The global electric vehicle (EV) motor market is set for a dramatic surge, predicted to expand at a remarkable compound annual growth rate (CAGR) of 21% from 2024 to 2034. This growth trajectory is fuelled by the global shift towards sustainable transport and the increasing popularity of electric vehicles.
The EV motor sector's revenue is expected to climb from £68.34 billion in 2024 to a staggering £461.23 billion by 2034. Currently, the EV motor market represents 14.3% of the total electric vehicle market, which encompasses battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs).
The market's rapid expansion is driven by a confluence of factors, including:
The global transition to sustainable transportation: The increasing demand for environmentally friendly vehicles, driven by concerns about climate change and air pollution, is a major catalyst for the EV motor market.
Rising adoption of electric vehicles: Consumers are increasingly opting for EVs due to their lower running costs, reduced emissions, and improved performance.
Advancements in motor technology: Innovations like permanent magnet synchronous motors (PMSMs) and induction motors are enhancing vehicle performance and efficiency. PMSMs, known for their high efficiency and compact design, are particularly suited for a wide range of EV applications.
Government policies: Governments across the globe are introducing policies to encourage the adoption of EVs and reduce carbon emissions, further bolstering the market.
Technological advancements are playing a pivotal role in driving the EV motor market. The integration of advanced control algorithms and power electronics is enhancing the efficiency and reliability of EV motors, contributing to increased vehicle range, shorter charging times, and a more enjoyable driving experience.
Key Insights:
The market is projected to experience a decline of 162 basis points (BPS) by 2034, following a CAGR of 20.2% over the forecast period.
Germany is poised to witness a significant CAGR of 20.1% in the electric vehicle motor market from 2024 to 2034.
Japan is expected to present a substantial incremental opportunity for its EV motor manufacturers, with a projected CAGR of 22.7% through 2034.
Competitive Landscape:
The EV motor market is highly competitive, with several key players vying for market share. Recent notable developments include:
Mabuchi Motors: In June 2021, Mabuchi Motors completed the 100% acquisition of Electromag SA for CHF 0.1 Million (USD 0.11 Million).
Wolong Electric: In March 2020, Wolong Electric acquired the small industrial motors business of GE for USD 160 Million, aiming to establish a strong market position.
Nidec Corporation: In February 2020, Nidec Corporation unveiled two innovative traction motor systems: the 50 kW Ni50Ex and the 200 kW Ni200Ex, based on its original 150 kW E-Axle (a fully integrated traction motor system encompassing a reduction gearbox, an electric motor, and an inverter).
WEG: In October 2019, WEG established an LV electric motor plant in Hosur, India. This new facility, spanning 13,000 square metres, has the capacity to manufacture 250,000 electric motors per year.
Allied Motion Technologies: In May 2019, Allied Motion Technologies launched the EnduraMax 75i Series, a brushless DC motor featuring an all-digital integrated drive. Its applications range from AGV vehicle traction and steering to rotary and linear actuators, medical patient-handling equipment, mobile HVAC blowers, pumps, and material handling systems.
ABB: In March 2019, ABB introduced stainless steel motors specifically designed for food and beverage plants. These motors can withstand high-pressure sprays and meet stringent hygiene standards.
TECO Westinghouse (Canada): In January 2018, TECO Westinghouse (Canada) entered into a new distribution partnership with Westech Industrial to access new markets across Canada.
Key Players:
The report profiles a range of key players in the electric vehicle motor market, including:
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.
Delta Electronics Inc.
BYD
Mahle GmBH
Vitesco Technologies
Market Segmentation:
The electric vehicle motor market is segmented by:
By Product Type:
Permanent Magnet Synchronous Motors (PMSMs)
Induction Motors
Others
By Power:
Up to 100kW
101-200kW
Above 200kW
By EV Type:
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Hybrid Electric Vehicles (HEVs)
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa
Conclusion:
The global electric vehicle motor market is poised for significant growth in the coming years, driven by the increasing adoption of electric vehicles and a growing focus on sustainable transportation. This trend is expected to continue, creating exciting opportunities for companies operating in this dynamic and innovative sector.