Market Size of Canada Electric Motor for Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 16.89 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Electric Motor for Electric Vehicle Market Analysis
The Canada Electric Motor for Electric Vehicle Market is valued at USD 0.28 billion and is expected to reach USD 1.54 billion over the next five years while registering a CAGR above 16.89% during the forecast period.
The COVID-19 impact on the electric vehicle motor market was inevitable as it affected almost every other industry. Due to global supply chain disruption, the pandemic poised some effects on the supply chain of electric vehicles and electrical parts and components, including electric motors. But the impact was short-lived and had a short-term effect on the market. Electric motors production units were shut during the period, which reduced the supply across Canada. Although, the market regained its growth phase post-2021.
Over the long term, increased demand for fuel-efficient, high-performance, and low-emission vehicles and increasingly strict laws and regulations regards the phase-out of IC engines are anticipated to act as the growth lever for the demand for electric motors for electric cars.
Economies of agglomeration have primarily driven the demand for electric motors across Canada. Electric motor demand is rising due to rising government policies and shifting consumer preferences toward adopting electric vehicles. Motor manufacturers, both global and regional players, are structuring their respective production bases across the EV manufacturing bases to indulge in longer-term motor supply for production lines.
Canada announced new vehicle sales targets for EVs, aiming for a 10% market share by 2025, 40% by 2030, and 100% by 2040. It amounts to around 3% of the vehicle fleet in 2025, 11% by 2030, and 60% by 2040. Battery manufacturers are focusing on localized production of their batteries to boost electric vehicle sales by fueling the demand across Canada. After considering these factors, demand for electric motors for electric vehicles is anticipated to elevate over the study period.
