Global electric motors for electric vehicle market is anticipated to grow at a significant CAGR of 21.7% during the forecast period. The major factors driving the growth of the market are the rising sales of electric vehicles owing to the enactment of stringent emission and fuel economy norms, government incentives, and improving charging infrastructure. For instance, in January 2023, a report published by Atlas EV Hub stated that roughly $860 billion has been raised to build out electric vehicle manufacturing and charging infrastructure globally. Nearly one-fourth of this is represented by the US, which has $210 billion in major automaker and infrastructure projects planned.
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Moreover, various government initiatives for promoting the international trade of electric motors between the countries further propel the market growth. For instance, according to the Organization for Economic Cooperation and Development (OECD) in 2021, China exported $16.8 billion in electric motors, the main destinations of China's exports for electric motors were $2.02 billion, South Korea $1.11 billion, Germany $1.03 billion, Japan $883 million, and Vietnam $881 million.
Numerous car manufacturers such as Mercedes-Benz and Renault stated that the future of electric motors is axial flux technology, and the German car manufacturer has already confirmed that EVs from the AMG brand use advanced axial flux motors developed in-house. Companies such as Renault are already building their motors while Mercedes, Stellantis, and Volvo are also moving towards making motors in-house. For instance, in November 2020, Volvo Cars makes significant investments that allow for the in-house design and development of electric motors for the next generation of Volvo models. The company opened a brand new electric motor lab in Shanghai, China, the latest addition to its global network of facilities for the development and testing of electric car components.
In addition, the market players operating in the market are offering new technological advancements electric motors that are integrated with axial flux technology, and switched reluctance is another factor that boosts the market growth. For instance, in March 2023, Modular AXIal Flux Motor for Automotive (MAXIMA), aims to make axial flux motors cheaper for the broad automotive market. As part of MAXIMA, eleven research teams and companies from six European countries are working to make this technology more affordable for increasing the performance of electric drives, and the axial flux topology (stator magnetic field flows parallel to the axis of rotation) increases the power density.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Type
o By Vehicle Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including AISIN CORP., BYD Motors Inc., Robert Bosch GmbH, Tesla Inc., Toyota Motor Corp., and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Electric Motors For Electric Vehicle Market Report Segment
By Motor Type
• Alternative Current (AC) Motor
• Direct Current (DC) Motor
By Vehicle Type
• Hybrid Electric Vehicle (HEV)
o Passenger Vehicles
o Commercial Vehicles
• Plug-in Hybrid Electric Vehicle(PHEV)
o Passenger Vehicle
o Commercial Vehicle
• Pure Electric Vehicle (PEV)
o Passenger Vehicle
o Commercial Vehicle
Global Electric Motors For Electric Vehicle Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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