Global Electric Vehicle Motor Market Size & Insights

The  Electric Vehicle Motor Market size was valued at around USD 46 billion in 2024 and is projected to reach USD 120 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 17% during the forecast period, i.e., 2025-30. Various factors that drive the growth of this market include, rising investments in EV infrastructure, government schemes facilitating EV adoption, and strict CO2 emission standards laid by various agencies for automobile manufacturers around the world. Some of the mandates that are laid by various countries include the European Union’s CO2 emission regulation for cars, China’s New Electric Vehicle Mandate, and California’s Zero-Emission Vehicle (ZEV) mandate, which strive to lower greenhouse gas emissions like reducing CO2 emissions from vehicles to achieve net zero emissions by 2050.

What are the Key DROs in the Global Electric Vehicle Motor Market??

Rising Adoption of Electric Vehicles Due to Environmental Concerns – Primarily the need to lower carbon emissions and growing environmental concerns are driving the increasing use of EVs which in turn drives the demand for EV motors. Transportation sector contributes to 45% of CO2 emissions, in which cars play a pivotal role. To fight this more than 20 nations including the U.S., China, and EU members have committed to phasing out internal combustion engine vehicles by 2040. Around the world, governments are implementing more stringent emission standards and encouraging the use of electric vehicles by offering incentives and, thus propelling the EV’s motor demand. In 2023 global car sales of EVs increased from 3.5 million higher than in 2022 demonstrating a substantial shift in consumer preferences. Furthermore, EV adoption as a sustainable substitute for fossil fuel-powered vehicles has accelerated due to the drop in battery prices.

What are the Key Segments in the Global Electric Vehicle Motor Market?

The Electric Vehicle Motor Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

• By Vehicle Type
• Electric Passenger Cars- Market Size & Forecast 2020-2030, USD Million
• Sedan- Market Size & Forecast 2020-2030, USD Million
• Hatchback- Market Size & Forecast 2020-2030, USD Million
• SUV- Market Size & Forecast 2020-2030, USD Million
• Electric Commercial Vehicles- Market Size & Forecast 2020-2030, USD Million
• Electric Light Commercial Vehicles- Market Size & Forecast 2020-2030, USD Million
• Electric Light Trucks- Market Size & Forecast 2020-2030, USD Million
• Electric Minivans- Market Size & Forecast 2020-2030, USD Million
• Electric Medium & Heavy Commercial Vehicles- Market Size & Forecast 2020-2030, USD Million
• Electric Trucks- Market Size & Forecast 2020-2030, USD Million
• Electric Bus- Market Size & Forecast 2020-2030, USD Million
• Electric Two Wheelers- Market Size & Forecast 2020-2030, USD Million
• Electric Scooters- Market Size & Forecast 2020-2030, USD Million
• Electric Motorcycles- Market Size & Forecast 2020-2030, USD Million
• Electric Three Wheelers- Market Size & Forecast 2020-2030, USD Million
• By Type
• AC Motor- Market Size & Forecast 2020-2030, USD Million
• DC Motor- Market Size & Forecast 2020-2030, USD Million
• By Motor Type
• Brushless Motors- Market Size & Forecast 2020-2030, USD Million
• Brushed Motors- Market Size & Forecast 2020-2030, USD Million
• Induction (Asynchronous) Motors- Market Size & Forecast 2020-2030, USD Million
• Switched Reluctance Motors- Market Size & Forecast 2020-2030, USD Million
• Synchronous Motors- Market Size & Forecast 2020-2030, USD Million
• By Component
• Motor Stator- Market Size & Forecast 2020-2030, USD Million
• Rotor, Shaft, and Bearing- Market Size & Forecast 2020-2030, USD Million
• Permanent Magnet- Market Size & Forecast 2020-2030, USD Million
• Casing- Market Size & Forecast 2020-2030, USD Million
• Wiring & Connectors- Market Size & Forecast 2020-2030, USD Million
• Others- Market Size & Forecast 2020-2030, USD Million
• By Power Rating
• Up to 20 kW- Market Size & Forecast 2020-2030, USD Million
• 21 kW to 100 kW- Market Size & Forecast 2020-2030, USD Million
• 101 kW to 250 kW- Market Size & Forecast 2020-2030, USD Million
• Above 250 kW- Market Size & Forecast 2020-2030, USD Million

With roughly 55% of the market share the 100 kW to 250 kW segment dominates the Global Electric Vehicle Motor Market.

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How does geographical analysis highlight in the Global Electric Vehicle Motor market?

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

With approximately 60% of the worldwide market, the Asia-Pacific region leads the electric car motor industry.

Who are the Key Players in Global Electric Vehicle Motor Market?

• Siemens AG
• ABB Ltd.
• Nidec Corporation
• Mitsubishi Electric Corporation
• Robert Bosch GmbH
• BorgWarner Inc.
• Continental AG
• Magna International Inc.
• Hitachi, Ltd.
• AISIN CORPORATION
• LG Magna e-Powertrain Co., Ltd.
• Johnson Electric Holdings Limited
• Toshiba Corporation
• GKN Automotive
• Allied Motion Technologies Inc.

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Global Electric Vehicle Motor Market News

• September 2024: Siemens to carve out the eMobility business, merging with Heliox for enhanced market agility and growth. This strategic move aims to optimize leadership in the fast-growing EV charging market, fostering innovation and new partnerships.
• October 2024: Nidec and Ashok Leyland partnered to develop next-gen electric motor-controller systems for commercial vehicles, advancing India's EV adoption. This collaboration aims to enhance efficiency, sustainability, and innovation in commercial vehicle electrification.

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• Risk Identification: Pinpoint challenges to inform strategic planning.
• Future Forecasts: Prepare for market changes with actionable projections.

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