The electric vehicle motors global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electric Vehicle Motors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electric vehicle motors market size has grown rapidly in recent years. It will grow from $20.52 billion in 2023 to $24.04 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to government incentives and regulations, environmental awareness, infrastructure development, consumer acceptance and demand.
The electric vehicle motors market size is expected to see rapid growth in the next few years. It will grow to $42.60 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to autonomous driving integration, global expansion of charging infrastructure, economic incentives and policies, integration with renewable energy sources. Major trends in the forecast period include technological advances, advancements in battery technology, emerging robotics technology, advancements in battery technologies.
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Scope Of Electric Vehicle Motors Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Vehicle Motors Market Overview
Market Drivers –
The rise in demand for electric and hybrid vehicles is expected to propel the growth of the electric vehicle motor market going forward. Electric vehicles (EVs) and hybrid vehicles are types of automobiles that use electric power either exclusively (EVs) or in combination with an internal combustion engine (hybrids) for propulsion, reducing or eliminating reliance on traditional fossil fuels. The increasing demand for electric and hybrid vehicles is driven by a growing awareness of environmental sustainability, government incentives, technological advancements, and a desire to reduce dependence on traditional fossil fuels. Electric and hybrid vehicles utilize electric motors for propulsion, converting electrical energy into mechanical power for movement. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the total sales of electric cars experienced significant growth, more than tripling over three years, rising from approximately 4% in 2020 to 14% in 2022. Further, in the first quarter of 2022, sales of electric cars surpassed 2.3 million units, reflecting a notable increase of about 25% compared to the corresponding period last year. It is expected to see 14 million sales by the end of 2023, representing 35% year-on-year. Furthermore, in February 2024, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, hybrid electric car sales saw a robust increase of 40.0%, while plug-in hybrid electric cars experienced a notable growth of 25.1%. Electrified vehicles accounted for 5.6% of the market, marking a rise from 4.0% in 2022. Therefore, the increase in demand for electric and hybrid vehicles is driving the growth of the electric vehicle motor market.
Market Trends –
Major companies operating in the electric vehicle motor market are focusing on developing advanced solutions, such as 800-volt technology, to enhance performance and charging capabilities. The technology in electric vehicle motors enables faster charging and higher power efficiency, improving overall performance and reducing charging times compared to traditional 400-volt systems. For instance, in August 2023, Robert Bosch GmbH, a Germany-based engineering and technology company, developed innovative powertrain solutions such as an 800V inverter, a motor for electric vehicles by utilizing 800-volt technology, enabling faster recharging and enhancing electromobility. The inverter for the 800-volt system incorporates silicon carbide semiconductors, boosting efficiency and extending the range. The electric motor’s 800-volt version has increased power density, leading to reduced weight and a more compact design. Notably, the inverter features silicon carbide chips with enhanced electrical conductivity by introducing carbon atoms into the ultrapure silicon crystalline structure. This modification results in a 50% reduction in energy loss as heat in power electronics, contributing to an impressive 99% efficiency for the inverters.
The electric vehicle motors market covered in this report is segmented –
1) By Type: Alternating Current (AC) Motor, Direct Current (DC) Motor
2) By Component: Motor Stator, Rotor, Shaft And Bearing, Permanent Magnet, Casing, Wiring And Connectors
3) By Application: Electric Two-Wheeler, Electric Three-Wheeler, Electric Commercial Vehicles, Electric Passenger Cars
4) By End User: Agribusiness, Transportation, Private, Business
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Regional Insights –
Asia-Pacific was the largest region in the electric vehicle motors market in 2023. The regions covered in the electric vehicle motors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the electric vehicle motors market are Tesla Motors Inc., Siemens AG, BYD Company Ltd., Bosch Mobility (Robert Bosch GmbH), DENSO Corporation, Continental AG, Magna International Inc., LG Magna e-Powertrain Co. Ltd., Mitsubishi Electric Corporation, Aisin Seiki Co Ltd., ABB Ltd., Toshiba Corporation, Nidec Motor Corporation, Parker Hannifin Corp., BorgWarner Inc., AISIN CORPORATION, Mahle GmBH, Delta Electronics Inc., Vitesco Technologies, Ametek Incorporation, GKN Automotive Ltd., Johnson Electric Holdings Limited, TECO Electric & Machinery Co. Ltd., Baldor Electric Company Inc., Chroma ATE Inc., Allied Motion Inc., Hitachi Astemo, ShenZhen V&T Technologies Co Ltd
Table of Contents
- Executive Summary
- Electric Vehicle Motors Market Characteristics
- Electric Vehicle Motors Market Trends And Strategies
- Electric Vehicle Motors Market – Macro Economic Scenario
- Global Electric Vehicle Motors Market Size and Growth
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- Global Electric Vehicle Motors Market Competitive Dashboard
- Key Mergers And Acquisitions In The Electric Vehicle Motors Market
- Electric Vehicle Motors Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Electric Vehicle Motors Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Electric Vehicle Motors Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Electric Vehicle Motors Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Tesla Motors Inc. Financial Performance
Table 76: Siemens AG Financial Performance
Table 77: BYD Company Ltd. Financial Performance
Table 78: Bosch Mobility (Robert Bosch GmbH) Financial Performance
Table 79: DENSO Corporation Financial Performance
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