Global Electric Vehicle Motor Market is Anticipated to Attain USD 59.98 Billio

Global Electric Vehicle Motor Estimated USD 59.98 Billion Market Size by 2032

Status: Published Category: Automotive Services Insight Code: 1021 Format: PDF / PPT / Excel

Overview

The global electric vehicle motor market was worth USD 10.25 billion in 2022 and is predicted to be worth around USD 59.98 billion by 2032, expanding growth at a CAGR of 21.69% during the forecast period 2023 to 2032.

Electric Vehicle Motor Market Size 2023 - 2032

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Pollution control and efficiency, government pressure, and improvements in electric charging are the main drivers of the market, expanding the acceptance of electric car power. The emergence of electric cars will increase the interest in electric machines in times of need. Global energy consumption and the use of energy products and equipment in various fields and renewable energy sources will drive the market.

A car generator is an electrical device that converts all electricity into mechanical energy. control of electric vehicles. This effect is taken from the attractive field between the generator and the communication flow. End of vehicle generator including direction, cooling lines, edges, rotor and stator. The electric vehicle engine market is expected to witness significant growth during the forecast period due to the increasing number of electric vehicles due to advantages such as zero output, low maintenance cost, high efficiency and independent management. These motors are useful for bicycles with at least one electric motor, station wagons and commercial vehicles with at least two electric motors, depending on the quality, shape and purpose of the vehicle.

The same goes for the development of the electric vehicle industry; With the expansion of government regulations and guidelines on vehicle emissions, this is the main reason for increasing the economics of electricity. However, the high initial costs of generators and the high support costs associated with generators have limited the commercial market. Moreover, despite these problems, the advancement of technology, such as the development of energy efficiency, is expected to help the economy grow rapidly. Additionally, government projects focusing on electric vehicles can provide many economic opportunities.

Growth Factors

The increasing popularity of electric vehicles is the key driving factor for the production of electric vehicles and affects the growth of businesses in the digital age. The impact of electric vehicles mainly depends on the energy management framework. One of the key factors of business expansion is maintaining a strict regulatory framework. Many countries around the world have established comprehensive emission standards to reduce carbon monoxide emissions and thus reduce the impact of climate change. From now on, automakers are expected to produce zero-emission cars to comply with stricter regulations. These regulations place greater emphasis on the assembly of more electric vehicles, which will lead to market expansion during the forecast period.

Different ways to expand the market include tax breaks and subsidies for electric vehicle manufacturers and end users. Some problems and needs emerged that would hinder business expansion. High promotional costs of generators and high maintenance costs associated with generators drive the construction industry.

In addition, the lack of a standard wage system hinders economic development. Moreover, the high cost of electric vehicles compared to hybrid vehicles, strict regulations on the construction of charging stations and low-power vehicles are potential limitations of the overall development of the generator in the electricity industry. But try everything that is beneficial for the advancement of technology, vehicle-to-grid, EV charging stations, focus on renewable energy for EV charging, and improving the resources of developing regions.

Key Market Drivers

Increase in Demand for Electric Vehicles

  • A major factor affecting the growth of electric vehicle motors is the proliferation of electric vehicles, which will impact on the market growth during the forecast period. The electric vehicle powertrain control framework has a great impact on the navigation of electric vehicles. Strict regulatory control is another important factor in business expansion.
  • Many governments have established strict design standards to reduce carbon monoxide emissions and reduce the impact of climate change. As a result, automakers are expected to produce zero-emission cars to comply with stricter emissions regulations. These laws have led to a focus on more electric vehicles, which will lead to market expansion during the forecast period.

Increased Demand for HVAC Systems in Residential, Commercial, and Industrial End-Users

  • HVAC, also known as the heating, ventilation and air conditioning system, controls indoor air quality and provides thermal comfort. They are an important part of today's infrastructure, especially in large offices or business areas. DC motors are often used in HVAC systems to improve the airflow system and extend the life of the motor.
  • As businesses and businesses continue to expand, especially in business and industry, HVAC systems have become necessary. China and India. According to research by industry business intelligence company Timetric Construction Intelligence Center, the global construction industry is expected to invest $1.08 trillion in the next four to five years, mostly in the construction industry (CIC).

Key Market Challenges

Changing Costs of Raw Materials from China

  • A handful of manufacturers in China set the price for raw materials needed to make electrical machinery, including special alloys, copper alloys, permanent magnets, steel rods and thin metals. The price of the product determines the importance of a particular seller in the market because there is little or no difference between the products. Other manufacturers and sellers in the market must bear the cost of the change. For example, when the price of a rare earth permanent magnet changes during production, manufacturers and sellers cannot pass the price change on to the end customer. Therefore, raw material product revenue was greatly affected.

Key Market Opportunities

Growing Robotics Technology and the Global Automotive Industry's Transition to Electric Cars

  • The global automotive industry is undergoing a technological transition to electric modes of transportation. Promoting steps towards decarbonizing people in Europe has encouraged the use of more energy through electronic products. Additionally, battery-related costs have decreased and battery-related innovations have shortened charging time. Government programs such as increasing tax breaks and encouraging the use of electric motors in environmentally friendly electric vehicles also provide growth opportunities for the electricity industry.

Vehicle Type Insights

The passenger segment must become a business. In terms of vehicle types, it is possible to divide the market into two: passenger cars and commercial vehicles. In 2022, the passenger sector will surpass the entire market. The rapid growth of cities has increased the interest in public transportation such as electric vehicles and has become the main factor affecting the growth of the economy. Compared to combustion engine cars, electric cars are more economical but less efficient. Therefore, laws in major economies such as China, India and the United States encourage the use of such tools. This government support, combined with increasing public interest in electric vehicle development, is expected to increase interest in electric vehicles rapidly. Since the EV onboard charger market is separate from the EV market, the development of this last option will bring more interest to chargers. While the potential impact of the EV environment on the job market is limited, future prospects look encouraging as major manufacturers launch new products. Acceptance of the electric vehicle market is more problematic than that of passenger cars because these vehicles use more energy and require more maintenance. As the number of models in the EV market continues to increase throughout the testing period, we expect the EV market's interest in vehicle chargers to increase.

Technology Insights

The development of driverless cars will also affect the electric vehicle market. Leading OEMs such as Tesla, Volvo, Vera and Daimler have developed self-driving electric cars for the market. New companies such as Uber, Waymo, Embark, TuSimple, Einride and Ike are also starting to develop driverless cars. For example, Tesla plans to produce its own autonomous electric car by the end of 2022. In this way, autonomous driving technology will increase the interest in electric vehicles in the long term, and this will be determined by many factors. reducing the risk of accidents, determining that the comfort target and costs are more important. This innovation is expected to develop over the next 6 years. Therefore, progress in autonomous electric vehicle innovation is profitable for economic development.

Application Insights

The market is segmented into modern hardware, automotive engines, HVAC products, engines and other applications. Given the growing interest in electric vehicles and the automotive industry, the automotive industry must continue to move forward to achieve the global goal of reducing fossil fuel byproduct consumption. The development of modern thinking and the increasing demand for energy efficient systems have increased the interest in modern appliances and HVAC. The increase in the use of electrical household appliances such as vacuum cleaners, washing machines and refrigerators in the private sector will lead to the expansion of the energy sector in the coming years.

End User Insights

The market, where the vehicle market has been expanded with the aim of reducing fossil fuel consumption and developing the transportation segment, is segmented according to end users for daily, commercial, industrial trade, trade and transportation. The automotive industry's interest in electric vehicles in transportation continues to expand as countries around the world seek to create supportive policies and guidance that will light the way for children in their countries to adopt EVs. This example should continue for a while and increase interest in the transportation sector. Interest in electric machines will increase with the increasing demand for rural and modern siphons and machines, as well as domestic machines, which are an important part of the system.

Geography Insights

Electric Vehicle Motor Market NA, EU, APAC, LA, MEA Share 2023

Asia Pacific is expected to hold the largest share in the electric power market during the forecast period. China, India, Japan, South Korea, Australia and other countries in the Asia-Pacific region make up the Asia-Pacific region. With the development of industrialization, Asia-Pacific countries are turning to network-based daily activities in many areas. The GSM Association reported that Asia-Pacific countries such as Japan, Australia and South Korea are slowly exploring the possibility of establishing new governments and networks. The region's automotive industry is also booming. The Asia-Pacific region is the world's most important automobile producing country. More than 50 million commercial vehicles were imported to the region in 2018. These changes are expected to support the growth of the generator market in Asia Pacific.

In addition, with the continuous development of the economy, Asia-Pacific countries have turned to modern internet-based activities in many aspects. Countries including Japan, Australia and South Korea, which are part of the GSM Alliance, are conducting research on the emergence of new governments and connected devices. In addition, the region's automotive industry is also developing rapidly. The Asia-Pacific region is the world's most important automobile producing country. Therefore, expansion of these end-use markets is likely to drive the Asia Pacific market over the forecast period.

Latin America, the Middle East and Africa should see a significant development and expansion in the construction movement in the region by increasing interest in the oil and gas industry, encouraging the expansion of private and commercial areas.

Key Market Developments

  • Electric vehicles have become an important part of the automotive industry. It provides a way to increase energy efficiency and reduce the release of toxins and other chemicals that deplete the ozone layer. Key factors leading to this increase include security concerns and government efforts. Annual sales of power plants are expected to exceed 5 million units by the end of 2025 and constitute 15% of all vehicle sales by the end of 2026.
  • Super Power Systems marks another joint venture to manage the power sector in India as Statcon This understanding aims to expand cooperation between the two organizations in the analysis, assembly and demonstration of electrical equipment in the power, railway and defense sectors
  • In February 2021, Johnson Electric announced another low voltage equipment ( LVDC). )) motor with the advantages of small size, high power density, low noise and high power. These new products were implemented to extend the life of smart furniture such as medical beds, horizontal transfer tables and smart chairs by 17%.
  • Mabuchi Motors said it will complete the acquisition of 100% of Electromag SA in June 2021 with a total investment of approximately CHF 100,000 or USD 110,000. Mabuchi's product range will expand with new brushless machines for medical applications such as respiratory and dental.

Key Market Players

  • Shenzhen V&T Technologies Co. Ltd.
  • Time High-Tech Co. Ltd.
  • Shanghai E-drive Co. Ltd.
  • Kelly Controls LLC
  • BYD
  • Zhuhai Enpower Electric Co. Ltd.
  • Delta Electronics
  • Profile
  • Chroma ATE Inc.
  • DEC Dongfeng Electric Machinery Co. Ltd.
  • Canadian Electric Vehicles Ltd
  • Fujian Fugong Power Technology Co. Ltd.
  • Hunan CRRC Times Electric Vehicle Co. Ltd.
  • Nidec (Beijing) Drive Technologies Co. Ltd.
  • Jing-Jin Electric Technologies (Beijing) Co. Ltd.
  • United Automotive Electronic Systems Co. Ltd. (UAES)
  • Shenzhen Inovance Technology Co. Ltd.
  • JEE Automation Equipment Co. Ltd.
  • Shandong Deyang Electronics Technology Co. Ltd.
  • Beijing Siemens Automotive E-Drive System Co. Ltd.
  • Zhongshan Broad-Ocean Motor Co. Ltd.
  • Parker
  • Prestolite E-Propulsion Systems (Beijing) Limited

Segments Covered in the Report

By Type

  • AC Motor
    • Synchronous AC Motor
    • Induction AC Motor
  • DC Motor
    • Brushed DC Motor
    • Brushless DC Motor

By Vehicle Type

  • Pure Electric Vehicle
  • Hybrid Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Fuel Cell Electric Vehicle (FCEV)

By Motor Type

  • Induction Motor
  • Synchronous Motor
  • Switched Reluctance Motor

By Power Rating

  • Up to 60 KW
  • 60 to 90 KW
  • Above 90 KW

By Application

  • Electric Two-Wheeler
  • Electric Three-Wheeler
  • Electric Commercial Vehicles
  • Electric Passenger Cars

By Powertrain Type

  • Single Motor
  • Dual Motor
  • Triple Motor
  • Four Motor

By Marketplace

  • OEM
  • Aftermarket

By End User

  • Agribusiness
  • Transportation
  • Private
  • Business

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Proceed To Buy

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About The Author

Adriel Mergulhao is a distinguished professional renowned for his expertise in consulting, market research, and primary market analysis. With over the year of experience, Adriel has solidified his position as a senior solution advisor, providing invaluable insights to numerous clients across diverse industries. His proficiency in primary market research methodologies allows him to uncover deep-seated consumer preferences and trends, empowering businesses to make strategic decisions confidently.

Adriel's strategic insight and analytical prowess have earned him a reputation for delivering actionable recommendations that drive business growth and profitability. He has a proven track record of success in translating market insights into tangible results, making him a sought-after advisor in the competitive market research landscape. Adriel's dedication to excellence and commitment to client success underscore his position as a trusted expert in the field.

FAQ's

The Electric Vehicle Motor Market encompasses the manufacturing, distribution, and development of electric motors specifically designed for use in electric vehicles (EVs). It is a critical component of the electric vehicle industry, as electric motors serve as the primary power source for propulsion, directly impacting vehicle performance, efficiency, and driving range.

The main types of electric motors used in electric vehicles include AC induction motors, permanent magnet synchronous motors (PMSM), and switched reluctance motors (SRM). Each type has unique characteristics in terms of efficiency, power output, torque characteristics, and cost, making them suitable for different vehicle applications and driving conditions.

Electric motors offer several benefits for electric vehicles, including high efficiency, instant torque delivery, smooth and quiet operation, reduced emissions, simplified drivetrain architecture, regenerative braking capability, and lower maintenance requirements compared to internal combustion engines.

The growth of the Electric Vehicle Motor Market is driven by factors such as increasing demand for electric vehicles worldwide, advancements in electric motor technology for improved performance and efficiency, government incentives and regulations promoting electric vehicle adoption, and the growing focus on sustainability and environmental concerns.

Challenges in the Electric Vehicle Motor Market include addressing concerns about battery range and charging infrastructure limitations, reducing manufacturing costs to improve affordability and competitiveness, optimizing motor design and performance for different vehicle types and applications, and ensuring supply chain resilience and availability of critical materials such as rare earth metals. Additionally, competition from other powertrain technologies and regulatory uncertainties may impact market dynamics and investment decisions.

ENNOVI, Infineon, Tamagawa, Energy.gov., Niti.gov., Bosch, SEAI.

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