Electric Vehicle (EV) Motor Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Norway, Germany, France - Size and Forecast 2024-2028

Electric Vehicle (EV) Motor Market Size 2024-2028

The electric vehicle (EV) motor market size is forecast to increase by USD 80.27 billion, at a CAGR of 50.22% between 2024 and 2028. Market expansion relies on numerous factors, notably the uptick in electric vehicle (EV) sales, the downward trend in lithium-ion battery prices, and the rise in average miles covered by EVs per charge. These variables collectively influence the market's growth trajectory, representing a fusion of consumer behavior, technological advancements, and industry trends. The surge in EV sales highlights the growing preference for sustainable transportation solutions, driving demand for related products and services. Concurrently, the decreasing costs of lithium-ion batteries make EVs more affordable and accessible to a broader market segment, further stimulating adoption rates. Additionally, the increasing range of EVs on a single charge enhances their practicality and usability, reinforcing their appeal to consumers and fostering market expansion. In essence, the interplay of EV sales, battery pricing dynamics, and technological advancements delineates the landscape for market growth. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics and Customer Landscape

The industry is experiencing significant growth as automakers shift focus towards Propulsion systems that align with stringent emission and fuel economy norms. The market is witnessing massive investments in Advanced Battery Technologies, such as Lithium-ion and Solid-state batteries, to enhance Charging speed and reduce Battery costs. AC Synchronous Motors are a popular choice for EVs due to their high Torque and efficiency. Independent perspectives and Professional opinions suggest that the market will continue to expand, driven by Electric Vehicle sales and the push for Clean Mobility. Automotive companies are implementing Strategies to increase their presence in the EV sector, with some announcing Expansions into battery electric vehicles and plug-in hybrids. Industry statements indicate that tax exemptions and government incentives will further boost the market's growth. Overall, the market is poised for continued innovation and development in response to evolving consumer demands and regulatory requirements. Our researchers analyzed the market research and growth 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.

Key Market Driver

The increasing sales of EVs is driving the market growth. The industry is experiencing significant growth due to the increasing adoption of Electric Vehicles (EVs) by automakers. Propulsion systems in EVs differ from Internal Combustion Engine (ICE) vehicles, as they do not emit pollutants such as particulates, carbon monoxide, hydrocarbons, and volatile organic compounds. Emission regulations are driving this shift, with AC synchronous motors being a popular choice for EVs. Battery technologies, charging speed, and battery costs are key factors influencing the market.

Further, automotive companies are investing in AI, fast charging, connected vehicles, and expanding their product offerings. Historical analysis reveals that subsidies, incentives, and professional opinions have played a significant role in the growth of the EV market. Regenerative braking, public fleets, fuel price, hybrid vehicles, rules and regulations, subsidy programs, tax benefits, motor type, vehicle type, urbanization, fuel-efficient vehicles, charging infrastructure, battery recycling, and the use of rare earth metals are all influencing factors shaping the future of the EV motor industry. Hence, these factors will increase the demand for EV motors in the market during the forecast period.

Significant Market Trend

Battery performance overview from logs is the primary trend in the market. The EV motor industry is experiencing significant growth as automakers shift towards electric propulsion systems in response to emission regulations. AC synchronous motors are commonly used in electric vehicles due to their high efficiency and torque capabilities. Battery technologies, including lithium-ion and solid-state batteries, continue to advance, driving down battery costs and increasing charging speed. Automotive companies are investing in AI and connected vehicle technologies to optimize battery performance and charging infrastructure.

Additionally, historical analysis reveals that subsidies, incentives, and tax benefits have played a crucial role in the adoption of electric vehicles. Motor types and vehicle types vary, with some companies focusing on battery packs and regenerative braking for public fleets, while others explore fuel price advantages in hybrid vehicles. Urbanization and the push for fuel-efficient vehicles are also key factors driving the expansion of the market. Industry statements highlight strategies for battery recycling and the reduction of reliance on rare earth metals. Rules and regulations, subsidy programs, and tax benefits continue to shape the market landscape. These mass purchases will fuel the growth of the market during the forecast period.

Major Market Challenge

The lack of operational infrastructure in emerging markets is the major challenge impeding market growth.  AC synchronous motors are commonly used in electric vehicles due to their high efficiency and torque capabilities. However, challenges persist in the form of battery costs and charging speed. Automotive companies are investing in battery technologies to improve performance and reduce costs. Fast charging and connected vehicle technologies are also being explored to address range anxiety. Historical analysis reveals that subsidies and incentives have played a crucial role in the expansion of the EV market. Professional opinions and independent perspectives suggest that strategies such as expansions of charging infrastructure, battery recycling, and the use of rare earth metals will be key to the industry's success.

Furthermore, urbanization and the shift towards fuel-efficient vehicles are also driving demand for electric vehicles, including CVs. Rules and regulations, subsidy programs, tax benefits, and motor and vehicle type are all factors influencing the market. Hybrid vehicles and regenerative braking are also important considerations for the industry. The lack of efficient charging infrastructure, particularly in emerging markets, remains a significant challenge. Fuel price and public fleet adoption are also important factors to watch. The lack of operational infrastructure is expected to hamper the overall growth of the market during the forecast period.

Customer Landscape

The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Market Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Ford Motor Co. - The company offers electric vehicle (EV) motors that allow significant gains compared to a 12 Volts hybridization system and a full electrification solution for light vehicles. 

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• ABB Ltd.
• Allied Motion Technologies Inc.
• AMETEK Inc.
• Continental AG
• DENSO Corp.
• e Gle Co. Ltd.
• ECOmove GmbH
• GEM motors d.o.o
• Hitachi Ltd.
• Magna International Inc.
• Metric Mind Engineering
• Mitsubishi Electric Corp.
• Nidec Corp.
• Nissan Motor Co. Ltd.
• Robert Bosch GmbH
• Siemens AG
• Toshiba Corp.
• Valeo SA
• Volkswagen AG

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 market 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.

Market Segmentation 

The market share growth of the MPR segment will be significant during the forecast period. The EV motor industry is experiencing significant growth as electric vehicles (EVs) become increasingly popular among automakers. Propulsion systems for EVs primarily consist of AC synchronous motors, which are preferred for their high torque and efficiency. Battery technologies and charging speed are key factors influencing the market, with advancements in battery costs driving demand.

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The MPR segment was valued at USD 1.41 billion in 2018. Automotive companies are investing in AI, fast charging, and connected vehicles to enhance the EV driving experience. Historical analysis reveals that emission regulations have played a pivotal role in the industry's expansion. Mid-power rating motors, such as those used in the Nissan Leaf, Hyundai Sonata, Hyundai Ioniq Electric, Toyota Prius, and Chevrolet Volt, will see reduced market share due to the increasing demand for all-wheel drive EVs and dual hybrid powertrains. The industry is also impacted by subsidies, incentives, and professional opinions, as well as strategies, expansions, and rules and regulations related to vehicle battery, urbanization, fuel price, hybrid vehicles, and public fleet. Rare earth metals and battery recycling are also crucial considerations for the future of the EV motor industry. These factors will hamper the growth of the MPR motors segment in the market during the forecast period.

Regional Analysis

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APAC is estimated to contribute 52% 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. The market in APAC is experiencing significant growth due to the rising sales of EVs in countries like China and Japan. Permanent magnets are a key component in EV motors, making them an area of massive investment for manufacturers. This growth is driven by stringent emission and fuel economy norms, as well as government incentives such as tax exemption and subsidies. Investors are showing interest in the sector, leading to an increase in joint ventures, mergers and acquisitions, and new product launches. Companies like EMF Innovations, SPR Engineous, and Charleston Plan are at the forefront of this trend, with capacity expansions and technological advancements in battery electric vehicles, plug-in hybrids, and hydrogen fuel cell EVs. Despite geopolitical challenges such as sanctions, the market is expected to continue its upward trajectory as the push for clean mobility intensifies. Thus, the regional market is expected to grow during the forecast period.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments.

• Power Rating
  • MPR
  • HPR
  • LPR

• Type Outlook 
  • AC motor
  • DC motor

• Region Outlook 
  • APAC
    • China
    • India
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • North America
    • The U.S.
    • Canada
  • South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is experiencing significant growth, with a focus on the integration of advanced technologies in Electric Vehicle Motors. Automakers like Audi, Makkers, and Protos are investing in the development of more efficient and powerful Electric Motors. These motors are crucial for the performance and range of Electric Vehicles. The Charging Infrastructure and Vehlces (CIVC) market is also playing a vital role in the growth of the market. Companies such as TorqueQued and Prudocus are providing advanced charging solutions to support the increasing number of Electric Vehicles on the road. Battery technology is another key factor driving the growth of the market. Companies like Fuel and Hybrid are investing in the development of more efficient and long-lasting batteries to power Electric Motors.

Furthermore, regulatory initiatives, such as those from the European Union and China, are also pushing the adoption of Electric Vehicles and, consequently, the market. The Regulation and Testing (R&T) industry is providing crucial services to ensure the safety and compliance of Electric Motors. In conclusion, the market is witnessing significant growth due to advancements in technology, charging infrastructure, battery technology, and regulatory initiatives. Companies like Aucmakers, Ching, Fuels, Hybrid, TorqueQued, and Prudocus are leading the charge in this exciting and innovative industry.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report during the forecast period
• Detailed information on market analysis and report on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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