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Electric Vehicle Motors Market Report 2024: Size, Share, Trends, Forecast to 2033
Electric Vehicle Motors Market Report
According to The Business Research Company's, The electric vehicle motors market size has grown rapidly in recent years. It will grow from $20.52 billion in 2023 to $24.04 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to government incentives and regulations, environmental awareness, infrastructure development, consumer acceptance and demand.
The electric vehicle motors market size is expected to see rapid growth in the next few years. It will grow to $42.60 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to autonomous driving integration, global expansion of charging infrastructure, economic incentives and policies, integration with renewable energy sources. Major trends in the forecast period include technological advances, advancements in battery technology, emerging robotics technology, advancements in battery technologies.
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Market Drivers and Trends:
The rise in demand for electric and hybrid vehicles is expected to propel the growth of the electric vehicle motor market going forward. Electric vehicles (EVs) and hybrid vehicles are types of automobiles that use electric power either exclusively (EVs) or in combination with an internal combustion engine (hybrids) for propulsion, reducing or eliminating reliance on traditional fossil fuels. The increasing demand for electric and hybrid vehicles is driven by a growing awareness of environmental sustainability, government incentives, technological advancements, and a desire to reduce dependence on traditional fossil fuels. Electric and hybrid vehicles utilize electric motors for propulsion, converting electrical energy into mechanical power for movement. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the total sales of electric cars experienced significant growth, more than tripling over three years, rising from approximately 4% in 2020 to 14% in 2022. Further, in the first quarter of 2022, sales of electric cars surpassed 2.3 million units, reflecting a notable increase of about 25% compared to the corresponding period last year. It is expected to see 14 million sales by the end of 2023, representing 35% year-on-year. Furthermore, in February 2024, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, hybrid electric car sales saw a robust increase of 40.0%, while plug-in hybrid electric cars experienced a notable growth of 25.1%. Electrified vehicles accounted for 5.6% of the market, marking a rise from 4.0% in 2022. Therefore, the increase in demand for electric and hybrid vehicles is driving the growth of the electric vehicle motor market.
Major companies operating in the electric vehicle motor market are focusing on developing advanced solutions, such as 800-volt technology, to enhance performance and charging capabilities. The technology in electric vehicle motors enables faster charging and higher power efficiency, improving overall performance and reducing charging times compared to traditional 400-volt systems. For instance, in August 2023, Robert Bosch GmbH, a Germany-based engineering and technology company, developed innovative powertrain solutions such as an 800V inverter, a motor for electric vehicles by utilizing 800-volt technology, enabling faster recharging and enhancing electromobility. The inverter for the 800-volt system incorporates silicon carbide semiconductors, boosting efficiency and extending the range. The electric motor's 800-volt version has increased power density, leading to reduced weight and a more compact design. Notably, the inverter features silicon carbide chips with enhanced electrical conductivity by introducing carbon atoms into the ultrapure silicon crystalline structure. This modification results in a 50% reduction in energy loss as heat in power electronics, contributing to an impressive 99% efficiency for the inverters.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Tesla Motors Inc., Siemens AG, BYD Company Ltd., Bosch Mobility (Robert Bosch GmbH), DENSO Corporation, Continental AG, Magna International Inc., LG Magna e-Powertrain Co. Ltd., Mitsubishi Electric Corporation, Aisin Seiki Co Ltd., ABB Ltd., Toshiba Corporation, Nidec Motor Corporation, Parker Hannifin Corp., BorgWarner Inc., AISIN CORPORATION, Mahle GmBH, Delta Electronics Inc., Vitesco Technologies, Ametek Incorporation, GKN Automotive Ltd., Johnson Electric Holdings Limited, TECO Electric & Machinery Co. Ltd., Baldor Electric Company Inc., Chroma ATE Inc., Allied Motion Inc., Hitachi Astemo, ShenZhen V&T Technologies Co Ltd
Electric Vehicle Motors Market 2024 Key Insights:
• The Electric Vehicle Motors Market is expected to grow to $42.60 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.
• Surge In Electric And Hybrid Vehicle Demand Fuels Growth In The Electric Vehicle Motors Market
• Advancements In Electric Vehicle Motors For Enhanced Performance And Charging Capabilities
• Asia-Pacific was the largest region in the electric vehicle motors market in 2023. The regions covered in the electric vehicle motors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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