Electric Vehicle Motor Market

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Global Electric Vehicle Motor Market is valued at USD 5.4 Billion in 2021 and is projected to reach a value of USD 47.2 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 20.8% over the forecast period.

The rise in the number of electric cars, owing to their benefits such as zero emissions, high efficiency, low maintenance costs, and automated control, is anticipated to result in profitable growth for the Electric Vehicle Motor market throughout the forecast period. In addition, technological development, such as the production of energy-efficient motors, is anticipated to accelerate market expansion in the near future. Additionally, it is anticipated that an increase in government activities regarding electric vehicles would present several chances for the market's expansion. The expansion of the electric vehicle sector and the tightening of government emission restrictions are the main drivers of the market for Electric Vehicle Motor. A sizable variety of government programs, including tax breaks, grants and subsidies, and other non-financial incentives like free parking and access to carpool lanes, are anticipated to boost sales of electric cars hence driving the market.

The major factor influencing the development of the electric vehicle engine, which has an impact on the market's growth over the forecast period, is the rise in popularity of expanding the range of electric vehicles. Globally, numerous nations have put into place strict emission standards to reduce GHG emissions and hence the causes of global warming. As a result, it requires automakers to create zero-emission vehicles in order to comply with stricter emission criteria like lower production of greenhouse gases and other pollutants. Therefore, due to the increased emphasis on creating more effective electric vehicles as a result of these regulations, the market is expected to rise over the projected period. However, the market growth is being constrained by reasons like the high initial cost of the electric motor and the high maintenance costs related to an electric motor. Additionally, the absence of standardization in the charging infrastructure limits market expansion. The restricted range of EVs, strict regulations governing the installation of charging stations, and the high cost of EVs relative to conventional vehicles are all possible hindrances to the overall growth of the global market for electric motors for electric vehicles.

Top Market Trends

·The rise in the number of electric cars, owing to their benefits such as zero emissions, high efficiency, low maintenance costs, and automated control, is anticipated to result in profitable growth for the Electric Vehicle Motor market.

· In 2021, the HEV segment held the highest market share at 73%.

· In 2021, the AC Motor segment was projected to hold the biggest share in the market at 55%.

· The established players place a lot of emphasis on innovation and creating new models and technologies to address their weaknesses and solidify their position in the global market.

Market Segmentation:

The Electric Vehicle Motor Market is segmented based on Type, Vehicle Type, Motor Type, Power Rating, Application, Powertrain Type, Marketplace, End User, and Region. Based on Type, the market is further segmented into AC Motors and DC Motors. Furthermore, based on the Vehicle Type, the market is segmented into Pure Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles (FCEV). In addition, based on the Motor Type, the market is further segregated into Induction Motors, Synchronous Motors, and Switched Reluctance Motors. Moreover, based on the Power Rating, the market is further bifurcated into Up to 60 KW, 60 to 90 KW, and Above 90 KW. Additionally, based on the Application, the market is divided into Electric Two-Wheeler, Electric Three-Wheeler, Electric Commercial Vehicles, and Electric Passenger Cars. Based on Powertrain Type, the market is further divided into Single Motor, Dual Motor, Triple Motor, and Four Motors. Additionally, based on the Marketplace, the market is segmented into OEM and Aftermarket. Moreover, based on the End Users, the market is segmented into Agribusiness, Transportation, Private, and Business.

Based on Vehicle Type:

Hybrid Electric Vehicle (HEV) category dominated the market in 2021

The Hybrid Electric Vehicle (HEV) segment is estimated to hold the highest share of the market. Due to the public's growing preference for zero-emission vehicles, the market expansion for hybrid electric vehicles is predicted to increase. Electric and hybrid cars both employ traction motors for propulsion. Consequently, the market will profit from higher HEV output. Additionally, the government is introducing numerous initiatives, like tax incentives and discounts, to increase EV sales and propel the EV traction motor sector. Hybrid electric vehicles are capable of operating on both electricity and petrol. When there is a lack of adequate charging infrastructure, it is useful. The government and commercial organizations intend to set up a charging infrastructure worldwide to decrease emissions and maintain a green environment to increase demand for hybrid electric vehicles and battery electric vehicles.

Based on Type:

AC Motor category dominated the market in 2021

The AC motor segment is expected to hold the biggest share in the market. Electric vehicles with AC motors have a stronger grip on performance and efficiency, especially on uneven roads. Electric AC motors are used in industrial settings to convert electrical to mechanical power. The market for electric AC motors is expanding as a result of reasons like rising demand for household appliances powered by electric AC motors, low manufacturing costs, durability, and expanding use in HVAC applications. Alternate current (AC) motors can provide higher torque, enabling cars to navigate tougher terrain with greater comfort. AC motors in electric vehicles have grown due to this aspect. They have greater acceleration and can be used for longer and more difficult excursions.

Based on Regional Analysis:

Asia Pacific had the Largest Share in 2021

The Asia Pacific dominated the Electric Vehicle Motor market as the increased production and sales of electric vehicles are rapidly increasing in developing nations like China and Japan. In recent years, China has emerged as one of the world's top producers of electric vehicles. To produce more electric vehicles, Chinese automakers have increased the size of their production facilities around the country. Hybrid cars are now more common than electric ones in China. The increased use of high-performance motors in electric vehicles is creating attractive prospects for regional manufacturers and market participants in the worldwide electric vehicle motor industry. Chinese automakers have been working to build high-quality electric cars to lessen the consequences of air pollution. In this nation, market participants have also engaged in acquisitions and other strategic alliances. India and Japan are two more nations developing into significant electric automobile markets in this region. The need for electric motors for electric vehicles is expected to increase over the coming years as the market for electric vehicles continues to expand and the majority of original equipment manufacturers (OEMs) launch new products, form joint ventures with producers of electric vehicles, etc.

Competitive Landscape:

The key players in the Global Electric Vehicle Motor market include- Yasakawa Electric, GKN Driveline, Toshiba, Continental, Denso, Baldor Electric, Hitachi Automotive Systems and others.

Recent Developments:

· In April 2021, the major player named Toyota introduced the new Mirai & LS models in the city of Japan that come with the technology of advanced driving assessment.

· In April 2021, the main figure In Chongqing, BYD unveiled four new electric vehicle models outfitted with Blade batteries. The improved battery safety feature was included with the new vehicle models Qin plus EV, E2 2021 Tang EV, and Song plus EV.

· In March 2020, a Wolong subsidiary called Wolong Electric paid USD 160 million to buy the small industrial motors segment of GE. With this acquisition, Wolong hopes to take the lead in market share.

· In February 2020, the 200 kW Ni200Ex and the 50 kW Ni50Ex are two new traction motor systems that Nidec Corporation introduced, both of which are based on the company's 150 kW E-Axle (fully integrated traction motor system with an electric motor, reduction gearbox, and inverter).

Segmentation of the Global Electric Vehicle Motor Market: