Electric Motors for Electric Vehicle Market Size, Share 2030

Segments - Electric Motors for Electric Vehicle Market by 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), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

Author : Akash Vedpathak

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

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.

Electric Motors for Electric Vehicle Market Key Takeaways

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.

Attributes	Details
Report Title	Electric Motors for Electric Vehicle Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2020
Historic Data	2018–2019
Forecast Period	2021–2028
Segmentation	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)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	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.

Electric Motors for Electric Vehicle Market By applications

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.

Electric Motors for Electric Vehicle Market By Regions

Segments

Segments Covered in the Report
The global electric motors for electric vehicle market has been segmented based on

Applications

Commercial Vehicles
Passenger Cars

Vehicle Types

Battery/Pure Electric Vehicle (PEV)
Plug-in Hybrid Electric Vehicles (PHEV)
Hybrid Electric Vehicles (HEV)

Motor Types

AC Motors
DC Motors

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

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
Aisin Seiki Co. Ltd

Competitive Landscape

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.

Electric Motors for Electric Vehicle Market By Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Electric Motors for Electric Vehicle Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Electric Motors for Electric Vehicle Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Electric Motors for Electric Vehicle Market - Supply Chain
  4.5. Global Electric Motors for Electric Vehicle Market Forecast
     4.5.1. Electric Motors for Electric Vehicle Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Electric Motors for Electric Vehicle Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Electric Motors for Electric Vehicle Market Absolute $ Opportunity
5. Global Electric Motors for Electric Vehicle Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Electric Motors for Electric Vehicle Market Size and Volume Forecast by Applications
     5.3.1. Commercial Vehicles
     5.3.2. Passenger Cars
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Electric Motors for Electric Vehicle Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Electric Motors for Electric Vehicle Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Electric Motors for Electric Vehicle Demand Share Forecast, 2019-2026
7. North America Electric Motors for Electric Vehicle Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Electric Motors for Electric Vehicle Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Electric Motors for Electric Vehicle Market Size and Volume Forecast by Applications
     7.4.1. Commercial Vehicles
     7.4.2. Passenger Cars
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Electric Motors for Electric Vehicle Demand Share Forecast, 2019-2026
8. Latin America Electric Motors for Electric Vehicle Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Electric Motors for Electric Vehicle Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Electric Motors for Electric Vehicle Market Size and Volume Forecast by Applications
     8.4.1. Commercial Vehicles
     8.4.2. Passenger Cars
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Electric Motors for Electric Vehicle Demand Share Forecast, 2019-2026
9. Europe Electric Motors for Electric Vehicle Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Electric Motors for Electric Vehicle Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Electric Motors for Electric Vehicle Market Size and Volume Forecast by Applications
     9.4.1. Commercial Vehicles
     9.4.2. Passenger Cars
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Electric Motors for Electric Vehicle Demand Share Forecast, 2019-2026
10. Asia Pacific Electric Motors for Electric Vehicle Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Electric Motors for Electric Vehicle Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Electric Motors for Electric Vehicle Market Size and Volume Forecast by Applications
     10.4.1. Commercial Vehicles
     10.4.2. Passenger Cars
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Electric Motors for Electric Vehicle Demand Share Forecast, 2019-2026
11. Middle East & Africa Electric Motors for Electric Vehicle Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Electric Motors for Electric Vehicle Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Electric Motors for Electric Vehicle Market Size and Volume Forecast by Applications
     11.4.1. Commercial Vehicles
     11.4.2. Passenger Cars
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Electric Motors for Electric Vehicle Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Electric Motors for Electric Vehicle Market: Market Share Analysis
  12.2. Electric Motors for Electric Vehicle Distributors and Customers
  12.3. Electric Motors for Electric Vehicle Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Toyota Motor Corporation
     12.4.2. Toshiba Corporation
     12.4.3. Tesla Inc.
     12.4.4. Robert Bosch GmbH
     12.4.5. Nissan Motor Co. Ltd