The electric motor is an important part of electric vehicle powertrain, as it converts electricity to torque to move the vehicle. The power delivered by the battery pack is supplied to the motor, which converts this electrical energy into mechanical energy, thus resulting in the movement of the vehicle. Electric vehicles have motors that use regenerative braking which means that the motors start generating power and start delivering the power back to the battery pack when not consumed.
The significant impacting factors in the global electric vehicle motor market trend include rise in demand for hybrid and electric vehicles, stringent regulations set by the government for the automotive industry, and an increase in research and development initiatives. However, high manufacturing costs are anticipated to be the major factor hampering the growth of the market during the forecast period. Similarly, proactive government initiatives for promoting electric vehicles and the growth of autonomous driving technology are anticipated to provide major growth opportunities for the companies operating in the market.
There has been an increase in focus on electrification of public fleet due to the increasing price of fuel and high maintenance cost similarly the electric powered buses will aid in reduction of pollution level. In addition, several supportive government schemes and incentives have encouraged adoption of electric vehicles in commercial fleets, encouraging market players in the electric vehicle motor market to introduce advanced and efficient motors.
The penetration of battery electric vehicles has increased significantly in the last five years as they are efficient and eco-friendly. In addition, surge in consumer demand to minimize fuel costs by increase in vehicle efficiency is driving the adoption of battery electric vehicles across the globe. Moreover, significant rise in costs of petrol & diesel, along with increase in governmental regulations pertaining to carbon dioxide emissions contributes toward increased adoption of battery electric vehicles.
Electric vehicles and hybrid vehicles have lower running costs and are also better for the environment. Moreover, governments are encouraging purchases of fuel-efficient vehicles by providing tax incentives. A recent study published by the National Renewable Energy Laboratory (NREL) and Idaho National Laboratory report titled ‘’Levelized Cost of Charging Electric Vehicles in the United States’’ states that using EV as compared to ICE vehicle can help consumer save $14,500 on fuel cost over a span of 15 years.
Likewise, the steep increase and constant fluctuations in the prices of fuel have resulted in manufacturers shifting their focus toward the development of electric and hybrid powertrain technology, which is positively impacting the demand for the electric vehicle motor market. Manufacturers are also investing in R&D initiatives for the development of electric & hybrid technology in luxury and super cars segment, which is further anticipated to drive the demand for electric vehicle motors.
Major players have adopted different strategies to strengthen their product portfolio and cater to the growing consumer demand. For instance In August 2023, Robert Bosch GmbH started production of its new powertrain, which is based on its 800-Volt technology. According to the company, this technology is expected to enable faster recharging of the battery. In the current variant of the electric motor, Bosch has increased the power density, this has reduced weight and allows for a more compact design. In terms of power-to-weight ratio, this motor delivers 35% more power density, at 60 kW/kg. It also offers an excellent torque density of 105 N·m/kg. The motor can achieve a maximum efficiency of up to 98%.
The electric vehicle motor market is segmented on the basis of motor type, vehicle type, application, and region. By motor type, it is bifurcated into AC motor, and DC motor. By vehicle type, it is classified into battery electric vehicle, hybrid vehicle, and plug-in hybrid vehicle. By application, it is fragmented into passenger cars, and commercial vehicles. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include BorgWarner Inc., Continental AG, Magna International Inc., Nidec Corporation, Robert Bosch GmbH, ABB Ltd, Hitachi, Ltd, Mitsubishi Electric Corporation, Continental AG and AISIN CORPORATION.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global market trends, key players, market segments, application areas, and market growth strategies.
The significant impacting factors in the global electric vehicle motor market trend include rise in demand for hybrid and electric vehicles, stringent regulations set by the government for the automotive industry, and an increase in research and development initiatives. However, high manufacturing costs are anticipated to be the major factor hampering the growth of the market during the forecast period. Similarly, proactive government initiatives for promoting electric vehicles and the growth of autonomous driving technology are anticipated to provide major growth opportunities for the companies operating in the market.
There has been an increase in focus on electrification of public fleet due to the increasing price of fuel and high maintenance cost similarly the electric powered buses will aid in reduction of pollution level. In addition, several supportive government schemes and incentives have encouraged adoption of electric vehicles in commercial fleets, encouraging market players in the electric vehicle motor market to introduce advanced and efficient motors.
The penetration of battery electric vehicles has increased significantly in the last five years as they are efficient and eco-friendly. In addition, surge in consumer demand to minimize fuel costs by increase in vehicle efficiency is driving the adoption of battery electric vehicles across the globe. Moreover, significant rise in costs of petrol & diesel, along with increase in governmental regulations pertaining to carbon dioxide emissions contributes toward increased adoption of battery electric vehicles.
Electric vehicles and hybrid vehicles have lower running costs and are also better for the environment. Moreover, governments are encouraging purchases of fuel-efficient vehicles by providing tax incentives. A recent study published by the National Renewable Energy Laboratory (NREL) and Idaho National Laboratory report titled ‘’Levelized Cost of Charging Electric Vehicles in the United States’’ states that using EV as compared to ICE vehicle can help consumer save $14,500 on fuel cost over a span of 15 years.
Likewise, the steep increase and constant fluctuations in the prices of fuel have resulted in manufacturers shifting their focus toward the development of electric and hybrid powertrain technology, which is positively impacting the demand for the electric vehicle motor market. Manufacturers are also investing in R&D initiatives for the development of electric & hybrid technology in luxury and super cars segment, which is further anticipated to drive the demand for electric vehicle motors.
Major players have adopted different strategies to strengthen their product portfolio and cater to the growing consumer demand. For instance In August 2023, Robert Bosch GmbH started production of its new powertrain, which is based on its 800-Volt technology. According to the company, this technology is expected to enable faster recharging of the battery. In the current variant of the electric motor, Bosch has increased the power density, this has reduced weight and allows for a more compact design. In terms of power-to-weight ratio, this motor delivers 35% more power density, at 60 kW/kg. It also offers an excellent torque density of 105 N·m/kg. The motor can achieve a maximum efficiency of up to 98%.
The electric vehicle motor market is segmented on the basis of motor type, vehicle type, application, and region. By motor type, it is bifurcated into AC motor, and DC motor. By vehicle type, it is classified into battery electric vehicle, hybrid vehicle, and plug-in hybrid vehicle. By application, it is fragmented into passenger cars, and commercial vehicles. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include BorgWarner Inc., Continental AG, Magna International Inc., Nidec Corporation, Robert Bosch GmbH, ABB Ltd, Hitachi, Ltd, Mitsubishi Electric Corporation, Continental AG and AISIN CORPORATION.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the electric vehicle motor market segments, current trends, estimations, and dynamics of the market analysis from 2022 to 2032 to identify the prevailing market opportunities.The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global market trends, key players, market segments, application areas, and market growth strategies.
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- Upcoming/New Entrant by Regions
- Technology Trend Analysis
- Brands Share Analysis
- SWOT Analysis
Key Market Segments
By Type
- AC Motor
- DC Motor
By Electric Vehicle Type
- Battery Electric Vehicle
- Hybrid Vehicles
- Plug-in-Hybrid Vehicles
By Application
- Passenger Cars
- Commercial Vehicles
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- BorgWarner Inc.
- AISIN CORPORATION
- Continental AG
- Magna International Inc.
- NIDEC CORPORATION
- Robert Bosch GmbH
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- TOSHIBA CORPORATION
- ABB
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTRIC VEHICLE MOTOR MARKET, BY TYPE
CHAPTER 5: ELECTRIC VEHICLE MOTOR MARKET, BY ELECTRIC VEHICLE TYPE
CHAPTER 6: ELECTRIC VEHICLE MOTOR MARKET, BY APPLICATION
CHAPTER 7: ELECTRIC VEHICLE MOTOR MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- BorgWarner Inc.
- AISIN CORPORATION
- Continental AG
- Magna International Inc.
- NIDEC CORPORATION
- Robert Bosch GmbH
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- TOSHIBA CORPORATION
- ABB
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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