Automotive Electric Motors for EV Market Size, Share, Industry, Forecast and outlook (2023-2030)

Global Automotive Electric Motors for EV Market is segmented By Vehicle Type (Pure Electric Vehicles (PEV), Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV)), By Motor (AC Motor, DC Motor), By Application (Passenger Vehicles, Commercial Vehicles), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Automotive Electric Motors for EV Market Size

The global automotive electric motors for EV market reached US$ 66,629.9 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 791,443.2 million by 2030. The market is expected to exhibit a CAGR of 31.5% during the forecast period (2023-2030). Some of the major factors driving the growth of the market are the rising sales of electric vehicles due to the enactment of stringent emission and fuel economy norms, government incentives and improving charging infrastructure.

Moreover, leading manufacturers are investing largely to increase the market share of electric vehicle motors. These funds will be used for research and development (R&D) of advanced automotive systems including artificial intelligence (AI).

Asia-Pacific holds the highest market share covering more than 55% at global level. The region is expected to show incremental growth of around 80% by 2030. In the Asia-Pacific automotive electric motors for EV, China holds the highest market value covering around nealry 70% at the regional level.

Automotive Electric Motors for EV Market Scope

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Automotive Electric Motors for EV Market Dynamics

Rising demand from the energy sector 

The global demand for electric vehicles will drive the global automotive electric motors for EV market growth. Rising demand for alternative-fuel vehicles such as EVs, combined with legislation aimed at decreasing carbon footprint, will drive growth of the global automotive electric motors for EV market over the forecast period. 

According to the International Energy Agency (IEA), worldwide electricity demand will rise by about 5% in 2021 and 4% in 2022. Energy demand is predicted to rise 37% by 2035, with an annual growth rate of 1.4%. 

According to the U.S. Department of Energy (DOE), electric motors accounted for half of the energy consumed in U.S. industrial sector in March 2020. Electric and other motors used in industrial and infrastructural applications account for 53% of total electricity usage worldwide.

The high price of automotive electric motors for EV

The high price of automotive electric motors for EV is a major factor hampering the automotive electric motors for EV market growth. Any changes in the price of raw materials will have an immediate impact on motor prices. Electric motor prices are affected by the cost of raw materials such as permanent magnets, steel bars, copper wires, and precision thin metals such as specialty alloys. Some of these basic materials are obtained from China, Africa and South America.

In addition, the higher expense of purchasing an electric car than a conventional one is mostly due to the battery which can make a difference of thousands of euros.

Automotive Electric Motors for EV Market Segment Analysis

The global automotive electric motors for EV market is segmented based on vehicle type, motor, application and region.

The growing trend toward sustainable alternative

Pure electric vehicles (PEV) segment in the automotive electric motors for EV market holds the largest market share. Pure electric cars, often known as battery electric vehicles, are powered only by electric batteries. The respective products are the most sustainable alternative because there is no combustion engine present, making them the cleanest option as they never cause tailpipe emissions.

Several additional factors need to be taken into account before buying a 100% electric car, as these cars do have range anxiety. Due to range restrictions, pure electric vehicles can only be used for mostly urban driving; however, new models are entering the market with longer ranges, allowing these cars to be used for extra-urban travel cycles. As there is no alternative backup fuel, the availability of a charging station is a crucial factor.

According to recent data from the Society of Motor Manufacturers and Traders (SMMT) and Zap-Map, there were 17,294 new entries of pure-electric vehicles in 2021, a rise of nearly 20% from the previous year. In terms of market share, pure-electric automobiles trailed hybrid and gasoline vehicles. Over 13% of all new car purchases in 2021 were BEVs or pure-electric vehicles.

Source: DataM Intelligence Analysis (2023)

Automotive Electric Motors for EV Market Geographical Share

Asia-Pacific’s growing investments in the adoption of EVs and the presence of key players in the region

Governments across the Asia-Pacific region are offering tax incentives and subsidies to encourage the adoption of electric vehicles. For example, in China, the government offers subsidies for the purchase of EVs, while in India, the government has set a goal of having 30% of all vehicles on the road to be electric by 2030. There is a growing awareness of the need to reduce carbon emissions and mitigate the effects of climate change. Electric vehicles are seen as a way to reduce greenhouse gas emissions and this is driving demand for EVs and electric motors in the Asia-Pacific region.

According to McKinsey, Asian nations are in many respects at the forefront of the world's climate issues. Six of the top ten countries most vulnerable to climate threats are located in Asia, along with 93 of the 100 most polluted cities. Since many nations are still quickly urbanizing and growing in population, the region also has a relatively high energy demand. 

China's efforts to achieve net zero are hampered by the fact that its energy consumption is more than three times greater than that of Europe as a whole. The transportation industry is one of the biggest emitters of greenhouse gases (GHGs), so development in this area will be crucial for Asia's efforts to combat climate change. According to McKinsey calculations, the sector could reduce emissions by about 14% between 2018 and 2050.

Source: DataM Intelligence Analysis (2023)

Automotive Electric Motors for EV Companies and Competitive Landscape

The major global players in the marekt include Siemens Ag Company, Yasakawa Electric, Robert Bosch GmbH, Toshiba Corporation, Magna International, Denso Corporation, Mitsubishi Electric Corporation, Emerson Electric Co, Abb Motors And Mechanical Inc, and Hitachi, Ltd.

Key Developments

• On May 24, 2022, a Lilium Jet electric motor (e-motor) was being created in collaboration with mobility supplier DENSO Corporation and aerospace industry pioneer Honeywell. With the launch of this product, DENSO enters the aerospace market for the first time since the two companies formalized an alliance. The two businesses will collaborate with Lilium, the creator of the first vertical takeoff and landing ("eVTOL") jet, to incorporate the e-motor into Lilium's aircraft engines.
• On July 28, 2022, the collaboration between DENSO Corporation, AISIN Corporation, and BluE Nexus Corporation led to the creation of a new 1-motor hybrid transmission. The newly created Direct Shift-6AT is combined with a driving motor and an inverter to create the one-motor hybrid transmission that the three companies developed. It is distinguished by strong acceleration capabilities and helps to improve fuel economy.
• On March 18, 2021, Yaskawa Electric Corporation announced the launch of its successor of the reputed Σ-7 Series, AC servo drives “Σ-X Series”.

Why Purchase the Report?

• To visualize the global automotive electric motors for EV market segmentation based on vehicle type, motor, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of automotive electric motors for EV market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The global automotive electric motors for EV market report would provide approximately 64 tables, 55 figures and 205 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies