The global electric motors for electric vehicle market size is projected to expand at a significant CAGR of 26% during the forecast period, 2021–2028. The growth of the market is attributed to the rising benefits of electric vehicles, such as zero emissions, easy maintenance, great efficiency, and automatically controlled power, the number of electric vehicles is increasing, as a result, electric motors are also estimated to spur the market growth.
An electric motor is a mechanism that transforms electricity into mechanical energy. Most electric motors create force in the form a shaft rotation by interacting between the motor's magnetic field and electric current in a wire winding. Direct current (DC) sources, such as batteries, motor vehicles, or rectifiers, or alternating current (AC) sources, such as a power grid, inverters, or electrical generators, can power electric motors. Due to the emergence of electric vehicles, motors are making their way into the automotive industry, and these vehicles require motors for battery-powered driving.
Market Trends, Drivers, Restraints, and Opportunities
- Stringent pollution and fuel economy standards, government subsidies, and improved charging stations are all contributing to an increase in the use of electric vehicles are projected to propel the market growth during the forecast period.
- Increasing collaborations between motor manufacturers and automotive businesses, electric motor for the electric vehicle industry is anticipated to boost the market expansion.
- Acquisition of rare earth metals used in permanent magnets for synchronous motors, due to export limitations and supply concerns for the metals used in these motors act as a major challenge that can impede the market expansion in the coming years.
- High initial price of electric motors and the high maintenance costs related to them are expected to hinder the market growth.
- Growing government initiatives regarding electric vehicles are projected to create lucrative opportunities for the market players.
Scope of the Report
The report on the global electric motors for electric vehicle market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Electric Motors for Electric Vehicle Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Commercial Vehicles and Passenger Cars), Vehicle Types (Battery/Pure Electric Vehicle (PEV), Plug-in Hybrid Electric Vehicles (PHEV), and Hybrid Electric Vehicles (HEV)), Motor Types (AC Motors and DC Motors)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Toyota Motor Corporation; Toshiba Corporation; Tesla Inc.; Robert Bosch GmbH; Nissan Motor Co. Ltd; Mitsubishi Electric Corp.; Magna International; Honda Motor Company Ltd; Hitachi Automotive Systems; DENSO Corporation; BYD Co. Ltd; BMW AG; BAIC; and Aisin Seiki Co. Ltd
Global Electric Motors for Electric Vehicle Market Segment Insights
Passenger cars segment is projected to represent a major market share
Based on applications, the global electric motors for electric vehicle market is divided into commercial vehicles and passenger cars. The passenger cars segment is expected to hold a key share of the market during the forecast period owing to the growing population and the demands are increasing accordingly, their pattern of lifestyles are changing, and most importantly fare of passenger cars can be cheaper as compared to the gasoline vehicles, as the hybrid electric vehicle runs with the help of a motor and electric energy.
Hybrid electric vehicles (PHEV) segment is expected to grow at a robust pace
On the basis of vehicle types, the market is segmented into battery/pure electric vehicle (PEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV). The hybrid electric vehicles (HEV) segment is expected to constitute a key share of the market in the coming years due to its compact, fuel-efficient gas engine with an electric motor that helps the engine accelerate. Batteries power the electric motor, which charges automatically as you drive. It is more ecologically friendly since it runs cleaner and gets higher gas mileage. A hybrid car has two engines: a gasoline engine and an electric motor, which reduces fuel consumption and saves energy.
DC motors segment is anticipated to register at a rapid CAGR
In terms of motor types, the global electric motors for electric vehicle market is segregated into AC motors and DC motors. The DC motors segment is expected to account for a key share of the market during the forecast period owing to AC motors run on 240 volts AC with a 300- volt battery pack, DC motors run on anything from 96 to 192 volts. DC installations are typically simpler and less costly.
Asia Pacific is expected to dominate the market
On the basis of regions, the global electric motors for electric vehicle market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to increasing electric vehicle sales, mostly from China. China is the world's top producer and user of electric vehicles. National sales goals, favorable laws, and local air-quality objectives all help to boost domestic demand.
Segments Covered in the Report
The global electric motors for electric vehicle market has been segmented based on
- Commercial Vehicles
- Passenger Cars
- Battery/Pure Electric Vehicle (PEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Toyota Motor Corporation
- Toshiba Corporation
- Tesla Inc.
- Robert Bosch GmbH
- Nissan Motor Co. Ltd
- Mitsubishi Electric Corp.
- Magna International
- Honda Motor Company Ltd
- Hitachi Automotive Systems
- DENSO Corporation
- BYD Co. Ltd
- BMW AG
- Aisin Seiki Co. Ltd
Key players competing in the global electric motors for electric vehicle market include Toyota Motor Corporation; Toshiba Corporation; Tesla Inc.; Robert Bosch GmbH; Nissan Motor Co. Ltd; Mitsubishi Electric Corp.; Magna International; Honda Motor Company Ltd; Hitachi Automotive Systems; DENSO Corporation; BYD Co. Ltd; BMW AG; BAIC; and Aisin Seiki Co. Ltd. Some of these players are adopting several business strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.