Press release
A Deep Dive into Electric Vehicle Motors Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034
Electric Vehicle Motors Market
The electric vehicle motors market will grow from $24.04 billion in 2024 to $28.18 billion in 2025, at a CAGR of 17.2%. This growth is driven by government incentives, regulations, environmental awareness, infrastructure development, and consumer demand.
The electric vehicle motors market is forecasted to grow to $48.57 billion by 2029 at a CAGR of 14.6%, driven by autonomous driving, EV infrastructure expansion, and economic policies. Key trends include technological advances, battery technology innovations, and robotics.
What Is Contributing to the Growth of the Electric Vehicle Motors Market?
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 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 growing awareness of environmental sustainability, government incentives, technological advancements, and a desire to reduce dependence on 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, 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 that sales will reach 14 million by the end of 2023, representing a 35% year-on-year growth. Furthermore, in February 2024, according to the Society of Motor Manufacturers and Traders (SMMT), hybrid electric car sales saw a robust increase of 40.0%, while plug-in hybrid electric cars experienced 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.
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Which Key Market Leaders Are Driving Electric Vehicle Motors Industry Growth?
Major companies operating in the electric vehicle motors market are 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
What Are the Main Segments in the Electric Vehicle Motors Market?
The electric vehicle motors market covered in this report is segmented -
1) By Type: Alternating Current (AC) Motor, Direct Current (DC) Motor
2) By Component: Motor Stator, Rotor, Shaft And Bearing, Permanent Magnet, Casing, Wiring And Connectors
3) By Application: Electric Two-Wheeler, Electric Three-Wheeler, Electric Commercial Vehicles, Electric Passenger Cars
4) By End User: Agribusiness, Transportation, Private, Business
Subsegments:
1) By Alternating Current (AC) Motor: Synchronous AC Motors, Induction AC Motors (Asynchronous AC Motors)
2) By Direct Current (DC) Motor: Brushed DC Motors, Brushless DC Motors (BLDC)
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Which Geographic Area Leads the Electric Vehicle Motors Market?
Asia-Pacific was the largest region in the electric vehicle motors market in 2024. The regions covered in the electric vehicle motors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electric Vehicle Motors Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle Motors Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle Motors Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle Motors Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle Motors Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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