Electric motors are an essential component of electric vehicles as they convert electric energy to mechanical energy to propel vehicles. Common motor types used in electric vehicles include brushed DC motors, brushless DC motors, induction motors, and synchronous motors. Electric vehicles offer several advantages over conventional vehicles such as lower operational costs, negligible emissions, noise reduction, and incentives in many countries. The increasing demand for environmental-friendly vehicles and supportive government policies are driving the sales of electric vehicles globally.
The Global electric motors for electric vehicle market is estimated to be valued at US$ 9463.7 Bn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the electric motors for electric vehicle are Audi AG, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Google LLC, Honda Motor Corporation, Nissan Motor Company, Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., and Volvo Car Corporation. These key players are investing heavily in research and development of efficient and affordable electric vehicle technologies.
Growing environmental concerns and rising fuel prices are fueling the demand for electric vehicles globally. Several governments are offering purchase incentives and tax rebates to promote electric vehicles adoption. Electric vehicles provide attractive solutions to reduce greenhouse gas emissions from the transportation sector.
The major automakers are expanding their electric vehicle product lines and manufacturing capabilities around the world. Several new players are also entering the Electric Motors For Electric Vehicle Market Size. The availability of public charging infrastructure is improving in major cities which is bolstering the customers' confidence in electric vehicles.
Market Key Trends
One of the major trends in the electric motors for electric vehicle market is the development of new motor technologies with higher efficiency and power density. Manufacturers are focusing on improving motor design to reduce costs and improve driving range. New motor materials such as silicon carbide are allowing higher temperature operations and leading to compact and lightweight motors. The use of advanced magnets such as neodymium-iron-boron (NdFeB) is also enhancing motor power and efficiency. Additionally, the integration of electric motors with inverters and gearboxes is optimized to maximize torque and minimize losses in electric vehicles.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs to manufacture Electric Vehicle motors and gain brand recognition.
Bargaining power of buyers: Buyers have high bargaining power as they can choose from many electric vehicle manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power as switching costs are moderate and there are substitutes available in the market.
Threat of new substitutes: Threat of new substitutes is high as technology is improving and helping develop better and cheaper alternatives.
Competitive rivalry: Rivalry is high among existing competitors due to technological advancements and innovation.
Geographical Regions
North America region accounts for the largest share in the global electric motors for electric vehicle market in terms of value due to high demand and presence of major OEMs in the region. Asia Pacific region is expected to grow at the fastest CAGR through 2031 owing to increasing sales of electric vehicles, improving charging infrastructure and supportive government policies and initiatives in countries like China and India.
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