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The electric vehicle (EV) motor market is estimated to grow at a CAGR of 20.87% between 2022 and 2027. The size of the market is forecast to increase by USD 14,492.96 million. The growth of the market depends on several factors, including increasing sales of EVs, declining prices of lithium-ion batteries, and increasing average miles driven by EVs on a single charge.
This report extensively covers market segmentation by power rating (MPR, HPR, and IPR), type (AC motor and DC motor), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing average miles driven by EVs on a single charge are notably driving the market growth, although factors such as lack of operational infrastructure in emerging markets may impede the market growth. Our researchers analyzed the data with 2022 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 Electric Vehicle Motor Market Driver
The increasing average miles driven by EVs on a single charge are notably driving the EV motor market growth. EV manufacturers are focusing on improving the battery pack size as it is one of the essential components of vehicles. For instance, Tesla has planned to improve the battery pack (100-kilowatt-hour) in its EVs, which will improve the miles driven from 200 miles to 380 miles.
Similarly, the Nissan Leaf is improving its battery pack to enhance the miles driven on a single charge. The new Leaf model will have a battery pack of 30 kWh. OEMs are upgrading the battery packs of EVs to enhance the miles driven on a single charge to attract the customers who were earlier reluctant to buy the vehicles due to range anxiety. Increasing the average miles driven on a single charge will attract more customers, which will increase the demand for EV motors in the market during the forecast period.
Significant Electric Vehicle Motor Market Trend
Battery performance overview from logs is the primary trend in the market. The smartphone connected to the battery interface monitors and records each time charging cycles, duration, battery capacity, and range availed after each charge and keeps the log. The app can also create statistics based on the history available for easy interpretation of battery performance by users.
Shared EV mobility is another upcoming trend where taxi-sharing service providers such as Car2Go and TaxiShare and fleet operators of many companies are purchasing EVs in bulk to provide environment-friendly transport facilities. Taxi Electric is such an example, which started operating in Amsterdam, where annual profit tax is waived for companies that purchase EVs in bulk for the first year. Another example is the taxi operators in Singapore that have started electrifying their taxi services since 2016 with support from the country's transportation authority. These mass purchases will fuel the growth of the EV motor market during the forecast period.
Major Electric Vehicle Motor Market Challenge
The lack of operational infrastructure in emerging markets is the major challenge impeding market growth. The lack of efficient charging infrastructure for EVs, especially in emerging markets hinders the expansion of EV charging stations. The lack of proper road infrastructure in these countries hampers the wide-scale expansion of EV charging infrastructure. Individuals and freight operators who maintain a fleet of EVs for commercial purposes limit their operations to major cities because the operational infrastructure required for setting up an EV charging station is available mostly in major cities, not in tier-2 and tier-3 cities.
Governing bodies are developing charging stations in their respective regions to promote the use of electric commercial vehicles (CVs). However, most of them are slow-charging stations that require a considerable amount of time to charge a vehicle. Electric CVs have higher battery capacities than electric passenger cars and thus require more time. The lack of operational infrastructure is expected to hamper the overall growth of the market during the forecast period.
Key Electric Vehicle Motor Market Customer Landscape
The 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 growth strategies.
Global Electric Vehicle Motor Market Customer Landscape
Vendors 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. Under the automotive segment, the company focuses on the sale of Ford and Lincoln vehicles, service parts, and accessories worldwide.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The reports categorize the global electric vehicle motors market as a part of the global automotive components and accessories market within the global auto components market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market share growth of the MPR segment will be significant during the forecast period. MPR motors are the preferred motors for use in full or plug-in hybrid powertrains and low-range pure EVs. The Nissan Leaf is equipped with an 80kW MPR motor for providing acceleration to the 3300 lb (approx 1500kg) vehicle. Other vehicles that use mid-power rating motors are Hyundai Sonata, Hyundai Ioniq Electric, Toyota Prius, and Chevrolet Volt.
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The MPR segment was valued at USD 969.48 million in 2017 and continued to grow until 2021. The market share of the mid-power rating motors will reduce as there will be a gradual increase in the demand for ALL Wheel Drive EVs (AWD EVs), which will lead to increased demand for low-power rating motors (dual hybrid powertrains use these motors as the secondary motor). In addition, there will be a gradual increase in the demand for high-power rating motors due to increased demand for pure high-performance EVs and plug-in hybrid vehicles for better acceleration and more average miles driven on a single charge. These factors will hamper the growth of the MPR motors segment in the market during the forecast period.
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APAC is estimated to contribute 50% 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 EV motor market in APAC is growing rapidly, owing to the increasing demand for EVs from countries such as China, Japan, India, Singapore, Thailand, and South Korea. China and Japan are major contributors to the EV motors market of APAC owing to the increased production and sales of EVs and components. China is the major contributor in terms of the number of EVs sold, which is distantly followed by Japan. South Korea, India, and Hong Kong will emerge as strong markets for EVs during the forecast period. This will increase the production and sales of EV-related parts, such as batteries, power inverters, and motors.
The market growth plummeted owing to the COVID-19 pandemic. However, the EV motor market in APAC is growing rapidly, and the sales of electric cars are also increasing. The Chinese market is the largest consumer. In China, EV sales in January 2022 increased by a whopping 141% from the January 2021 record, with over 400,000 EVs sold. This is currently the highest EV sales in the global EV market this year. Thus, the regional EV motors market is expected to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Electric Vehicle Motor Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 20.87% |
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Market growth 2023-2027 |
USD 14,492.96 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
31.6 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 50% |
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Key countries |
US, China, Norway, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Allied Motion Technologies Inc., AMETEK Inc., Continental AG, DENSO Corp., e Gle Co. Ltd., ECOmove GmbH, Ford Motor Co., 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, and Volkswagen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Power Rating
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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