Press release
Surge In Electric And Hybrid Vehicle Demand Fuels Growth In The Electric Vehicle Motors Market: A Significant Driver Propelling The Electric Vehicle Motors Market In 2025
Electric Vehicle Motors
What Is the Electric Vehicle Motors Market Size and Projected Growth Rate?
In the past few years, the electric vehicle motors market has experienced swift expansion. The market, valued at $24.04 billion in 2024, is projected to reach $28.18 billion in 2025, growing at a compound annual growth rate (CAGR) of 17.2%. The significant growth during the past period can be largely credited to factors such as governmental incentives and regulations, environmental consciousness, development of infrastructure, and the acceptance and demand from consumers.
Over the coming years, the market size of electric vehicle motors is projected to experience a swift expansion. The expected valuation by 2029 would be around $48.57 billion, with a compound annual growth rate (CAGR) of 14.6%. The predicted growth during the forecast period is a result of factors such as the integration of autonomous driving, the worldwide development of charging infrastructures, beneficial economic policies and incentives, and the incorporation with renewable energy resources. The forecast period may also see significant trends like technological progress, improvements in battery technology, the rise of robotics technology, and further advancements in battery technologies.
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What Are the Major 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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What Are The Driving Electric Vehicle Motors Market Evolution?
The surge in the need for electric and hybrid cars is projected to fuel the expansion of the electric vehicle motor market. Electric and hybrid vehicles, which use electric power either solely or in harmony with an internal combustion engine, are types of cars that aim to lessen or eradicate the use of conventional fossil fuels. The mounting desire for electric and hybrid cars can be attributed to the heightened consciousness about environmental sustainability, government support, technological breakthroughs, and the want to cut reliance on standard fossil fuels. These vehicles use electric engines to convert electrical energy into mechanical power for movement. For instance, the International Energy Agency, located in France, reported in July 2023 that the total sales of electric cars had significantly grown over three years, escalating from around 4% in 2020 to 14% in 2022. Additionally, during the first three months of 2022, electric car sales exceeded 2.3 million units, indicating a roughly 25% increase compared to the same time frame last year. The sales are projected to reach 14 million by the end of 2023, showing a 35% year-on-year rise. Moreover, in February 2024, according to the Society of Motor Manufacturers and Traders (SMMT), based in the UK, the sales of hybrid electric cars surged by 40.0%, while the sales of plug-in hybrid electric cars rose by 25.1%. Electrified vehicles represented 5.6% of the market, showcasing an increase from 4.0% in 2022. Because of this, the escalating demand for electric and hybrid cars is propelling the growth of the electric vehicle motor market.
Which Firms Dominate The Electric Vehicle Motors Market Segments?
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 Trends Are Expected to Dominate the Electric Vehicle Motors Market in the Next 5 Years?
Leading organizations in the electric vehicle motor market are directing their efforts to evolve advanced solutions, such as 800-volt technology, in order to boost performance and charging facilities. This technology incorporated in electric vehicle motors quickens the charging speed and amplifies power efficiency, thereby enhancing overall performance and curtailing charging duration as compared to the conventional 400-volt systems. For instance, Robert Bosch GmbH, an engineering and technology firm based in Germany, has innovated powertrain solutions like an 800V inverter and an electric vehicle motor leveraging 800-volt tech in August 2023. This feat allows accelerated recharging and boosts electromobility. The 800-volt system's inverter uses silicon carbide semiconductors which enhance efficiency and broaden the range. The electric motor powered by 800-volt technology demonstrates a hike in power density, subsequently trimming the weight and resulting in a more sleek design. Notably, the inverter flaunts silicon carbide chips that possess heightened electrical conductivity by getting carbon atoms encapsulated within the ultrapure silicon crystalline structure. This modification leads to a slash in energy loss from heat in power electronics by half, thus achieiving an outstanding 99% efficiency for the inverters.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Vehicle Motors Market?
2. What is the CAGR expected in the Electric Vehicle Motors Market?
3. What Are the Key Innovations Transforming the Electric Vehicle Motors Industry?
4. Which Region Is Leading the Electric Vehicle Motors Market?
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