The global electric vehicle motor market size was US$ 4.1 billion in 2021. The global electric vehicle motor market is forecast to grow to US$ 17.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 15.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The rising demand for luxury vehicles will drive the global electric vehicle motor market forward. In addition, the major changes in the purchasing pattern from the conventional IC engines will contribute to growth in the market.

The rising awareness related to reducing carbon emission and the trending shift towards electric vehicles will prompt the growth of the electric vehicle motor market during the forecast period. In addition, the growing employment rate and rising disposable income will surge the growth of the global electric vehicle motor market during the study period.

Stringent government regulations related to reducing greenhouse gas emissions and favorable incentives will boost the growth of the global electric vehicle motor market.

The growing emphasis of people on comfort, luxury, the safety of vehicles will benefit the electric vehicle motor market in the coming years. In addition, the growing number of research activities related to vehicle range management, battery charging management online, and navigation-based assistance will accelerate the growth of the electric vehicle motor market.

High initial and maintenance costs may limit the growth of the global electric vehicle motor market during the study period.

COVID-19 Impact Analysis

The wake of the COVID-19 drastically reduced the growth prospects for the entire automotive industry. Due to the pandemic, the governments of various countries imposed nationwide lockdowns. China accounts for one of the major automotive sectors in the world. The country was also the epicentre of the COVID-19 pandemic. Thus, it obstructed international trade, which ultimately hampered the growth of the global electric vehicle motor market.

Regional Analysis

The Asia-Pacific electric vehicle motor market is forecast to emerge as the largest market due to the contribution of emerging economies like China, Japan, and India. The growing production of electric vehicles in the region will surge the growth of the market in the coming years. Furthermore, the region is home to some of the prominent industry players, such as Honda Motors Co., Ltd, Mitsubishi Electric Corporation, Denso Corporation, etc. Thus, it will escalate the growth of the electric vehicle motor market during the forecast period.

Competitors in the Market

Continental AG
Hitachi Automotive Systems, Ltd.
Tesla Motors, Inc.
Honda Motors Co., Ltd
Toyota Motor Corporation
BYD Auto Co., Ltd.
Nissan Motor Corp
Denso Corporation
ABB Group Ltd.,
Metric Mind Corporation
Ford Motor Company
Mitsubishi Electric Corporation
Allied Motion Technologies Inc.
Robert Bosch GmbH
Siemens AG
Other Prominent Players
Market Segmentation

The global electric vehicle motor market segmentation focuses on Power Rating, Type, Vehicle, and Region.

Based on the power rating, the electric vehicle motor market has been segmented into

Less than 40 kW
Between 40-80 kW
More than 80kW
Based on the Type, the electric vehicle motor market has been segmented into

Alternating Current (Ac) Motor
Synchronous Ac Motor
Induction Ac Motor
Direct Current (Dc) Motor
Brushed Dc Motor
Brushless Dc Motor
Hermetic Motor
Switched Reluctance Motors
Based on the vehicle type, the electric vehicle motor market has been segmented into

Two-wheelers
Commercial Vehicles
Passenger Cars
Based on the region, the electric vehicle motor market has been segmented into-

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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