Global Automotive Electric Motors for EV Market - 2023-2030

Market Overview

The global automotive electric motors for EV market reached US$ 66,629.9 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 791,443.2 million by 2030. The market is expected to exhibit a CAGR of 31.5% during the forecast period (2023-2030).

Massive investments in electric vehicles by major automotive companies, such as Honda, General Motors, Tesla, and Ford are expected to drive the electric motors market growth in the near future. Moreover, the evolving partnerships between motor manufacturers and automotive companies are expected to expand the studied market globally.

The top five global automotive electric motors for EV companies hold 62.08% of the total market in 2022, whereas the top three players account for more nearly 42.77% of the total market.

Manufacturers are also required to produce efficient production of units to improve their efficiency, such as the integration of AC synchronous motors with brushed current excitation, which raises demand for electric vehicle motors.

Many mergers and agreements have taken place between automotive firms and motor manufacturers. It accelerates the adoption of sophisticated car systems such as quick charging, connected vehicle and vehicle battery technology.

Market Dynamics

Rising Demand from the Energy Sector

The Asia-Pacific region, particularly China and India, is predicted to account for the majority of the rise in electricity demand. Due to the rising income and living standards, India is now the world's third-largest energy consumer.

Moreover, severe government rules and regulations governing vehicular emissions will enhance the market growth globally, as electric vehicles release fewer dangerous gases. This will increase the demand for electric motors used in the production of electric vehicles.

Norway, for instance, has become the world's EV capital as a result of huge purchasing subsidies and other incentives. EVs are exempt from both the acquisition tax and the 25% value-added tax in the country.

They also receive preferential highway treatment, such as toll exemptions, free ferry rides and free parking in select cities. Last year, pure electric vehicles accounted for more than 20% of new registrations.

The high price of automotive electric motors for EV

The high price associated with automotive electric motors for EV acts as a major hurdle for the market growth. The raw materials utilized in the battery, as well as the costly processes involved in battery production, are important causes for this. The battery system costs around 500 euros per kWh for a mid-size vehicle with a battery capacity of 20kW, totaling 10,000 euros.

New battery materials with increased energy density as well as improved manufacturing techniques may result in considerably reduced costs by 2020. The estimated cost per kWh ranges from 100 to 250 euros.

The pricing of the product decides which providers dominate the electric motor market. Any changes in the price of raw materials will have an immediate impact on motor prices. As a result, the price changes that emerge must be shared by the market's other manufacturers/suppliers.

COVID-19 Impact Analysis

The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global automotive electric motors for EV market is segmented based on vehicle type, motor, application and region.

The growing trend toward sustainable alternative

Plug-in hybrid electric vehicles (PHEV) segment hold the second position in terms of share. A plug-in hybrid electric vehicle, also known as a PHEV, is a form of hybrid electric vehicle that combines a gasoline or diesel engine with an electric drive and a sizable battery that can be refilled by plugging into an electrical outlet or an electric vehicle charging point. Conventional hybrid vehicles have an engine and battery that are powered entirely by fuel or diesel.

The gasoline and financial efficiency of hybrid versions is combined with the all-electric prowess of battery- or fuel-cell-powered cars in plug-in hybrids. Some PHEVs have an electric-only range of more than 70 miles and can store enough energy during normal driving circumstances to reduce their need for gasoline. Compared to normal cars, PHEVs use between 30 and 60 percent less gasoline, which could result in hundreds of dollars in savings for the owner.

Geographical Analysis

Asia-Pacific's growing investments in the adoption of EVs and the presence of key players in the region

Governments across the Asia-Pacific are offering tax incentives and subsidies to encourage the adoption of electric vehicles. Governments in Asia display varying degrees of commitment to electrification. Comprehensive policy frameworks have been built to facilitate electric vehicle adoption in China, Japan and South Korea. Thailand has established the 2030 EV Production Strategy, which seeks to reach 30% of local vehicle production by 2030.

By 2040 and 2050, respectively, Indonesia will have outlawed the sales of any motorbikes powered by fossil fuels. Companies like Toyota, Nissan and Mitsubishi Motors are leading the way in Japan in the quick development of electric cars (EVs). Instead of a gasoline engine, an EV is propelled by a motor and a battery. The motor is made by many manufacturers in various configurations. Nissan has already started selling Leading, Environmentally Friendly, Affordable, Family Car (LEAF) electric cars. Euler Motors also sells Electric Cardo Three Wheelers, which are powered by three-phase induction motors, a form of AC motor.

According to data provided by the China Association of Automobile Manufacturers (CAAM), the production and sales of new energy vehicles (NEVs) in China reached 1.242 and 1.206 million units, respectively, in 2019 and 1.366 and 1.367 million units, respectively, in 2020.

Competitive Landscape

The major global players in the market include Siemens Ag Company, Yasakawa Electric, Robert Bosch GmbH, Toshiba Corporation, Magna International, Denso Corporation, Mitsubishi Electric Corporation, Emerson Electric Co, Abb Motors And Mechanical Inc, and Hitachi, Ltd.

Why Purchase the Report?

• To visualize the global automotive electric motors for EV market segmentation based on vehicle type, motor, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of automotive electric motors for EV market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The global automotive electric motors for EV market report would provide approximately 65 tables, 55 figures and 205 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies