Electric Vehicle Motor Market to Grow at 7.74% CAGR Through 2029

Increasing demand for electric vehicles (EVs) worldwide, technological advancements in electric motor efficiency, energy density, and manufacturing processes are the factors driving market in the forecast period 2025-2029.

 

According to TechSci Research report, “Electric Vehicle Motor Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Electric Vehicle Motor Market stood at USD 41.57 Billion in 2023 and is anticipated to grow with a CAGR of 7.74% in the forecast period, 2025-2029.  The global electric vehicle (EV) motor market has experienced remarkable growth and transformation in recent years, driven by increasing environmental concerns, technological advancements, and government initiatives promoting sustainable transportation solutions. Electric vehicles have emerged as a promising alternative to traditional internal combustion engine vehicles, offering reduced emissions, lower operating costs, and enhanced performance. As a crucial component of EVs, electric motors play a pivotal role in powering these vehicles, driving innovation and market expansion.

The Electric Vehicle (EV) Motor Market is segmented based on power rating, motor type, and demand category. Power rating categories include less than 40 kW, 40 kW to 80 kW, and more than 80 kW, catering to various vehicle types and performance requirements. Motor types encompass brushless motors, DC brushed motors, induction (asynchronous) motors, switched reluctance motors, and synchronous motors, each offering distinct advantages in terms of efficiency, torque output, and compactness. Demand categories consist of OEM (Original Equipment Manufacturer) and aftermarket, reflecting the diverse sourcing channels for electric vehicle motors.

The market for EV motors is primarily driven by the growing demand for electric vehicles worldwide, fueled by increasing environmental concerns and stringent emission regulations. Governments across the globe are incentivizing the adoption of electric vehicles through subsidies, tax benefits, and infrastructure investments, further propelling market growth. Additionally, advancements in battery technology and power electronics have significantly improved the performance and efficiency of electric vehicle motors, driving their widespread adoption in passenger cars, commercial vehicles, and other applications.

Among the power rating segments, motors with a power rating of less than 40 kW are commonly used in compact electric vehicles and light-duty applications, offering a balance between performance and energy efficiency. In contrast, motors with power ratings between 40 kW and 80 kW are suitable for a wide range of passenger cars and commercial vehicles, providing sufficient power for urban commuting and highway driving. Motors with power ratings exceeding 80 kW are typically found in high-performance electric vehicles and heavy-duty applications, delivering superior acceleration and towing capabilities.

Various types of electric motors cater to different vehicle architectures and performance requirements. Brushless motors are widely used in electric vehicles due to their high efficiency, reliability, and compact design. DC brushed motors offer simplicity and cost-effectiveness, making them suitable for light-duty applications. Induction motors are known for their robustness and low maintenance requirements, making them ideal for commercial vehicles and industrial applications. Switched reluctance motors and synchronous motors offer precise control and high power density, making them suitable for high-performance electric vehicles and hybrid powertrains.

In terms of demand categories, OEMs are the primary consumers of electric vehicle motors, integrating them into new vehicle platforms during the manufacturing process. The aftermarket segment caters to vehicle owners seeking replacement or upgrade options for their electric vehicle motors, offering a wide range of products and services to meet diverse customer needs. Overall, the Electric Vehicle Motor Market is witnessing robust growth driven by technological advancements, government initiatives, and increasing consumer demand for sustainable transportation solutions..

 

Browse over market data Figures spread through XX Pages and an in-depth TOC on " Global Electric Vehicle Motor Market.”

 

The Electric Vehicle (EV) Motor Market exhibits varying trends across different regions, including North America, Europe & CIS, Asia Pacific, South America, and the Middle East & Africa. 

In North America, the EV motor market is driven by stringent emission regulations, government incentives for electric vehicle adoption, and the presence of key automotive manufacturers investing in electric mobility. The region is witnessing growing demand for electric vehicles, particularly in the United States and Canada, leading to increased deployment of EV motors.

Europe & CIS region leads the global electric vehicle market, supported by favorable government policies, robust charging infrastructure, and increasing consumer awareness about environmental sustainability. Countries like Germany, Norway, and the Netherlands are at the forefront of electric vehicle adoption, driving the demand for EV motors in the region.

Asia Pacific emerges as a key market for electric vehicle motors due to rapid urbanization, rising pollution levels, and government initiatives to promote electric mobility. China, Japan, and South Korea are the leading contributors to the Asia Pacific EV motor market, with significant investments in electric vehicle manufacturing and technology development.

South America is experiencing gradual growth in the EV motor market, fueled by rising environmental concerns and efforts to reduce dependence on fossil fuels. Countries like Brazil and Argentina are witnessing an increase in electric vehicle sales, driving the demand for EV motors in the region.

The Middle East & Africa region is relatively nascent in terms of electric vehicle adoption but is gradually witnessing growth due to increasing government support, infrastructure development, and efforts to diversify energy sources. Countries like the United Arab Emirates and South Africa are exploring electric mobility solutions, creating opportunities for EV motor manufacturers in the region.

Overall, the electric vehicle motor market varies across regions based on factors such as government policies, consumer preferences, infrastructure development, and technological advancements, with each region contributing to the global growth of electric mobility.

Major companies operating in Global Electric Vehicle Motor Market are:

• Continental AG
• Hitachi Automotive Systems Ltd.
• BYD Auto Co. Ltd.
• Denso Corporation
• Mitsubishi Electric Corporation
• ZF Friedrichshafen AG
• Robert Bosch GmbH
• LG Magna e-Powertrain Co., Ltd.

 

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“The electric vehicle (EV) and automotive industry unanimously agree that the trajectory of EV motor technology is pivotal in shaping the future of transportation. Technological innovation plays a crucial role, with continuous advancements in electric motor efficiency, energy density, and manufacturing processes driving progress. Collaborative efforts between traditional automakers and tech companies are essential for pushing these innovations forward, ultimately propelling the global shift towards sustainable and electrified mobility.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Electric Vehicle Motor Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Power Rating (Less than 40 Kw, 40 Kw-80 Kw, and More than 80 Kw), By Motor Type (Brushless Motors, DC Brushed Motors, Induction (Asynchronous) Motors, Switched Reluctance Motors, and Synchronous Motors), By Demand Category (OEM and Aftermarket), By Region, Competition, 2019-2029”, has evaluated the future growth potential of Global Electric Vehicle Motor Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Electric Vehicle Motor Market.

 

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