Electric Vehicle (EV) Motor Market size is set to grow by USD 80.26 billion from 2024-2028, Increasing sales of EVs to boost the market growth, Technavio

NEW YORK, June 10, 2024 /PRNewswire/ — The global electric vehicle (EV) motor market size is estimated to grow by USD 80.26 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  50.22%  during the forecast period. Increasing sales of evs is driving market growth, with a trend towards battery performance overview from logs. However, lack of operational infrastructure in emerging markets  poses a challenge. Key market players include ABB Ltd., Allied Motion Technologies Inc., AMETEK Inc., Continental AG, DENSO Corp., e Gle Co. Ltd., ECOmove GmbH, Ford Motor Co., GEM motors d.o.o, Hitachi Ltd., Magna International Inc., Metric Mind Engineering, Mitsubishi Electric Corp., Nidec Corp., Nissan Motor Co. Ltd., Robert Bosch GmbH, Siemens AG, Toshiba Corp., Valeo SA, and Volkswagen AG.

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Key Market Trends Fueling Growth

The electric vehicle (EV) motor market is experiencing significant growth due to the increasing adoption of EVs by businesses. Smartphone applications monitor and record charging cycles, durations, battery capacities, and ranges, generating valuable data for battery performance analysis.

Shared EV mobility, such as Car2Go, TaxiShare, and Taxi Electric, is a rising trend, with companies purchasing EVs in bulk to offer eco-friendly transport solutions. Government incentives, like tax waivers, further boost this trend, contributing to the market’s expansion during the forecast period. 

The Electric Vehicle (EV) motor market is experiencing significant growth with increasing adoption of electric vehicles worldwide. Automakers are investing heavily in developing more efficient and powerful EV motors. Charging infrastructure and battery technology are key trends driving the market. In particular, the use of lithium-ion batteries and supercapacitors is gaining popularity due to their high energy density and fast charging capabilities.

Additionally, the integration of regenerative braking systems is helping to extend the range of EVs and reduce their carbon footprint. Producers are also focusing on reducing the cost of EV motors to make them more affordable for consumers. Overall, the EV motor market is expected to continue growing strongly in the coming years. 

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Market Challenges

• The electric vehicle (EV) motor market in emerging markets, particularly in Africa and Southeast Asia, faces challenges due to insufficient charging infrastructure. This issue is more pronounced in smaller cities, where the necessary operational infrastructure is largely absent.
• Governing bodies are making efforts to establish charging stations, but most are slow-charging, which limits their effectiveness for commercial EVs. The higher battery capacities of electric commercial vehicles necessitate longer charging times, exacerbating the issue. This infrastructure gap is expected to impede the growth of the global EV motor market.
• The Electric Vehicle (EV) motor market is experiencing significant growth, with increasing demand for sustainable transportation solutions. However, challenges persist in this industry. One major challenge is the high cost of EV batteries, which can make electric vehicles less competitive with traditional internal combustion engine vehicles. Another challenge is the limited driving range of many EV models, which can be a deterrent for potential buyers.
• Additionally, the infrastructure for charging electric vehicles is not yet widespread enough to support the growing number of EV owners. Producers must address these challenges to drive growth in the EV motor market.

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Segment Overview 

1. Power Rating
2. Type 
• 2.1 AC motor
• 2.2 DC motor
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 MPR-  The MPR motor segment in the electric vehicle (EV) motor market faces a challenging growth outlook. Preferred in full or plug-in hybrid powertrains and low-range EVs, mid-power rating motors are used in vehicles like the Nissan Leaf and Hyundai Sonata. However, the market share for MPR motors is expected to decrease due to rising demand for all-wheel drive EVs and dual hybrid powertrains. Concurrently, there is an increasing demand for high-power rating motors in high-performance EVs and plug-in hybrids, slowing down the growth of the MPR segment during the forecast period.

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Research Analysis

The Electric Vehicle (EV) motor market is experiencing significant growth as automakers worldwide invest massively in the development and production of electric vehicles (EVs). Propulsion systems for EVs primarily consist of AC synchronous motors, which convert electrical energy into mechanical torque. Strict emission regulations and fuel economy norms are driving the demand for clean mobility solutions, leading to an increase in sales of battery electric vehicles (BEVs) and plug-in hybrids.

Battery technologies, including lithium-ion and solid-state batteries, are continually evolving to improve charging speed and reduce battery costs. Industry statements suggest that these advancements will continue to shape the EV motor industry, with expansions and strategies focused on meeting the growing demand for sustainable transportation solutions. Independent perspectives and product literature support these optimistic outlooks, emphasizing the importance of continued innovation and investment in this sector.

Market Research Overview

The Electric Vehicle (EV) Motor Market is experiencing significant growth due to the increasing demand for sustainable transportation solutions. Various types of EV motors are used, including AC induction motors, DC permanent magnet motors, and synchronous motors. These motors convert electrical energy into mechanical energy, propelling the vehicle.

The market is driven by factors such as government regulations promoting electric vehicles, advancements in battery technology, and decreasing costs of EVs. Additionally, the market is witnessing the emergence of new technologies like swappable batteries and solid-state batteries, which are expected to further boost market growth. The market is also witnessing regional differences, with China, Europe, and North America being major markets for EVs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Power Rating
• Type
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio