Surging Demand Sparks Growth: Electric Vehicle Motor Market Set to Hit $99.5 Billion by 2032, Says Allied Market Research

According to a new report published by Allied Market Research, titled, "Electric Vehicle Motor Market," The EV motor industry was valued at $24.9 billion in 2022, and is garner to reach $99.5 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.

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The global electric vehicle motor market is anticipated to show a strong growth rate due to stricter government regulation set by regulatory bodies on the automobile industry. Regulatory bodies around the world have implemented strengthened regulations and laws related to emission from traditional ICE vehicle, and promote green mobility in the automobile industry. As the emission from automobiles are becoming challenging and increasingly common governments across the world have implemented strict laws and regulation to cut down on vehicle emission.

On the similar way, other major countries across the world such as China, U.S, Germany, UK, India, Norway and other are providing tax relief or subsidy while purchasing a new electric or alternative fuel vehicle. This initiative resulted in increase in customer focus towards green mobility vehicles.

The market share has been bifurcated on the basis of motor type, vehicle type, application as well as regions. On the basis of motor type the global market has been analyzed across AC motor and DC motor. On the basis of vehicle type the EV motor market is segmented into battery electric vehicle, hybrid vehicle & plug-in hybrid vehicle. On the basis of application the global electric vehicle motor market has been studied across passenger cars and commercial vehicles. Based on region the global market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA region.

For example, In Europe the region introduced European Emission Standards or Euro Norms, which governs and looks after emission from vehicles. The law also encourages people to use green mobility technologies in order to cut down on harmful vehicle emissions. Likewise, other countries have also introduced regulation which limits and looks after vehicle emission standards. Moreover, on April 2022, India introduced a law which outlines a set percentage of emission allowed from vehicle, the law specifically looks after emission from vehicle which runs on petrol and diesel. Similarly, the country also passed a law that states that vehicle older than 15 years needs to be re-registered again for use on public road, if the automobiles are found unfit they will be scrapped.

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By type, the AC motor segment held the highest market share in 2022, and with the highest CAGR of 15.6% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to AC motors in electric vehicles providing a better grip on rough roads, thereby increasing efficiency and performance. AC motor is considered adaptable because it has regenerative features that can also be used as a generator and provide power to the vehicle's battery.

By electric vehicle type, the hybrid vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the hybrid vehicle segment is anticipated to witness the highest CAGR of 15.5% from 2023 to 2032, owing to hybrid car utilization of two or more engines, an electric motor, and a conventional engine wherein the electric engine powers the car at the initial lower speeds and gas engine powers it at higher speeds resulting in better gas mileage. Similarly, the stricter emission rules set by governments across the world resulted in automakers' shift to developing hybrid car technology. Hybrid cars act as a bridge between ICE vehicles and fully electric vehicles, which further drives the market demand.

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By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the Asia-Pacific region is expected to witness the fastest CAGR of 16.7% from 2023 to 2032, owing to higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in the trend toward adopting non-fossil fuel-based vehicles. Moreover, various technological advancements related to automotive due to government initiatives, such as investment in R&D in automotive manufacturing, further propel the market growth.

Recent Advancements in the EV Motor Industry:

Prominent companies are employing strategic initiatives such as acquisitions, agreements, expansions, partnerships, contracts, and product launches to fortify their market positions.

In June 2023, AISIN CORPORATION collaborated with Tohoku Magnet Institute (TMI) to pioneer an ultrahigh-efficiency EV motor utilizing NANOMET, a nanocrystalline soft magnetic alloy known for its high saturation magnetic flux density and ultralow iron loss.
By August 2023, Robert Bosch GmbH introduced an 800V inverter motor for electric vehicles, leveraging its 800-Volt technology to enhance battery recharging speed. The current electric motor variant boasts increased power density, resulting in reduced weight and a more compact design. With a 35% boost in power density at 60 kW/kg and excellent torque density of 105 N•m/kg, Bosch aims to deliver superior performance.
In the same month, Borgwarner Inc. unveiled its advanced integrated drive module (iDM220) for EVs, emphasizing high efficiency, smooth and quiet operation, and outstanding overall performance.
Back in September 2021, TOSHIBA CORPORATION partnered with Sojitz Corporation and CBMM to commercialize next-generation lithium-ion batteries featuring niobium titanium oxide (NTO) as the anode material. This innovative NTO battery was incorporated into a new electric vehicle developed by Volkswagen Caminhões e Ônibus as a pilot project, with the involved parties gathering valuable operational data from the vehicle.

Leading Market Players: -

BorgWarner Inc.
Continental AG
Magna International Inc.
Nidec Corporation
Robert Bosch GmbH
ABB Ltd
Hitachi, Ltd
Mitsubishi Electric Corporation
AISIN CORPORATION.

The report provides a detailed analysis of these key players in the global electric vehicle motor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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