Electric Vehicle Motor Market Expected to Reach $99.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Vehicle Motor Market," The EV motor industry was valued at $24.9 billion in 2022, and is garner to reach $99.5 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.

The global electric vehicle motor market is anticipated to show a strong growth rate due to stricter government regulation set by regulatory bodies on the automobile industry. Regulatory bodies around the world have implemented strengthened regulations and laws related to emission from traditional ICE vehicle, and promote green mobility in the automobile industry. As the emission from automobiles are becoming challenging and increasingly common governments across the world have implemented strict laws and regulation to cut down on vehicle emission.

For example, In Europe the region introduced European Emission Standards or Euro Norms, which governs and looks after emission from vehicles. The law also encourages people to use green mobility technologies in order to cut down on harmful vehicle emissions. Likewise, other countries have also introduced regulation which limits and looks after vehicle emission standards. Moreover, on April 2022, India introduced a law which outlines a set percentage of emission allowed from vehicle, the law specifically looks after emission from vehicle which runs on petrol and diesel. Similarly, the country also passed a law that states that vehicle older than 15 years needs to be re-registered again for use on public road, if the automobiles are found unfit they will be scrapped.

On the similar way, other major countries across the world such as China, U.S, Germany, UK, India, Norway and other are providing tax relief or subsidy while purchasing a new electric or alternative fuel vehicle. This initiative resulted in increase in customer focus towards green mobility vehicles.  

The market share has been bifurcated on the basis of  motor type, vehicle type, application as well as regions. On the basis of motor type the global market has been analyzed across AC motor and DC motor. On the basis of vehicle type the EV motor market is segmented into battery electric vehicle, hybrid vehicle & plug-in hybrid vehicle. On the basis of application the global electric vehicle motor market has been studied across passenger cars and commercial vehicles. Based on region the global market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA region.

Furthermore, the market is very competitive with a few big manufactures dominating the overall global market share To maintain their market positions, top companies operating in the market are prioritizing on innovation, product uniqueness, and collaboration with other industry players.

Russia-Ukraine War Impact Analysis on EV Motor Industry

The current conflict among Ukraine and Russia is having a significant & lasting effect on the global electric vehicle motors market as well as the larger automobile sector. The ongoing war has had a detrimental influence on global trade and has had a dramatic impact on economies in the European region the dispute has created a period of unpredictability that has badly harmed the worldwide economy. The war deeply impacted and hampered trade flows, similarly it has also disrupted the overall supply chains, and harmed the confidence of any investor. The major impact of the war was the increase in price of steel as well as impact on the import and export of steel in the global market.

Similarly, the war resulted in closure of major manufacturing facilities in the Russia region due to global imposed sanctioned, major companies such as Volkswagen, Toyota, Ford, as well as Renault, halted their operation or eliminated trade with Russia for certain duration of time. For instance on 2022 in month of June Nissan motor announced they will be halting up their vehicle production operation in Russia during the first half of 2022. This includes both the suspension of vehicle exports to Russia and the manufacturing process itself.

The key companies profiled in the EV motor market research report are BorgWarner Inc., Continental AG, Magna International Inc., Nidec Corporation, Robert Bosch GmbH, ABB Ltd, Hitachi, Ltd, Mitsubishi Electric Corporation, Continental AG and AISIN CORPORATION.

KEY FINDINGS OF THE STUDY

• By type, the AC motor segment is anticipated to exhibit significant growth in the electric vehicle motor market in the near future.
• By electric vehicle type, the hybrid vehicles segment is anticipated to exhibit significant growth in the market in the near future.
• By application, the passenger cars segment is anticipated to exhibit significant growth in the market in the near future.
• By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.