According to a new report published by Allied Market Research, titled, “Electric Vehicle Motor Market Size,” The electric vehicle motor market was valued at $5.5 billion in 2021, and is estimated to reach $34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific market. Moreover, various technological advancements related to electric vehicles are taking place, due to government initiatives, which further propel the market growth. Moreover, factors such as a significant rise in income levels and increase in urbanization in emerging countries of Asia-Pacific are reliable engines of growth for the electric vehicle motor industry.
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DC motors are less expensive than AC motors and their installations in electric vehicles tend to be simpler. In addition, factors, such as simple & inexpensive controller, low overall construction costs, and ability to be rebuilt for extended life, drive the market growth. These motors are ideal for extreme operating environments where temperature is fluctuating. This boosts the market growth of the DC motor application in electric vehicles.
The global electric vehicle motor market is experiencing growth, due to rise in demand for electric vehicles, and stringent safety regulations set by government for automotive industry. However, high manufacturing cost is the factor hampering the growth of the market. Furthermore, wide number of applications employing the use of electric motors is the factor expected to offer growth opportunities during the forecast period.
Key players operating in the global electric vehicle motor market include Borgwarner Inc., Buhler Motor GmbH, Continental AG, Denso Corporation, Inteva Products, LLC, Johnson Electric Holdings Limited, Mabuchi Motor Co., Ltd, Magna International Inc, Meritor, Inc., Mitsuba Corporation, Nidec Corporation, and Robert Bosch GmbH.
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COVID-19 Impact Analysis
The impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing low sales of passenger cars and temporary suspension of production of vehicles across the globe. The global automotive production has witnessed decline by 16% in 2020 as compared to automotive production in 2019. Moreover, the global sales of automotive has witnessed drop by around 14% (Y-o-Y) from 90.42 million units in 2019 to 77.97 million units in 2020. However, there was a surge in sale of electric vehicles in Europe in 2020. In the second half of 2020, when lockdowns were lifted or relaxed for some time, there was high growth in EV sales during the pandemic, as governments across the globe progressively encouraged people to switch to low-emission fuel vehicles.
As per the data released by Society of Electric Vehicle Manufacturers (SMEV), new EV registration of all types of electric vehicles during FY21 dropped by 20 percent compared with the number of new EV registrations in FY20. Several automobile manufacturers faced shortage of components such as semiconductor chips, and others, which resulted in delay in production of automobiles, thereby resulted in decreased demand for electric vehicle motor systems.
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KEY FINDINGS OF THE STUDY
- By type, the AC motor segment is anticipated to exhibit significant growth in the near future.
- By electric vehicle type, the battery electric vehicle segment is anticipated to exhibit significant growth in the near future.
- By application, the commercial vehicle segment is anticipated to exhibit significant growth in the near future.
- By region, Europe is anticipated to register the highest CAGR during the forecast period.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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