Electric Vehicle Motor Market size is projected to reach USD 11.15 bn by 2027
The global electric vehicle motor market size is projected to reach USD 11.15 billion by 2027 from an estimated USD 3.59 billion in 2020, witnessing a CAGR of 17.58% during the forecast period (2021-2027). The development of power rating more than 80kW segment is gaining momentum across the globe, aided by its use in luxury vehicles in the automotive industry. Furthermore, due to major changes in the purchasing pattern from the conventional IC engines and awareness for reducing carbon emission, the trend for Electric vehicles is increasing. These factors will augment the global electric vehicle motor market over the forecast period.
The increase in demand for electric vehicles is a major factor driving the growth of electric vehicle motors. Moreover, the market’s growth is boosted by stringent government regulations to reduce greenhouse gas emissions and offer incentives. Although, growing emphasis on comfort, luxury, safety, and convenience are fueling the global market growth for the electric vehicle motor market.
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Research is being carried out on various features such as vehicle range management, battery charging management online, and navigation-based assistance that would create growth prospective. Furthermore, commercial vehicles electrification and demand for luxury vehicles are provided multiple growth opportunities for the global electric vehicle motor market.
High initial and maintenance costs of electric vehicles are restraining the market growth:
- The key factors restraining the global electric vehicle motor market are the high initial cost of electric motors and high maintenance costs associated with electric motors.
- Many country’s lacks of sufficient infrastructures are projected to impede the growth of the electric vehicle motor market in the forecast period.
- One of the challenges in designing electric vehicle motors is their failure due to overheating.
- The Electric Vehicle motor market is expected to face challenges in rare earth metals sourcing, as these motors are subject to export restrictions and supply risks.
- For the global electric vehicle motor market, fluctuations in raw material prices pose numerous challenges.
Impact of COVID-19 on Electric Vehicle Motor Market:
The COVID-19 epidemic and the imposition of nationwide lockdowns have impacted the demand for the electric vehicle motor market in countries globally. The pandemic resulted in industry-wide activities being halted. Although this will significantly encourage local manufacturers to step up and meet the increasing demand, the raw material shortages can still pose a challenge to this industry. Lower vehicle sales and abrupt stoppage in production would result in the slow growth of the electric vehicle motor market. The leading market players are focused on enhancing their operations to compensate for the effects of Coronavirus.
Scope of the Report
The report outlines the global electric vehicle motor market study based on power rating, type, and vehicle type.
Based on the power rating, the electric vehicle motor market has been segmented into –
- Less than 40 kW
- Between 40-80 kW
- More than 80kW
Based on the Type, the electric vehicle motor market has been segmented into –
- Alternating Current (Ac) Motor
- Synchronous Ac Motor
- Induction Ac Motor
- Direct Current (Dc) Motor
- Brushed Dc Motor
- Brushless Dc Motor
- Hermetic Motor
- Switched Reluctance Motors
Based on the vehicle type, the electric vehicle motor market has been segmented into –
- Commercial Vehicles
- Passenger Cars
Electric Vehicle Motor Market: Regional Outlook
The global electric vehicle motor market has been segmented into five geographical regions, namely, North America, Asia Pacific, South America, Europe, and the Middle East & Africa. In 2020, Asia Pacific accounted for the largest market share in the global electric vehicle motor market, followed by Europe and North America. The rapid rise in electric vehicle production and sales in developing countries is boosting the growth in the Asia Pacific region. In addition, Asia Pacific is also the fastest-growing region and, over the forecast period, is anticipated to project the highest CAGR in the global market.
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Key Competitors Operating in Global Electric Vehicle Motor Market –
The global electric vehicle motor market is consolidated in a competitive nature, with the presence of large brands across the globe. The key players operating in the global electric vehicle motor market include–
- Continental AG
- Hitachi Automotive Systems, Ltd.
- Tesla Motors, Inc.
- Honda Motors Co., Ltd
- Toyota Motor Corporation
- BYD Auto Co., Ltd.
- Nissan Motor Corp
- Denso Corporation
- ABB Group Ltd.,
- Metric Mind Corporation
- Ford Motor Company
- Mitsubishi Electric Corporation
- Allied Motion Technologies Inc.
- Robert Bosch GmbH
- Siemens AG
The electric vehicle motor market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs.
Electric Vehicle Motor Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter’s Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
Electric Vehicle Motor Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA
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Electric Vehicle Motor Market: Target Audience
- Electric vehicle motor manufacturers
- Traction and hub motor manufacturers, distributors, suppliers
- Electric vehicle manufacturers
- Electric two-wheeler manufacturers
- Electric vehicle component suppliers and distributors
- Trade publications and magazines
- Government authorities, associations, and organizations
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