to deliver data and analysis that align with your business objectives, offering you comprehensive insights to drive informed decisions. We offer customization options for our reports to ensure they suit your unique requirements, including price trend analysis of target brands, market insights for additional countries (contact us for the list of countries), clinical trial data, literature reviews, refurbished market analysis, and product base evaluations.
Additionally, we can provide in-depth competitor analysis, ranging from technology-driven insights to market portfolio strategies. Our team is equipped to include as many competitors as you require, presenting the data in the format that best suits your needs. We offer flexible data formats, whether in raw Excel files, pivot tables (Fact book), or assistance in creating presentations based on the data sets within the report. At MarkNtel Advisors, we strive to ensure that our research not only meets but exceeds your expectations, helping you stay ahead in your industry.
Need personalized insights? Click here to customize this report- https://www.marknteladvisors.com/query/request-customization/electric-vehicle-motor-market.html
More Research Studies Report:
Global Electric Vehicle Motor Market Report – According to MarkNtel Advisors study the Global Electric Vehicle Motor Market size was valued at around USD 12 Billion in 2024 and is projected to reach USD 24 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 12% during the forecast period, i.e. 2025-30
Saudi Arabia Left Ventricular Assist Devices (LVADs) Market Report- According to MarkNtel Advisors study the Saudi Arabia Left Ventricular Assist Devices (LVADs) Market size was valued at around USD 21.92 million in 2024 and is projected to reach USD 42.29 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 10.81% during the forecast period, i.e., 2025-30.
Global Air Ambulance Service Market Report- According to MarkNtel Advisors study The Global Air Ambulance Service Market size was valued at around USD 6.8 Billion in 2024 and is projected to reach USD 11.9 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 10% during the forecast period, i.e., 2025-30.
For Further Queries:
Contact Us
MarkNtel Advisors
+1 628 895 8081, +91 120 4278433
Corporate Office: Office No.109,
H-159, Sector 63, Noida, Uttar Pradesh - 201301, India
