Electric Vehicle Motor Market
Report ID: SQMIG25A2342
Report ID: SQMIG25A2342
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Report ID:
SQMIG25A2342 |
Region:
Global |
Published Date: February, 2025
Pages:
164
|Tables:
0
|Figures:
0
Global Electric Vehicle Motor Market size was valued at USD 13.92 Billion in 2024 and is poised to grow from USD 17 Billion in 2025 to USD 83.96 Billion by 2033, growing at a CAGR of 22.1% during the forecast period (2026–2033).
The electric motors have a direct relationship with the sales and uptakes of electric cars. Year after year, sales for electric cars increase, and expansion in the EV market, due to the elevated demand for electric vehicles, is expected to drive the electric vehicle motor market growth throughout the forecast period, as stated by the IEA. Both the COVID-19 pandemic and expansion of the electric vehicle sector made it difficult to predict the demand for electric vehicles and posed manufacturing problems. As the COVID-19 pandemic left people confined indoors for long periods of time, demand for electric vehicles has increased significantly in the market recently. In addition, since automobiles cause a greenhouse effect as they pollute the environment, some regulatory departments have released strict rules related to emissions. Air quality is degrading much faster due to vehicle pollution, which has become a tremendous issue. The government plans to ban or manufacture no more gasoline and diesel cars. California intends to ban the selling of any new gasoline-fueled vehicle by 2035. The government will also demand more electric or hybrid-electric cars on the roads. The program will trigger a need for EV motors on vehicles since there would be more electric vehicles on the roads. In the periods projected, this will thus keep propelling the expansion of the electric vehicle motor industry.
Market snapshot - 2026-2033
Global Market Size
USD 11.4 billion
Largest Segment
Passenger Vehicle
Fastest Growth
Two-Wheeler
Growth Rate
22.1% CAGR
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Global Electric Vehicle Motor Market is segmented by Type, Vehicle Type, Motor Type, Power Rating, Application, Powertrain Type, Marketplace, End User and region. Based on Type, the market is segmented into AC Motor and DC Motor. Based on Vehicle Type, the market is segmented into Pure Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle and Fuel Cell Electric Vehicle (FCEV). Based on Motor Type, the market is segmented into Induction Motor, Synchronous Motor and Switched Reluctance Motor. Based on Power Rating, the market is segmented into Up to 60 KW, 60 to 90 KW and Above 90 KW. Based on Application, the market is segmented into Electric Two-Wheeler, Electric Three-Wheeler, Electric Commercial Vehicles and Electric Passenger Cars. Based on Powertrain Type, the market is segmented into Single Motor, Dual Motor, Triple Motor and Four Motor. Based on Marketplace, the market is segmented into OEM and Aftermarket. Based on End User, the market is segmented into Agribusiness, Transportation, Private and Business. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
As per the electric vehicle motor market analysis, due to primarily to the increasing demand for electric and hybrid electric cars (EVs), the passenger vehicle category accounted for a considerable percentage of the market in 2023. The class also includes BEVs and HEVs, which have witnessed immense popularity owing to the enhanced environmental benefits and fuel efficiency. A smoother and quieter ride has spurred consumers into speeding up the adoption of electric transportation for their driving experiences. Government programs, including tightening pollution standards and attractive packages of financial incentives for buying electric cars, have also helped accelerate adoption. Simultaneously, growing fossil fuel prices motivate other people to buy electric vehicles. Demand for electric motors is thus on the increase; it amplifies the growth of such a niche market in the automotive industry.
However, increased requirements for greener, lighter, and smaller modes of transport, especially urban and local transport, led to one of the fastest growths in the electric two-wheeler segment in 2023. The ability of electrical two-wheelers to be easily mobile ensures greater consumption. It is therefore perfect for crowded metropolitan streets. Increased demand for electric two-wheelers can be attributed to their use of in-wheel electric motors that provide improved efficiency and compactness of design. Many customers are actively scouting electric options due to the steadily rising price of gasoline. Electric two-wheeler adoption is booming with the increased output and accessibility from the manufacturer side. Together, these elements are causing the electric two-wheeler market to grow rapidly, positioning it as a major force in the development of electric transportation in the future.
As per the electric vehicle motor market forecast, due to the higher penetration of electric vehicles (EVs) and renewable energy technologies, the permanent magnet segment of the electric motor market had the highest CAGR. Permanent magnets are critical for improving motor efficiency, made from neodymium and other rare earth metals. However, these are expensive and environmentally challenging to source and use. Following this, the producers are focusing on developing advanced electric motors that require much fewer rare earth elements. For instance, to reduce the production costs by as much as 20 times, Toyota has developed a new magnet for EV motors that has neodymium contents by about 50% and replaces those costly metals, such as terbium and dysprosium with cerium and lanthanum, which happen to be far more abundant. It was expected that this development would lower costs associated with the production of electric motors and help fabricate more affordable, efficient electric motors.
As the motor stators play a vital role in driving the electric vehicle (EV) motor, its component accounted for a significant share of the 2023 electric motor market. It is the stationary part of the motor, which is a stator, responsible for creating that magnetic field to energize the armature when rotating. This rotating force, which in large measure induces it, causes the vehicle to move. The stator will thus become a critical part of the system for the EV motor, so its operation interacts in tandem with efficiency and total energy consumption of the motor. The stator group, by virtue of the growing demand for electric cars, is predicted to become even more important as it further expands the scope of this technology in numerous sectors and encourages it to be used as widely as possible.
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Asia-Pacific held the majority market share in the electric vehicle motor market in 2023 and dominated it with China at USD 8.98 billion. The region has witnessed a higher rise in sales and registration of numbers of electric vehicles including two-wheelers, three-wheelers, passenger cars to even commercial vehicles. China alone accounted for approximately 9.49 million EVs sold in 2023, which have doubled as compared to the previous year and is expected to boost growth in the market. In addition, demand for EV motors has been growing in the region by rising electric mobility trends in countries such as China, India, and Japan. The preference among consumers to opt for EVs is growing in light of factors such as savings, environmental awareness, and government initiatives.
The electric vehicle (EV) motors market is expected to have a great deal of growth in Europe, considering the increasing focus on zero-emission technologies and the needs for cars that provide low maintenance and transportation expense. According to the European Automobile Manufacturers Association, new electric car sales in Europe increased by 37% year over year as of 2023 and accounted for 14.6% of total automobile sales. It is mainly caused by the increased preference of customers to environmentally friendly modes of transportation and regulatory constraints, but further to this, many electric cars have been put into various uses where extended range while driving is not as concerned, such as local deliveries in set zones. With this trend, the demand for EV motors in the region is expected to grow considerably and accelerate the growth in the market in the near future.
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Government Regulations and Incentives
Rising Fuel Prices and Environmental Awareness
High Initial Costs of EV Motors
Limited Infrastructure for Charging
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Leading companies in the competitive electric vehicle (EV) motor market include Tesla, BYD, Nidec Corporation, Continental AG, and Siemens. These businesses have been making substantial investments in innovation that is set to improve motor performance and efficiency while reducing production costs. Key drivers of competitiveness are strategic alliances, acquisitions, and the ongoing new technological developments, incorporating artificial intelligence and smart features. Businesses are raising their production capacities also to answer the increasing demand for electric vehicles globally.
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As per SkyQuest analysis, the electric vehicle or EV motor market is also witnessed growing at a significant rate with growing fuel prices, government incentives, and the environmental factor. More and more people are opting for electric vehicles due to their affordability and eco friendliness. Such demand necessitates increasingly sophisticated, high-performance EV motors. The industry is expanding even faster with improvements in motor efficiency and the infusion of smart technology. Greater penetration is still hindered by challenges such as high initial costs and insufficient charging infrastructure. Although these challenges exist, the market will increase further due to advantages and growing government support. More expansion in the usage of EVs will fundamentally dictate the future of green transportation in the coming era.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 13.92 Billion |
| Market size value in 2033 | USD 83.96 Billion |
| Growth Rate | 22.1% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Electric Vehicle Motor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Vehicle Motor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicle Motor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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