NEWARK, Del, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The global electric vehicle motor market value in 2023 was USD 70,172.44 million growing from USD 33,370.99 million in 2019 with a CAGR of 20.1%. The global sales of electric vehicle motors are estimated to garner around USD 84,995.77 million in 2024.
The total market in general is likely to continue its expansion at a robust CAGR of 21% over the next ten years. By 2034, the global electric vehicle motor industry valuation is predicted to be worth around USD 571,809.04 million.
The growing popularity of electric vehicles and laws to promote them are the key reasons for the growing demand for electric vehicle motors in recent years. Innovations and advancement of electric vehicle motors have gained importance with a growing emphasis on electric mobility for a more environmentally aware future.
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Factors accelerating the global electric vehicle motor demand:
• Automakers are compelled to produce alternate propulsion systems for their vehicles which is attributed to the stringent emission regulations by several governments in order to curb climate change and reduction of air pollution across the globe.
• Manufacturers are further 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 which increases the demand for electric vehicle motors.
• Major automotive companies are investing extensively to drive the electric vehicle motor market share. These investments are directed towards research and development (R&D) of advanced vehicle systems such as artificial intelligence (AI).
• Automotive companies and motor manufacturers are involved in several mergers and partnerships. This further surges the introduction of advanced vehicle systems such as fast charging technology, connected vehicle technology, and EV vehicle battery technology.
Key Takeaways from the Electric Vehicle Motor Market Study Report
- The total market is projected to create an absolute incremental opportunity of more than USD 4.5 billion between 2024 and 2034.
- The United States electric vehicle motor market is anticipated to advance at a rate of 20.2% over the forecast years.
- In Europe, Germany retains its dominance in the production of electric vehicle motors by following a CAGR of 20.1% from 2024 to 2034.
- The United Kingdom is likely to witness a higher CAGR of 20.9% in sales of electric vehicle motors through the projected time period.
- Japan is currently the most lucrative market for electric vehicle motor manufacturers with an estimated CAGR of 22.7% till 2034.
- India is an emerging market with growing sales and production of EVs that could thrive in the regional market at 20.9% CAGR during the projected years.
“The electric motor is an essential component of EV powertrain having a big influence on electric automotive business. Although many new motor designs, besides synchronous permanent magnet motors, electronically stimulated synchronous motors, and asynchronous induction motors, have been tried and tested, they haven't yet taken off in the market.” – says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Electric Vehicle Motor Penetrating in Different Regions due to Rising Air Pollution: Asia Pacific & North America
The Asia Pacific is currently the most dominating electric vehicle motor market, which is attributed to high EV sales, primarily from China. National sales targets, municipal air-quality targets, and favorable laws support domestic demand. China’s recent strong economic expansion is allowing an increasing number of people to be able to acquire their desired cars. Moreover, laws to promote the use of plug-in electric vehicles to reverse unsettling tendencies, such as the increasing reliance on imported oil, have been implemented by the Chinese government. They are further providing considerable for EV purchases due to its expensive costs.
Owing to the presence of economically stable countries, North America is home to technologically advanced research institutes catering to the development of electric vehicles, which assists in increasing their cruising range. Furthermore, major players have established their manufacturing facilities and technological centers, especially in the U.S. Hence, this region holds a modest share of the electric vehicle motor market size.
Robotics Technology & Other Existing Opportunities of Electric Vehicle Motors Emerging robotics technology is likely to offer numerous opportunities for the players in the market. This technology is used to perform specific tasks such as warehouse delivery, assembly-line work, clearing mines, etc. Furthermore, advancements in battery technologies have improved their charging speed and lowered battery costs. The ability of this system to adjust the magnetic field’s intensity on the rotor has made optimization possible. Most electric vehicles come equipped with DC brushless motors since they operate at a unity power factor. These motors are likely to dominate in the hybrid and upcoming plug-in hybrid EV markets and hence, surge the sales of electric vehicle motors.
Top manufacturers of the electric vehicle motor market are offering tri-zone temperature controls, HEPA filtration and ventilated seats that deliver the perfect environment. Certain vehicles also come equipped with air vents that are hidden throughout the cabin. A nifty feature that is being added to electric vehicles is in-car gaming. For instance, up to 10 teraflops of processing power on par with the current trending consoles have been implemented, which may be played from any seat with wireless controller and headset compatibility.
What are the Recent Trends Impacting the Electric Vehicle Motor Market?
Manufacturers of EVs are increasingly integrating AC synchronous motors with brushed current excitation. Until recently, this kind of motor was not used in EVs because it was widely believed that brushless motors were the only practical choice for an electric vehicle. By including brushed current-excited AC synchronous motors in the new i4 and iX, BMW has resisted the trend.
This type of rotor interacts with the RMF of the stator like that of a permanent-magnet rotor, but without the need for permanent magnets. Instead, it includes six sizable copper lobes that provide the necessary EMF when driven by a DC battery. Further, optimization is made possible by this system's ability to adjust the magnetic field's intensity on the rotor.
What are the Challenges Faced by Electric Vehicle Motor Manufacturers?
Aftermarket is impacted by lower replacement rates. The life of an electric vehicle motor is typically between 15 and 20 years; however, some motors have a lifetime operational efficiency that reduces the need for replacement. Electric vehicle motors are typically replaced in cases of accidents. This is one of the main factors limiting aftermarket sales.
Also, in emerging and price-sensitive nations, the electric car market is being constrained by factors such high electric vehicle prices, and lack of infrastructure such as charging and servicing stations.
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Competitive Landscape for the Electric Vehicle Motor Market Players
The overall market is highly concentrated as the top three countries currently hold more than 50% of the global market share. However, industrializing economies of Asia and Latin America are encouraging industries to participate in the electric mobility sector more which could diversify the market in the future.
Top Key Players
- 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.
Recent Developments by the Electric Vehicle Drive Motor Industry Participants
- In February 2022, Omega Seiki Mobility (OSM), a producer of electric cars, established a strategic agreement with Israeli company EVR Motors. The partnership was inked to develop a small electric motor for their automobile models based on TSRF technology in India. With voltages ranging from 48V to 800V, Trapezoidal Stator Radial Flux (TSRF) technology can accommodate a broad range of power and torque, making it appropriate for varying power levels and speeds.
- After releasing the TS motor prototype in 2021, EVR Motors worked to further improve the technology with the TS-RFPM (Trapezoidal Stator Radial Flux Permanent Magnet) design. 3D trapezoidal teeth are included with this innovative design to improve magnetic flux production. Pre-wound special 3D coils are installed on the teeth to maximize copper use and fill factor for enhanced heat dissipation and extremely high power density.
Key Segmentations
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)
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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