Market Size of Electric Motors for Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 28.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Electric Vehicle Motor Market Analysis
The Electric Motors for Electric Vehicle Market is currently valued at USD 4.80 billion and is expected to register a CAGR of 28.63% during the forecast period.
COVID-19 led to manufacturing shutdowns, lockdowns, and trade restrictions that negatively impacted the electric motors for the electric vehicle industry in the first half of the year 2020. However, the post-COVID-19 recovery, the stringent automotive emissions norms adoption, and the provision of generous government incentives for the quick adoption of electromobility led to a very healthy rise in the sales of electric vehicles. It further produced significant growth in the sales of electric motors for electric cars. For instance, in 2020, electric passenger vehicle sales jumped to 3.1 million units, an increase of 39% over 2019.
In addition, the manufacturers implemented contingency plans to mitigate future business uncertainties to retain continuity with clients in the critical sectors of the automobile industry by diversifying their manufacturing and supply chains. For instance,
- In February 2020, Brose Fahrzeugteile SE & Co. KG opened its new campus in India at Hinjewadi near Pune. The new location will employ 430 people. Brose Fahrzeugteile SE & Co. KG announced an investment of EUR 60 million ( USD 62.4 million) in India in the future.
Over the long term, some of the major factors driving the growth of the market studied are the rising sales of electric vehicles due to the enactment of stringent emission and fuel economy norms, government incentives, and improving charging infrastructure. Massive investments in electric vehicles by major automotive companies, such as Toyota, Honda, Tesla, General Motors, and Ford, are expected to drive the electric motor market shortly. Additionally, the evolving partnerships between motor manufacturers and automotive companies are expected to expand the studied market globally.
Geographically Asia-Pacific is expected to be the largest electric motor market during the forecast period due to the presence of emerging markets such as China and India. Europe became a driving force in the market's development for the government's steps to curb carbon emissions. The United Kingdom, Germany, and France are all contributing to the market's expansion in this region.
Thus the factors mentioned above will further drive the growth in the electric motors for electric vehicles market globally.
