The global electric vehicle motor market size stood at around US$ 48.1 Bn in 2021. As per the report, sales are expected to increase at a CAGR of 21.2%, to reach a valuation of US$ 396.3 Bn by 2032. AC motors currently account for more than 83% of the total EV motor market share globally.
|Electric Vehicle Motor Market Base Year Value (2021A)||US$ 48.1 Bn|
|Estimated Market Size (2022E)||US$ 58.1 Bn|
|Projected Market Valuation (2032F)||US$ 396.3 Bn|
|Value-based CAGR (2022-2032)||21.2%|
|Collective Value Share: Top 3 Countries (2021)||57.8%|
The rapid increase in electric vehicle production and adoption across various countries is driving the demand for electric vehicle motors. Sales of electric vehicle motors are rising on the back of benefits such as silent operation, the ability to reduce air pollution, and reduction in fuel consumption.
The electric vehicle motor market represents 14.3% of the global electric vehicles market (BEV, HEV, and PHEV).
2017-2021 Electric Vehicle Motor Market Historic Outlook Vs 2022-2032 Forecast
From 2017 to 2021, demand for electric vehicle motors increased at a 20% CAGR and is expected to grow at a 21.2% CAGR over the forecast period. Because battery and hybrid electric vehicles are becoming more fuel-efficient over time, consumers are preferring electric vehicles.
Government authorities across emerging economies are providing subsidies and incentives for the adoption of electric vehicles to stay in line with emission control norms. For example, the Chinese government has stated that it will invest about US$600 billion to promote electric vehicles, and the Indian government plans to abolish permits for the use of electric vehicles. The Asia Pacific is a promising market for electric vehicle motors due to the expansion of electric vehicle manufacturing. The electric vehicle motor market is projected to grow by 6.8x by 2032.
What are the Recent Trends Impacting the Electric Vehicle Motor Market?
Manufacturers of EVs are increasingly integrating AC synchronous motors with brushed current excitation. Until recently, this kind of motor was not used in EVs because it was widely believed that brushless motors were the only practical choice for an electric vehicle. By including brushed current-excited AC synchronous motors in the new i4 and iX, BMW has resisted the trend.
This type of rotor interacts with the RMF of the stator like that of a permanent-magnet rotor, but without the need for permanent magnets. Instead, it includes six sizable copper lobes that provide the necessary EMF when driven by a DC battery. Further, optimization is made possible by this system’s ability to adjust the magnetic field’s intensity on the rotor.
What are the Challenges Faced by Electric Vehicle Motor Manufacturers?
Aftermarket is impacted by lower replacement rates. The life of an electric vehicle motor is typically between 15 and 20 years; however, some motors have a lifetime operational efficiency that reduces the need for replacement. Electric vehicle motors are typically replaced in cases of accidents. This is one of the main factors limiting aftermarket sales.
Also, in emerging and price-sensitive nations, the electric car market is being constrained by factors such as high electric vehicle prices and lack of infrastructure such as charging and servicing stations.