Electric Vehicle Motor Market Size to Reach $34.4 Billion by 2031: Allied Market Research
Rise in demand for electric vehicles, stringent safety regulations set by government for automotive industry, and inexpensiveness of DC motors than AC motors drive the growth of the global electric vehicle motor market. Region-wise, the market in Asia-Pacific is expected to dominate in terms of revenue and Europe would grow at the fastest CAGR of 21.3% during the forecast period.
Portland, OR, Nov. 21, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global electric vehicle motor market generated $5.5 billion in 2021, and is estimated to reach $34.4 billion by 2031, witnessing a CAGR of 20.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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EV Motor Industry Report coverage & details:
|Market Size in 2021||$5.5 Billion|
|Market Size in 2031||$34.4 Billion|
|No. of Pages in Report||294|
|Segments Covered||Type, Electric Vehicle Type, Application, and Region|
|Drivers||Rise in demand for electric vehicles.|
|Stringent safety regulations set by government for automotive industry.|
|DC motors are less expensive than AC motors and their installations in electric vehicles are simpler.|
|Low overall construction costs and ability of electric vehicle motors to be rebuilt for extended life.|
|Opportunities||Wide number of applications employing the use of electric motors.|
|Restraints||High manufacturing cost of electric vehicle motors.|
- The outbreak of the COVID-19 pandemic led to supply-chain disruptions causing reduced sales of passenger cars and suspension of vehicle production globally. The global automotive production witnessed a decline by 16% in 2020 as compared to automotive production in 2019. Moreover, the global sales of automotive dropped by around 14% (Yo-Y) from 90.42 million units in 2019 to 77.97 million units in 2020.
- However, there was an increase in sales 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 electric vehicle sales during the pandemic, as governments across nations encouraged people to switch to low-emission fuel vehicles.
- According to Society of Electric Vehicle Manufacturers (SMEV), new EV registration of all types of electric vehicles during FY21 dropped by 20% compared with the number of new EV registrations in FY20. Several automobile manufacturers faced low availability of components such as semiconductor chips, and others, which led to delay in production of automobiles and decreased demand for electric vehicle motor systems.
The report offers a detailed segmentation of the global electric vehicle motor market based on type, electric vehicle type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on type, the AC motor segment held the largest share of nearly three-fourths of the global electric vehicle motor market share in 2021, and would maintain its leadership in terms of revenue through 2031. Moreover, the same segment is estimated to witness the fastest CAGR of 20.8% during the forecast period. The report also analyzes the DC motor segment.
Based on electric vehicle type, the battery electric vehicle segment was the largest in 2021, capturing nearly half of the global electric vehicle motor market share, and would rule the roost through 2031. The same segment is estimated to witness the fastest CAGR of 21.4% during the forecast period. The report also analyzes the plugin hybrid vehicle and hybrid vehicle segments.
Based on application, the passenger cars segment was the largest in 2021, grabbing over four-fifths of the global electric vehicle motor market share and is estimated to dominate in terms of revenue during the forecast period. However, the commercial vehicles segment would witness the fastest CAGR of 21.6% during the forecast period.
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than two-fifths of the global electric vehicle motor market share and would maintain its dominance during the forecast period. However, the market in Europe is likely to manifest the highest CAGR of 21.3% from 2022 to 2031. The other regions analyzed in the study include North America and LAMEA.
Leading players of the global Electric vehicle motor market analyzed in the research 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.
The report analyzes these key players of the global electric vehicle motor market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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