Rise in demand for hybrid and electric vehicles, stringent rules and regulations set by the government for the automotive industry, and increase in research and development initiatives drive the growth of the global electric vehicle motor market.
WILMINGTON, Del., Feb. 29, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Vehicle Motor Market' By Type (AC Motor, DC Motors), Electric Vehicle Type (Battery Electric Vehicle, Hybrid Vehicles, and Plug-in-Hybrid Vehicles), and Application (Passenger Cars, and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global electric vehicle motor industry size generated $24.90 billion in 2022 and is anticipated to generate $99.49 billion by 2032, witnessing a CAGR of 15.2% from 2023 to 2032.
(We are providing EV motor Industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
- 120 - Tables
- 83 - Charts
- 269 - Pages
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Prime Determinants of Growth
The global electric vehicle motor market has experienced significant growth and transformation, driven by a combination of rise in demand for hybrid and electric vehicles, stringent regulations set by the government for the automotive industry, and an increase in research and development initiatives. The penetration of battery electric vehicles has increased significantly in the last five years as they are efficient and eco-friendly. Moreover, surge in consumer demand to minimize fuel costs is driving the demand for electric vehicle motors.
Report Coverage and Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size In 2022 | $24.90 Billion |
Market Size In 2032 | $99.49 Billion |
CAGR | 15.2 % |
No. Of Pages In Report | 269 |
Segments Covered | Type, Electric Vehicle Type, Application, And Region. |
Drivers | Rise In Demand For Electric And Hybrid Vehicles Stringent Regulations Set By The Government For The Automotive Industry Increase In Research And Development Activities |
Opportunities | Proactive Government Initiatives For Promoting Electric Vehicles Growth Of Autonomous Driving Technology |
Restraint | High Manufacturing Cost |
Russia-Ukraine War Scenario
- The war between Russia and Ukraine has negatively impacted global trade. The conflict has generated uncertainty, which has severely impacted the global economy. The war not only has hampered trade flows, but has also disrupted supply chains, and harmed the confidence of investors.
- The war has also resulted in trade containment policies. Countries have implemented sanctions and trade restrictions on Russia, thus affecting global trade dynamics These measures have disrupted established trade relationships and supply chains, leading to a decline in trade volumes and increased costs for raw materials used in electric vehicle motors.
- Numerous sectors of the global automobile industry are being severely disrupted by the ongoing conflict between Russia and Ukraine, particularly in Europe. Large corporations, including Volkswagen, Toyota, Ford, and Renault, have shut down (or sold) factories in Russia, backed out of joint ventures, or stopped importing into the country as a result of sanctions and public pressure.
The AC Motor segment to maintain its leadership status throughout the forecast period
By type, the AC motor segment held the highest market share in 2022, and with the highest CAGR of 15.6% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to AC motors in electric vehicles providing a better grip on rough roads, thereby increasing efficiency and performance. AC motor is considered adaptable because it has regenerative features that can also be used as a generator and provide power to the vehicle's battery.
Recent Advancements in the EV Motor Industry:
Prominent companies are employing strategic initiatives such as acquisitions, agreements, expansions, partnerships, contracts, and product launches to fortify their market positions.
- In June 2023, AISIN CORPORATION collaborated with Tohoku Magnet Institute (TMI) to pioneer an ultrahigh-efficiency EV motor utilizing NANOMET, a nanocrystalline soft magnetic alloy known for its high saturation magnetic flux density and ultralow iron loss.
- By August 2023, Robert Bosch GmbH introduced an 800V inverter motor for electric vehicles, leveraging its 800-Volt technology to enhance battery recharging speed. The current electric motor variant boasts increased power density, resulting in reduced weight and a more compact design. With a 35% boost in power density at 60 kW/kg and excellent torque density of 105 N•m/kg, Bosch aims to deliver superior performance.
- In the same month, Borgwarner Inc. unveiled its advanced integrated drive module (iDM220) for EVs, emphasizing high efficiency, smooth and quiet operation, and outstanding overall performance.
- Back in September 2021, TOSHIBA CORPORATION partnered with Sojitz Corporation and CBMM to commercialize next-generation lithium-ion batteries featuring niobium titanium oxide (NTO) as the anode material. This innovative NTO battery was incorporated into a new electric vehicle developed by Volkswagen Caminhões e Ônibus as a pilot project, with the involved parties gathering valuable operational data from the vehicle.
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The hybrid vehicle segment to maintain its leadership status throughout the forecast period
By electric vehicle type, the hybrid vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the hybrid vehicle segment is anticipated to witness the highest CAGR of 15.5% from 2023 to 2032, owing to hybrid car utilization of two or more engines, an electric motor, and a conventional engine wherein the electric engine powers the car at the initial lower speeds and gas engine powers it at higher speeds resulting in better gas mileage. Similarly, the stricter emission rules set by governments across the world resulted in automakers' shift to developing hybrid car technology. Hybrid cars act as a bridge between ICE vehicles and fully electric vehicles, which further drives the market demand.
The passenger car segment to maintain its lead position during the forecast period
By application, the passenger car segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the passenger car segment is expected to portray the largest CAGR of 15.7% from 2023 to 2032, due to rise in population in developing nations, such as China, India, and Japan, creating lucrative opportunities for the penetration of electric passenger cars. In addition, factors such as rise in disposable income in countries, such as India and China, and stringent rules and regulations to promote the adoption of electric vehicles are projected to increase the demand for passenger electric vehicles.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the Asia-Pacific region is expected to witness the fastest CAGR of 16.7% from 2023 to 2032, owing to higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in the trend toward adopting non-fossil fuel-based vehicles. Moreover, various technological advancements related to automotive due to government initiatives, such as investment in R&D in automotive manufacturing, further propel the market growth.
Key Highlights from the EV Motor Market Analysis:
- The analysis spans 14 countries, providing a regional and segment breakdown of each country's market value ($million) projected from 2023 to 2032.
- The study incorporates top-tier data, professional insights, and critical independent perspectives, offering a comprehensive outlook on global markets. Its purpose is to guide stakeholders in making informed decisions to attain ambitious growth objectives.
- A thorough review of more than 3,700 product literature, annual reports, industry statements, and similar materials from major industry participants enhances understanding and insights into the market.
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Leading Market Players: -
- BorgWarner Inc.
- Continental AG
- Magna International Inc.
- Nidec Corporation
- Robert Bosch GmbH
- ABB Ltd
- Hitachi, Ltd
- Mitsubishi Electric Corporation
- AISIN CORPORATION.
The report provides a detailed analysis of these key players in the global electric vehicle motor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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