Electric Car Motor Market Size, Share, Growth, and Industry Analysis, By Type (Permanent Magnet Synchronous Motor, Asynchronous Motor and Others), By Application (PHEV, HEV and BEV), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Electric Car Motor Market REPORT OVERVIEW

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global electric car motor market size was USD 135910 million in 2022 and market is projected to touch USD 589160.2 Million By 2031, exhibiting a CAGR of 17.7% during the forecast period.

The part that transforms electrical energy into mechanical energy to propel an electric vehicle (EV) is referred to as an electric car motor, also known as an electric drive motor. In contrast to traditional automobiles' internal combustion engines, which burn fuel, electric cars' motors are propelled by electricity, which is often kept in a battery pack. The electric induction motor, commonly known as an AC (alternating current) motor, is the most popular form of electric automobile motor. Because of their dependability, effectiveness, and affordability, AC induction motors are frequently utilized. These motors have a stator, which is a stationary component, and a rotor, which is a revolving component. When an electric current passes through the copper windings in the stator, a rotating magnetic field is produced.

An inverter is necessary for both PMSM and AC induction motors in order to change the direct current (DC) from the battery into the alternating current required to power the motor. The motor's speed and torque can be precisely controlled by the inverter, which regulates the frequency and voltage of the electricity supplied to the motor. Instant torque is a feature of electric car motors, meaning they start out with full power. This feature helps electric vehicles accelerate quickly and provide a dynamic driving experience. In addition, compared to internal combustion engines, electric motors emit no exhaust emissions, making them more environmentally friendly.

"COVID-19 Impact: Government Incentives and Policies to Hinder Market Growth"

The epidemic affected the manufacture and accessibility of electric car motors by disrupting worldwide supply networks. Many manufacturers experienced difficulties locating parts and supplies, which caused delays in production and delivery. The pandemic's negative economic effects led to a drop in consumer spending power and a general reduction in demand for cars, particularly electric ones. Due to a decrease in the number of motors needed to produce vehicles, this drop in demand had an impact on the electric car sector. In response to the pandemic-induced economic crisis, some governments introduced stimulus plans and financial incentives to encourage the usage of electric vehicles. These policies, which included grants, tax breaks, and subsidies, aimed to expand the market for electric cars and, by extension, the electric motor sector.

LATEST TRENDS

"Transition to Permanent Magnet Motors to Augment Market Growth"

The efficiency of electric automobile motors is continuously being worked on. In order to cut energy losses and boost overall efficiency, improvements in motor design, materials, and control systems are being made. Improved battery life and greater driving range are two benefits of higher efficiency, which make electric vehicles more feasible and desirable to consumers. While producing more power, electric car motors are getting smaller and lighter. Because of this development, automakers can now create electric vehicles that perform better, with quicker acceleration and higher top speeds. By lessening weight and drag, higher power density also improves total energy efficiency. Due to their high efficiency and torque capacities, permanent magnet motors, such as permanent magnet synchronous motors (PMSM), are becoming more and more common in electric cars.

Electric Car Motor Market SEGMENTATION

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• By Type

Based on type market is classified as permanent magnet synchronous motor, asynchronous motor and others.

• By Application

Based on application market is classified as PHEV, HEV and BEV.

DRIVING FACTORS

"Government Incentives and Regulations to Enhance Market Growth"

Around the world, numerous countries are putting regulations and incentives into place to encourage the use of electric vehicles. These policies include subsidies, financial incentives, tax credits, and exemptions from tolls or congestion charges. Government rules, such as tighter emission requirements and restrictions on internal combustion engines, also push automakers to improve the technology and up their output of electric car motors.

 Electric car motor costs are reduced as a result of economies of scale as production volume rises. In comparison to internal combustion engines, the price of electric car is falling, and maintenance and operating costs are also lowering. This makes electric vehicles more accessible and appealing to consumers.

"Advancements In Battery Technology to Uplift Market Profile"

Growing interest in electric vehicles as a cleaner alternative to conventional combustion engines is a result of growing worries about climate change and air pollution. Zero tailpipe emissions from electric automobile engines lower greenhouse gas emissions and enhance urban air quality. The demand for electric car motors is also fuelled by laws and policies aimed at lowering carbon emissions. Electric vehicle range and performance are intimately correlated with battery technology. The adoption of electric automobile motors is being fuelled by ongoing improvements in battery energy density, charging efficiency, and cost reduction. Electric vehicles are more practical and convenient for consumers because to improved batteries, which enable them to travel farther and charge more quickly.

RESTRAINING FACTORS

"Limited Charging Infrastructure to Impede Market Expansion"

For electric vehicles to become widely used, charging facilities must be accessible and readily available. It is difficult for owners of electric vehicles to conveniently recharge their vehicles, especially for long-distance trips, due to the lack of adequate charging infrastructure in many areas. Range anxiety and potential consumers' hesitation to purchase electric vehicles can both be caused by the absence of a robust charging infrastructure. Even if it has increased, the range of electric vehicles is still limited when compared to those powered by conventional internal combustion engines. The short driving range of electric cars and the requirement for regular charging have many consumers worried. To boost consumer confidence and make electric vehicles more viable for longer trips, it's crucial to get past this range restriction.

Electric Car Motor Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Expanding Network of Charging Stations"

Electric cars and electric car motors have a sizable market in the North America. The nation's network of charging stations is expanding, and both the federal and state governments offer incentives to encourage the use of electric vehicles. Government incentives and the need to reduce greenhouse gas emissions are causing an increase in interest in electric cars. The nation has been spending money on research and development for electric motor technology as well as infrastructure for charging. With a significant market share for electric vehicles, it is a global leader in the adoption of electric vehicles. Electric vehicles are quite alluring due to the government's considerable incentives, toll exemptions, and access to bus lanes. The nation has a well-established network of charging infrastructure.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Fukuta (Taiwan)
• BYD (China)
• Broad Ocean (China)
• ZF Friedrichshafen AG (Germany)
• Bosch (Germany)
• Jing-Jin Electric (JJE) (China)
• Anhui JEE (China)
• Mitsubishi Motors Corporation (Japan)
• Hitachi (Japan)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.