The market size of electric motors is expected to reach $60 billion by 2032, propelled by massive investments in electric vehicles by major automotive companies; Growth at 24.6% CAGR: deciphering the market

The electric motor market will grow at a steady pace throughout the forecast period owing to the growing consumer preference for long-range electric vehicles. Implementation of stringent government regulations is another important factor positively influencing the expansion of the market. The international community has set stringent emission standards to reduce greenhouse gas emissions and combat global warming. Therefore, automakers today are focusing on producing zero-emission vehicles in order to comply with stricter emission standards. Throughout the projection period, there will be more emphasis on making more efficient electric vehicles due to these rules.

Pune, June 14, 2022 (GLOBE NEWSWIRE) — published the first-ever holistic and comprehensive research report, “Electric motor market size, Statistics, Growth Trends Analysis and Forecast Report, 2022-2032” estimating the global Electric Vehicle Market at $7.6 billion in 2021 (historical) and forecasting it to reach $60 billion by 2032. Several factors to drive the steady growth of the EV traction motor market over the forecast period.

“The enactment of stringent emissions and fuel economy standards, government incentives and improved charging infrastructure, leading to the growing adoption of electric vehicles, will propel the demand for electric motors over the next forecast period.”

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A rapidly growing market for EV traction motors has emerged due to the increasing adoption of BEVs and HEVs providing near-zero emissions and high fuel efficiency.

Hybrid electric vehicles (HEVs) have gained popularity around the world due to the growing inclination of the general public towards zero-emission vehicles. Electric vehicles and hybrid electric vehicles are both powered by traction motors. Thus, the increasing production of HEV will have a positive effect on the market. In addition to this, the government is undertaking several initiatives, such as tax subsidies and rebates, to increase the sales of electric vehicles, which in turn is driving the market for electric vehicle traction motors.

North America will occupy the largest share of the global electric motor market during the forecast period

Demand for EV engines is the highest in North America. Growing acceptance of electric motors in commercial and passenger cars will support regional growth. The growth of the electric motor market in North America will be fueled by an increasing number of initiatives by government authorities, such as the provision of subsidies and incentives for the purchase of electric vehicles. Additionally, the US Department of Energy also encourages and guides manufacturers to produce EV motors due to their low cost and increased power. In the Asia-Pacific region, the demand for electric vehicles is growing rapidly due to the need to reduce carbon emissions in countries like China and Japan.

APAC poised to contribute 50% growth in global electric motor market

India, China, and Japan have been rapid adopters of electric vehicles, boosting the electric vehicle motor (EVM) market in Asia-Pacific. The Japanese market for hybrid vehicles is also growing, with production rates and sales increasing rapidly. Growing government investment in promoting and supporting low-emission electric vehicles is also expected to boost the market growth in the region. Additionally, the growing need for fuel-efficient vehicles has driven the adoption of electric scooters (e-scooters) in the region. Chinese manufacturers are among the major players in this field. The electric vehicle motor (EVM) market is expected to grow due to this factor in the coming years.

Electric Vehicle Charging as a Service Market Shows Huge Growth Potential of 200% in 2022

Charging stations for electric vehicles have developed rapidly over the past decade. The EV charging service can be offered in commercial spaces as well as residential settlements and corporations. It can also be offered in tourist places and other places. No manual intervention is required by the owner as it works similarly to other services offered while you work in the office. The provision of electric vehicle charging stations reduces pollution in major cities, builds customer loyalty and attracts new customers, which drives the growth of the electric vehicle market. A growing market for electric vehicle charging stations is further expected to fuel the growth of the electric motor market.

“Although consumers are not yet flocking to electric car showrooms, they are becoming familiar with the emerging technology. Tata Motors, the market leader in this emerging segment with more than 25,000 vehicles sold, owns 20 % market share for its Nexon and Tigor electric models In its overall PV portfolio, Tata Motors expects EVs to contribute this level by 2032.”

In FY23, Tata Motors expects electric vehicle volumes to double, possibly reaching a new high.

Currently, Tata Motors controls almost 90% of the electric vehicle market in the country. Kia will enter the mainstream electric vehicle space after Indian automakers Tata Motors and Mahindra & Mahindra each launched a dozen electric vehicle models. As part of the company’s EV roadmap, CEO Ho Sung Song shared the goal of selling 4 million vehicles a year by 2030, 50% electrified and 30% purely electric. It plans to launch 14 electric vehicles globally by 2030. The company has approved electric vehicles for India’s emerging markets, an electric pickup truck and another model for developed markets.

The main companies in this sector are Toyota, Tesla, Nissan, Honda, BYD, BAIC and BMW, including Toyota, Tesla and BYD. Toyota has a huge presence in the Japanese market and an in-house engine production plant, which covered most of the surveyed market in 2022. The Toyota Prius was the world’s first mass-produced hybrid car and the company has sold 13 million hybrid cars. since its introduction. The axial flux motor market is a new boom in the industry that offers wheel motors in electric vehicles and e-bikes. It also has an application in the aerospace sector. These motors are very compact and efficient. It evolved as a replacement for radial flux motors used as hub motors in electric vehicles.

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Report coverage in brief (very detailed research)

Type of EV motors

• AC motor (all types of AC motor data broken down)

• DC motor (all DC motor data types broken down)

EV motor by rated power

• Up to 60KW

• 60 to 90KW

• Above 90 KW

Type of electric vehicle

• Electric two-wheelers

• Electric three-wheelers

• Electric passenger vehicles

• Electric utility vehicles

EV motors based on vehicle type

• Hybrid Electric Vehicle (HEV)

• Plug-in hybrid electric vehicle (PHEV)

• Battery/pure electric vehicle (PEV)

• Fuel Cell Electric Vehicle (FCEV)

EV motors based on powertrain type

• Single engine

• Dual motor

• Three motors

• Four motors

Marketplace based EV motors


• Secondary market

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