Electric Motors For IC Engine Vehicles Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Japan, India, Germany - Size and Forecast 2024-2028

Electric Motors For IC Engine Vehicles Market Size 2024-2028

The electric motors for IC engine vehicles market size is forecast to increase by USD 223.8 million at a CAGR of 5.6% between 2023 and 2028.

• The market is witnessing significant growth due to several key trends. One of the primary factors driving market growth is the increasing adoption of power window systems in vehicles. Automakers are increasingly producing in-house electric motors to meet the rising demand for these systems. The shift towards decarbonization and zero-emission targets is driving the electrification of heavy-duty electric vehicles, light commercial vehicles, buses, two-wheelers, and used electric cars. Additionally, stringent fuel emission and fuel efficiency regulations are compelling vehicle manufacturers to integrate electric motors In their IC engine vehicles to improve overall performance and reduce environmental impact. Large automakers are investing in the production of in-house electric motors to meet consumer demand for more affordable EV options. Additionally, consumer demand for added convenience and comfort features, such as power window, is influencing the design and functionality of electric vehicles. These trends are expected to continue shaping the market dynamics In the coming years.

What will be the Size of the Electric Motors For IC Engine Vehicles Market During the Forecast Period?

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• The electric motors for internal combustion engine (ICE) vehicles market is experiencing significant growth due to the global shift towards new energy vehicles (NEVs) and the increasing adoption of green mobility solutions. According to recent registration data, the demand for battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) is on the rise, driven by various factors such as subsidies, tax exemptions, and CO2 targets. This trend is expected to continue as governments worldwide prioritize reducing tailpipe emissions and promoting energy efficiency.

• The electrification of large models is a key trend In the market, with automakers investing in local manufacturing to improve affordability and reduce dependence on international trade for critical minerals in battery supply chains. Charging infrastructure development is also a critical factor, with urban mobility initiatives and the expansion of charging networks essential for the widespread adoption of electric vehicles (EVs). Tax credits and upfront retail price reductions are further incentivizing consumers to make the switch to EVs, despite concerns regarding battery supply and environmental impact.

How is the Electric Motors For IC Engine Vehicles Industry segmented and which is the largest segment?

The electric motors for IC engine vehicles industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Vehicle Type
  • PC
  • CV
  • Two-wheeler
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

By Vehicle Type Insights

• The PC segment is estimated to witness significant growth during the forecast period.

The market In the passenger car segment is experiencing significant growth due to rising sales, particularly In the entry-level sector. The increasing popularity of larger utility vehicles, including SUVs, crossovers, and MPVs, is also contributing to market expansion. Electric motors offer various functionalities and applications, which further boosts their demand In the passenger car segment. APAC holds the largest market share in terms of volume for electric motors for IC engine vehicles in passenger cars. Government initiatives such as subsidies, tax exemptions, and incentives for new energy vehicles (NEVs) and green mobility solutions are fostering market growth. The expansion of charging infrastructure, including public charging points and smart charging technologies, is addressing affordability concerns and promoting electrification.

The production and recycling of lithium-ion batteries, critical minerals, and energy efficiency are essential aspects of the market. Compliance with emission standards and the integration of vehicle-to-grid technology are also shaping the market landscape.

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The PC segment was valued at USD 468.20 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 58% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In the Asia Pacific (APAC) region, there is a significant emphasis on safety and convenience in vehicles. Advanced safety standards, such as those in South Korea, are comparable to those in Europe. China has made substantial progress in implementing stringent safety regulations. Although India's safety standards are not yet at the same level as China and South Korea, they are gradually improving. As a result, new passenger cars in APAC are increasingly equipped with power window systems. The adoption of electric motors for power windows in commercial vehicles will further boost demand in the region during the forecast period. Moreover, governments in APAC are promoting green mobility through subsidies and tax exemptions for battery electric vehicles (BEVs) and other new energy vehicles (NEVs).

These incentives are driving the electrification of vehicle fleets to reduce tailpipe emissions and meet CO2 targets. The affordability of electric vehicles (EVs) is also improving due to advancements in charging infrastructure, battery production, and lithium-ion battery technology. However, challenges remain, such as battery supply chains, critical mineral availability, and environmental impact. International trade and energy efficiency are also crucial factors influencing the market. Urban mobility and vehicle weight are essential considerations for decarbonization and zero-emission targets. Public charging points, smart charging, and vehicle-to-grid technologies are essential for optimizing the use of renewable energy sources. The market for electric motors for IC engine vehicles in APAC is expected to grow significantly due to these factors, with key applications including heavy-duty electric vehicles, light commercial vehicles, electric buses, two-wheelers, and used EVs. Battery recycling and electrification targets are also driving automaker electrification efforts and the development of charging technology, including fast chargers.

Market Dynamics

Our electric motors for IC engine vehicles market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Electric Motors For IC Engine Vehicles Industry?

The growing adoption of power window systems is the key driver of the market.

• The market is witnessing significant growth due to the increasing adoption of New Energy Vehicles (NEVs) worldwide. Governments' initiatives, such as subsidies and tax exemptions, are driving the electrification of vehicles to reduce tailpipe emissions and meet CO2 targets. This trend is not limited to Battery Electric Vehicles (BEVs) but also includes Hybrid Electric Vehicles (HEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). The demand for Green Mobility solutions is increasing due to environmental concerns and the need for energy efficiency, especially in urban mobility. Charging infrastructure development is a critical factor In the growth of the Electric Vehicle (EV) market.

• Smart Charging, Vehicle-to-Grid, and Public Charging Points are gaining popularity to optimize energy usage and reduce the upfront retail price of EVs. Battery supply chains, including the availability of critical minerals, are essential for the production of Lithium-Ion Batteries. The environmental impact of mining and international trade of these minerals is a concern, and efforts are being made to recycle batteries and reduce the need for new production. The market for Electric Motors for IC Engine Vehicles is not limited to passenger cars but also includes Heavy-Duty Electric Vehicles, Light Commercial Vehicles, Electric Buses, and Two-Wheelers. Used Electric Cars are also gaining popularity due to their affordability.

What are the market trends shaping the Electric Motors For IC Engine Vehicles Industry?

Automakers involved in the production of in-house electric motors is the upcoming market trend.

• In the evolving automotive landscape, Electric Motors for New Energy Vehicles (NEVs) are gaining significant traction as a key component In the transition towards Green Mobility. Internal Combustion Engine (ICE) vehicles are being electrified to reduce tailpipe emissions and meet CO2 targets. Subsidies and tax exemptions are driving affordability, making Electric Vehicles (EVs) increasingly popular. Automakers are integrating their business verticals from silicon material devices to vehicles as end-products to reduce dependency and tackle compatibility issues. Toyota, BYD Auto, Hyundai, and Mitsubishi Electric are examples of OEMs with a fully integrated value chain, supplying electric and hybrid powertrains and motors to their vehicle production and alliances.
• Tesla is another pioneer, producing unique technology motors and supplying them to other automakers, such as Daimler and Toyota. Daimler uses Tesla's induction motors and electric powertrain in its Mercedes Benz B class e drive. Charging infrastructure development, energy efficiency, and urban mobility are other critical factors influencing the market dynamics. Battery electric vehicles, heavy-duty electric vehicles, light commercial vehicles, electric buses, and two-wheelers are all undergoing electrification. Lithium-Ion Batteries, a critical component of EVs, are facing challenges in battery supply chains due to the need for critical minerals and environmental impact. Battery recycling and electrification targets are essential to mitigate these challenges.

What challenges does the Electric Motors For IC Engine Vehicles Industry face during its growth?

Stringent fuel emission and fuel efficiency regulations is a key challenge affecting the industry growth.

• The market is experiencing significant growth due to the global push towards decarbonization and the adoption of New Energy Vehicles (NEVs) to reduce tailpipe emissions and meet CO2 targets. Governments worldwide are offering subsidies and tax exemptions to promote the electrification of vehicles, including battery electric vehicles (BEVs), electric buses, light commercial vehicles, heavy-duty electric vehicles, and two-wheelers. The affordability of electric vehicles (EVs) is a critical factor driving market growth, with upfront retail prices becoming increasingly competitive due to advancements in charging infrastructure, battery production, and energy efficiency. Battery supply chains, including the availability of critical minerals such as lithium and cobalt, are a significant concern for market growth.
• Governments and automakers are investing in battery recycling to mitigate supply chain risks and reduce the environmental impact of EV production. Charging technology advancements, including smart charging, vehicle-to-grid, and fast chargers, are improving the convenience and accessibility of EVs. The market dynamics are influenced by various factors, including emission standards, tax credits, and charging infrastructure development. For instance, the European Union's Zero-Emission Targets call for all new cars to be zero-emission by 2035, while the US has set a goal of having 50% of all new vehicle sales be zero-emission by 2030. The availability of public charging points and the development of charging technology are essential to achieving these targets.

Exclusive Customer Landscape

The electric motors for IC engine vehicles market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the electric motors for IC engine vehicles market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, electric motors for ic engine vehicles market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• AMETEK Inc.
• Arc Systems Inc.
• BorgWarner Inc.
• Brook Crompton UK Ltd.
• Brose Fahrzeugteile SE and Co. KG
• Continental AG
• DENSO Corp.
• Emerson Electric Co.
• Hitachi Ltd.
• Ideanomics Inc.
• Johnson Electric Holdings Ltd.
• Marelli Holdings Co. Ltd.
• Mazda Motor Corp.
• Mitsuba Corp.
• Mitsubishi Electric Corp.
• Nidec Corp.
• Regal Rexnord Corp.
• Robert Bosch GmbH
• Valeo SA

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Electric motors have emerged as a significant alternative to internal combustion engines (ICE) In the transportation sector. This shift towards electrification is driven by various market dynamics, including increasing environmental concerns, stringent emission regulations, and the pursuit of energy efficiency. The global market for electric motors in ICE vehicles is experiencing strong growth due to several factors. One of the primary drivers is the growing demand for green mobility solutions. As governments and consumers become increasingly conscious of their carbon footprint, the demand for zero-emission vehicles has risen. This trend is particularly pronounced In the large models segment, as these vehicles contribute significantly to tailpipe emissions.

Furthermore, another factor fueling the growth of the electric motor market is the increasing affordability of electric vehicles (EVs). While upfront retail prices for EVs have been a barrier to entry for some consumers, various incentives such as subsidies, tax exemptions, and tax credits have made these vehicles more accessible. Moreover, advancements in battery technology have led to improvements in energy density and cost, making EVs more competitive with their ICE counterparts. The battery supply chain is a critical component of the electric motor market. The production of lithium-ion batteries, the most commonly used type in EVs, requires the extraction of critical minerals, such as lithium, cobalt, and nickel.

Moreover, the international trade of these minerals has become a subject of debate due to environmental and ethical concerns. However, efforts are underway to improve the sustainability of battery production and recycling. The electrification of heavy-duty electric vehicles, light commercial vehicles, electric buses, and two-wheelers is also gaining momentum. These segments offer significant growth opportunities for the electric motor market, as they contribute significantly to transportation-related emissions. The adoption of electric buses, in particular, is expected to increase rapidly due to their lower operating costs and environmental benefits. The charging infrastructure is another critical factor influencing the growth of the electric motor market. The availability and accessibility of charging points, particularly in urban areas, are essential for the widespread adoption of EVs. Smart charging technologies, such as vehicle-to-grid and public charging points, are becoming increasingly popular as they enable the efficient use of renewable energy and reduce the strain on the power grid.

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What are the Key Data Covered in this Electric Motors For IC Engine Vehicles Market Research and Growth Report?

• CAGR of the Electric Motors For IC Engine Vehicles industry during the forecast period
• Detailed information on factors that will drive the Electric Motors For IC Engine Vehicles market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the electric motors for ic engine vehicles market growth of industry companies

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