Global Electric Vehicle Motor Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Vehicle, and Commercial Vehicle), By Component (Motor Stator, Rotor, Shaft, and Bearing, Permanent Magnet, Casing, and Wiring & Connectors), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Electric Vehicle Motor Market Insights Forecasts to 2033

• The Global Electric Vehicle Motor Market Size Was Estimated at USD 17.11 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 15.17% from 2023 to 2033
• The Worldwide Electric Vehicle Motor Market Size is Expected to Reach USD 70.22 Billion by 2033
• Europe is Expected to Grow the fastest during the Forecast period.

The global electric vehicle motor market size was worth around USD 17.11 Billion in 2023 and is predicted to grow to around USD 70.22 Billion by 2033 with a compound annual growth rate (CAGR) of 15.17% between 2023 and 2033. The world electric vehicle motor market is fueled by rising demand for green transportation, regulatory emission standards, government incentives, technology advancements in motors and batteries, fuel price increases, and consumer interest in sustainable mobility solutions.

Market Overview

The electric vehicle motor industry is the global sector that deals with the production, development, and sale of electric motors that power electric vehicles (EVs). The motors form a key component of EVs, converting electrical energy from the battery to mechanical energy to drive the vehicle. Electric vehicle motors are a key component in the functioning and performance of electric vehicles, making them efficient, eco-friendly, and more widely used as a green mode of transportation. There has been growing emphasis on the electrification of public fleets because of the rising cost of fuel and high maintenance expenses likewise electric buses will help in lowering the pollution level. Additionally, there are many enabling government policies and subsidy schemes towards the purchase of electric vehicles, which led to growing electric vehicle penetration particularly to be used for commercial purposes, because of this large companies are investing in production towards the development of more efficient motors.

Report Coverage

This research report categorizes the electric vehicle motor market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the electric vehicle motor market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the electric vehicle motor market.

Driving Factors

Uninterrupted innovations in electric motor efficiency and battery technology are improving EV performance, making them more convenient, reliable, and cost-effective. Newer motor types, like Permanent Magnet Synchronous Motors (PMSM) and Brushless DC motors (BLDC), provide improved power-to-weight ratio and higher energy efficiency, fueling market expansion. When fuel prices increase, electric vehicles, which provide much lower operating expenses compared to conventional cars, gain popularity. EV motors assist in minimizing the long-term cost of ownership by minimizing fuel use and maintenance requirements, particularly over conventional internal combustion engines further boosting its demand.

Restraining Factors

Even with the lowering cost of batteries, the initial outlay of electric vehicles (EVs) is still higher than conventional gasoline-fueled cars. The expense of advanced electric motors and battery packs still accounts for the increased overall price, which puts them out of reach for many consumers. Moreover, as electric motors improve in efficiency, the short range of EV batteries and the lengthy charging time relative to fueling conventional cars remain a challenge to more extensive EV usage. That can hold back the entire development of the electric vehicle industry, including the motor market.

Market Segmentation

The electric vehicle motor market share is classified into vehicle type and component.

• The passenger vehicle segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.

Based on the vehicle type, the electric vehicle motor market is divided into two-wheeler, three-wheeler, passenger vehicle, and commercial vehicle. Among these, the passenger vehicle segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to electric vehicles (EVs), and more specifically passenger vehicles, which provide a zero-emission option compared to conventional gasoline-based vehicles and hence are extremely appealing to green consumers. Governments across the globe are providing a variety of incentives to push the take-up of electric passenger cars. These incentives consist of tax credits, rebates, subsidies, and grants that reduce the cost of EVs.

• The permanent magnet segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

Based on the component, the electric vehicle motor market is divided into motor stator, rotor, shaft, and bearing, permanent magnet, casing, and wiring & connectors. Among these, the permanent magnet segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth due to permanent magnet motors is attributed to their efficient performance, particularly at low speeds, which plays an important role in achieving high electric vehicle ranges. As they don't use an external source of power for the creation of a magnetic field (such as induction motors), they are energy-efficient and take up less power.

Regional Segment Analysis of the Electric Vehicle Motor Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the electric vehicle motor market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the electric vehicle motor market over the predicted timeframe. Asia Pacific is anticipated to hold the largest share of the electric vehicle motor market over the predicted timeframe. China is the global largest manufacturer of electric vehicle batteries, particularly lithium-ion batteries. This has promoted closer integration of the EV motor market with the battery manufacturing industry, lowering production costs and raising the supply of electric motors to both domestic and foreign markets. The Asia-Pacific region, especially China, enjoys lower manufacturing costs, making EV motors and electric vehicles cheaper. This cost-benefit enables manufacturers to offer and produce EVs at attractive prices, creating mass market potential in the world and the region.

Europe is expected to grow at a rapid CAGR in the electric vehicle motor market during the forecast period. Europe has been at the forefront of technological innovation regarding electric motor design, performance, and efficiency. Europe has spent a lot of money on R&D to enhance the efficiency of electric motors and make EVs more competitive against conventional gasoline-powered vehicles. Europe hosts the largest and most powerful automakers globally, including Volkswagen, BMW, Mercedes-Benz, Renault, and Stellantis. Most of these manufacturers have promised a full transition to electric vehicles in the next few years, which will fuel the demand for electric motors.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the electric vehicle motor market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Tesla Inc.
• Aisin Seiki Co Ltd
• Bosch Mobility
• Siemens AG
• Nidec Motor Corporation
• ABB Ltd
• Toshiba Corporation
• Magna International
• Mitsubishi Electric
• Hitachi Astemo
• Parker Hannifin Corp.
• Delta Electronics Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In October 2023, GKN Automotive launched a new plug-and-play eDrive concept to address the increasing demand for modular electric drive technology from niche electric vehicle players and EV conversion businesses. The new e-drive concept leverages GKN Automotive's 20 years of eDrive expertise to develop a cost-efficient modular electric drive system with best-in-class efficiency and performance and market-tested technology in an off-the-shelf package.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the electric vehicle motor market based on the below-mentioned segments: 

Global Electric Vehicle Motor Market, By Vehicle Type

• Two-Wheeler
• Three-Wheeler
• Passenger Vehicle
• Commercial Vehicle

Global Electric Vehicle Motor Market, By Component

• Motor Stator
• Rotor, Shaft, and Bearing
• Permanent Magnet
• Casing
• Wiring & Connectors

Global Electric Vehicle Motor Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa