Electric Vehicle Motor Market Introduction and Overview
According to SPER Market Research, the Global Electric Vehicle Motor Market is estimated to reach USD 114.9 billion by 2033 with a CAGR of 15.48%.
The report includes an in-depth analysis of the Global Electric Vehicle Motor Market, including market size and trends, product mix, applications, and supplier analysis. Motors in electric vehicles (EVs) are devices that transform electrical energy into mechanical energy to move the car forward. These engines use the vehicle's battery to store electricity, as opposed to traditional internal combustion (IC) engines, which run on fossil fuels. These motors are mainly offered in two varieties: direct current (DC) motors and alternating current (AC) motors. They are commonly distinguished by their ability to deliver torque instantly, enabling swift acceleration from a stationary position. As a result, power is produced smoothly and seamlessly without requiring intricate transmissions. They are also cleaner and comprise fewer moving components than gasoline engines, which reduces noise pollution and service needs.
- June 2023; In partnership with Tohoku Magnet Institute (TMI), AISIN CORPORATION invented an ultrahigh-efficiency electric vehicle (EV) motor by employing NANOMET, a nanocrystalline soft magnetic alloy renowned for its ultralow iron loss and high saturation magnetic flux density.
- August 2023; Borgwarner Inc. revealed its innovative integrated drive module (iDM220) for electric vehicles, featuring outstanding efficiency, smooth and quiet operation, plus exceptional overall performance.
- November 2022; Nidec Corporation declared that it will invest USD 715 million in Mexico to build e-axle drives and electric motors for electric cars. Once it starts operations in April 2023 or March 2024, the plant is expected to have a manufacturing capacity of one million units yearly.
Market Opportunities and Challenges
In the coming years, companies operating in the electric motors market will have multiple chances due to the emergence of robotics technology. Industrial and portable robots employ electric motors for their wheels, tracks, legs, armament systems, and sensor turrets. Examples of these motors are brushless DC motors, AC motors, and stepping motors. In the commercial world, small and medium-sized businesses, or SMEs, are becoming growing in significance. A number of SMEs that manufacture goods have been focusing on aspects of industrial machinery like speed, flexibility, and quality. Common trends in technology include the Internet of Things, robotics, additive manufacturing, big data, and analytics.
Supply chains will be impacted most severely in the short term when it comes to electric motors that are either currently under contract or in production. CEOs in the sector anticipate delayed building and delivery due to unstable energy prices, rising inflation, and economic downturns. The depreciation of local currencies in various nations has been caused by the economic crisis and inflation. Manufacturers of parts and components suffer financial losses as a result of the discrepancy between supply and demand.
Market Competitive Landscape
Top competitors in the worldwide market for electric motors for electric vehicles are focusing on R&D to increase the motors' efficiency. Companies are focusing on developing EV motors with features like compact design, higher torque, and inverters to compete in the market. To increase sales and market share, they are also forming alliances and working together with original equipment manufacturers (OEMs). Some of the market players AISIN CORPORATION (Japan), Allied Motion, Inc. (U.S.), BorgWarner Inc. (U.S.), Johnson Electric Holdings Limited (Hong Kong), LG Magna e-Powertrain Co., Ltd (South Korea), Mitsubishi Electric Corporation (Japan), Nidec Industrial Solutions (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), Toshiba International Corporation (Japan) and others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Component, By Power Rating
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | AISIN CORPORATION (Japan), Allied Motion, Inc. (U.S.), BorgWarner Inc. (U.S.), Johnson Electric Holdings Limited (Hong Kong), LG Magna e-Powertrain Co., Ltd (South Korea), Mitsubishi Electric Corporation (Japan), Nidec Industrial Solutions (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), Toshiba International Corporation (Japan) and others.
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COVID-19 Impact on Global Electric Vehicle Motor Market
Due to COVID-19, the expansion of the electric car market was hampered by production disruptions and difficulties estimating demand. The manufacturing of automobiles has been significantly influenced by supply shortages of particular components, particularly semiconductor chips. Businesses were behind schedule in producing vehicles, which affected the demand and sales of electric motors. After the COVID-19 pandemic, the market for electric vehicles is expanding rapidly. Furthermore, government limits on the emissions of conventional vehicles, as well as the execution of various schemes for the adoption of EVs, are driving the market for electric vehicles to expand in the near future, highlighting the electric vehicle motor market's expansion.
Key Target Audience:
- Automotive Manufacturers
- Electric Vehicle Component Suppliers
- Electric Vehicle Charging Infrastructure Providers
- Battery Manufacturers
- Research and Development Institutions
- Government Agencies and Regulatory Bodies
- Investors and Financial Institutions
- Automotive Dealerships
- Fleet Operators
- Consumers
Our in-depth analysis of the Electric Vehicle Motor Market includes the following segments:
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By Vehicle Type: |
Two Wheeler
Three Wheeler
Passenger Wheeler
Commercial Vehicle
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By Component: |
Motor Stator
Rotor, Shaft and Bearing
Permanent Magnet
Casing
Wiring & Connectors
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By Power Rating: |
Up to 20 kW
20 kW to 100 kW
100 kW to 250 kW
Above 250 kW
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Key Topics Covered in the Report:
- Global Electric Vehicle Motor Market Size (FY’2024-FY’2033)
- Overview of Global Electric Vehicle Motor Market
- Segmentation of Global Electric Vehicle Motor Market By Vehicle Type (Two Wheeler, Three Wheeler, Passenger Vehicle, and Commercial Vehicle)
- Segmentation of Global Electric Vehicle Motor Market By Component (Motor Stator, Rotor, Shaft, and Bearing, Permanent Magnet, Casing, and Wiring & Connectors)
- Segmentation of Global Electric Vehicle Motor Market By Power Rating (Up to 20 kW, 20 KW to 100 KW, 100 KW to 250 KW, and Above 250 KW)
- Statistical Snap of Global Electric Vehicle Motor Market
- Expansion Analysis of Global Electric Vehicle Motor Market
- Problems and Obstacles in Global Electric Vehicle Motor Market
- Competitive Landscape in the Global Electric Vehicle Motor Market
- Impact of COVID-19 and Demonetization on Global Electric Vehicle Motor Market
- Details on Current Investment in Global Electric Vehicle Motor Market
- Competitive Analysis of Global Electric Vehicle Motor Market
- Prominent Players in the Global Electric Vehicle Motor Market
- SWOT Analysis of Global Electric Vehicle Motor Market
- Global Electric Vehicle Motor Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Electric Vehicle Motor Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Electric Vehicle Motor Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Electric Vehicle Motor Market
7. Global Electric Vehicle Motor Market, By Vehicle Type (USD Million)
7.1. Global Electric Vehicle Motor Market Value Share and Forecast, By Vehicle Type, 2024-2033
7.2. Two Wheeler
7.3. Three Wheeler
7.4. Passenger Wheeler
7.5. Commercial Vehicle
8. Global Electric Vehicle Motor Market, By Component (USD Million)
8.1. Global Electric Vehicle Motor Market Value Share and Forecast, By Component, 2024-2033
8.2. Motor Stator
8.3. Rotor, Shaft and Bearing
8.4. Permanent Magnet
8.5. Casing
8.6. Wiring & Connectors
9. Global Electric Vehicle Motor Market, By Power Rating (USD Million)
9.1. Global Electric Vehicle Motor Market Value Share and Forecast, By Power Rating, 2024-2033
9.2. Up to 20 kW
9.3. 20 kW to 100 kW
9.4. 100 kW to 250 kW
9.5. Above 250 kW
10. Global Electric Vehicle Motor Market Forecast, 2020-2033 (USD Million)
10.1. Global Electric Vehicle Motor Market Size and Market Share
11. Global Electric Vehicle Motor Market, By Vehicle Type 2019-2033 (USD Million)
11.1. Global Electric Vehicle Motor Market Size and Market Share By Vehicle Type (2020-2026)
11.2. Global Electric Vehicle Motor Market Size and Market Share By Vehicle Type (2027-2033)
12. Global Electric Vehicle Motor Market, By Component, 2020-2033 (USD Million)
12.1. Global Electric Vehicle Motor Market Size and Market Share By Component (2020-2026)
12.2. Global Electric Vehicle Motor Market Size and Market Share By Component (2027-2033)
13. Global Electric Vehicle Motor Market, By Power Rating, 2020-2033 (USD Million)
13.1. Global Electric Vehicle Motor Market Size and Market Share By Power Rating (2020-2026)
13.2. Global Electric Vehicle Motor Market Size and Market Share By Power Rating (2027-2033)
14. Global Electric Vehicle Motor Market, By Region, 2020-2033 (USD Million)
14.1. Global Electric Vehicle Motor Market Size and Market Share By Region (2020-2026)
14.2. Global Electric Vehicle Motor Market Size and Market Share By Region (2027-2033)
14.3. Asia-Pacific
14.3.1. Australia
14.3.2. China
14.3.3. India
14.3.4. Japan
14.3.5. South Korea
14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France
14.4.2. Germany
14.4.3. Italy
14.4.4. Spain
14.4.5. United Kingdom
14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia
14.5.2. United Arab Emirates
14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada
14.6.2. Mexico
14.6.3. United States
14.7. Latin America
14.7.1. Argentina
14.7.2. Brazil
14.7.3. Rest of Latin America
15. Company Profile
15.1. AISIN CORPORATION (Japan)
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Allied Motion, Inc. (U.S.)
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. BorgWarner Inc. (U.S.)
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Johnson Electric Holdings Limited (Hong Kong)
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. LG Magna e-Powertrain Co., Ltd (South Korea)
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Mitsubishi Electric Corporation (Japan)
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Nidec Industrial Solutions (Japan)
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Robert Bosch GmbH (Germany)
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Siemens AG (Germany)
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. Toshiba International Corporation (Japan)
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
