- Rise in trend towards electric vehicles among consumers across the globe is the prominent factor boosting the global electric vehicle motor market. According to Bloomberg New Energy Finance (BNEF), over 500 different electric vehicle models are likely to be available globally by 2024.
- Automakers are pushing their EV launch plans in order to comply with increasingly stringent regulations in Europe and China, which is anticipated to offer lucrative opportunity for the players engaged in manufacturing of electric motors in the global electric vehicle motor market.
Key Drivers of Electric Vehicle Motor Market
- Stringent emission regulations enacted by several regulatory authorities across the globe are expected to propel the electric motor vehicle market, globally. Several governments have enacted stringent emission regulations in order to curb climate change and reduce air pollution across the globe. These are compelling automakers to produce alternate propulsion system for their vehicles, thereby increasing the production of electric vehicles. For instance, the enactment of the BS-VI emission norms in India is compelling automakers to discontinue their diesel-powered models. In India, Maruti Suzuki has announced that it would cease sales of diesel cars post April 2024.
- Technological advancements, in terms of electric vehicles, are anticipated to propel the global electric vehicle motor market. Major players are anticipated to increase investments toward R&D of advanced vehicle systems such as Artificial Intelligence (AI), connected vehicle technology, vehicle battery technology, and fast charging technology. The coronavirus pandemic outbreak has resulted in a 25% decline in demand for EVs during the first quarter of year 2024, as compared to EV sales in 2019; however, according to a report published by Bloomberg New Energy Finance (BNEF), electric vehicles are expected to contribute to around 10% of global passenger vehicle sales by 2025, which is estimated to increase to 28% in 2030 and 58% in 2040.
- Additionally, major strategies adopted by automakers such as investments & expansions, contracts & agreements, and new product launches, mergers & acquisitions have emerged as a key strategy among key players, as companies look to strengthen their service offerings in terms of electric vehicles and expand geographic market reach by offering their products.
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North America and Europe cumulatively to account for prominent share of global electric vehicle motor market
- In terms of region, the global electric vehicle motor market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
- North America and Europe have presence of economically stable countries. These regions are also home to technologically advanced research institutes catering to the development of electric vehicles. Additionally, major players have established their technological centers and manufacturing facilities in various countries including the U.S., Germany, the U.K., and France
- Several new players emerging from these regions are focused on the development of electric vehicle technologies and increase of efficiency of electric motors in order to increase the cruising range of electric vehicles. All the factors mentioned above contributed to the major share held by these regions in the global electric vehicle motor market.
Key Players Operating in Electric Vehicle Motor Market
The global electric vehicle motor market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global electric vehicle motor market are:
- ABB
- Allied Motion Technologies
- AMETEK
- BMW Motor Company
- Daimler AG
- Johnson Electric
- Lincoln Electric
- Nidec Motor
- Robert Bosch GmbH
- Rockwell Automation
- Siemens AG
- Tesla Inc.
- Volkswagen Group
- ZF Friedrichshafen
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Global Electric Vehicle Motor Market: Research Scope
Global Electric Vehicle Motor Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicle
Global Electric Vehicle Motor Market, by Electric Vehicle Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Global Electric Vehicle Motor Market, by Motor Type
- Brushless DC Motor
- DC Series Motor
- Permanent Magnet Synchronous Motor (PMSM)
- Switched Reluctance Motors (SRM)
- Three Phase AC Induction Motors
