Electric Vehicle Motor Market

Global Electric Vehicle Motor Market Report: By Type (AC Motor (Synchronous, Induction), and DC Motor (Brushed, and Brushless)), By Vehicle Type (Pure Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle (FCEV)), By Motor Type (Induction Motor, Synchronous Motor, and Switched Reluctance Motor), By Power Rating (Up to 60 KW, 60 to 90 KW, Above 90 KW), By Application (Electric Two-Wheeler, Electric Three-Wheeler, Electric Commercial Vehicles, and Electric Passenger Cars), By Powertrain Type (Single Motor, Dual Motor, Triple Motor, Four Motor), By Sales Channel (OEM, and Aftermarket), and Region (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032.

Automobile & Transportation | February 2024 | Report ID: EMR00571 | Pages: 301

Global Electric Vehicle Motor market is predicted to reach approximately USD 46.33 billion by 2032, at a CAGR of 11.35% from 2024 to 2032.

The growing global adoption of electric vehicles is driving the rapid growth and transformation of the global electric vehicle (EV) motor market. The part that allows electric vehicles to be propelled by transforming electrical energy into mechanical energy is known as an electric vehicle motor. These motors are available in several varieties, such as DC motors, permanent magnet synchronous motors, and AC induction motors. Each has unique benefits with regard to cost-effectiveness, efficiency, and power output.

Government incentives for the adoption of electric vehicles, strict emissions regulations, and technological advancements in motor design and manufacturing processes are some of the factors driving the market for electric vehicle motors. The demand for electric vehicle motors is being driven by governments and regulatory bodies around the world enacting policies to encourage the switch from internal combustion engine vehicles to electric vehicles, as concerns about environmental sustainability and climate change become more pressing.



Global Electric Vehicle Motor report scope and segmentation.

Report Attribute


Estimated Market Value (2023)

USD 11.35 billion

Projected Market Value (2032)

USD 46.33 billion

Base Year


Forecast Years

2024 – 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Vehicle Type, By Motor Type, Power Rating, By Powertrain Type, Distribution Channel, & Region.

Segments Covered

By Vehicle Type, By Motor Type, Power Rating, By Powertrain Type, Distribution Channel, & By Region.

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.


Global Electric Vehicle Motor dynamics

The adoption of electric vehicles is still primarily driven by government regulations and emission standards, which forces automakers to invest in electric propulsion systems, such as electric motors. Government grants and incentives designed to encourage the use of electric vehicles also drive up demand for EV motors.

The market's evolution for EV motors is largely driven by technological advancements. Motor efficiency, power output, and reliability have all increased as a result of developments in motor design, materials, and manufacturing techniques. To improve the efficiency and range of electric vehicles, manufacturers are always working to create electric motors that are lighter, more compact, and more affordable.

Consumer preferences and market trends also influence the dynamics of the EV motor market. Growing awareness about environmental sustainability and concerns over air pollution are driving consumers to consider electric vehicles as viable alternatives to traditional internal combustion engine vehicles. Moreover, the increasing availability of electric vehicle models across various price segments is expanding the consumer base for electric vehicles, thereby fuelling the demand for EV motors.


Global Electric Vehicle Motor drivers

  • Government Regulations and Incentives  

Government rules requiring emission reductions and incentives encouraging the use of electric vehicles are important factors driving the market for electric vehicle (EV) motors. Automotive manufacturers have been investing heavily in electric propulsion systems, including EV motors, as a result of strict emissions standards and policies aimed at reducing greenhouse gas emissions. Demand for EV motors is further stimulated by incentives like tax credits, rebates, and subsidies for buying electric vehicles, which increase the economic appeal of electric vehicles to consumers. The regulatory environment is anticipated to continue favouring electric vehicles as governments throughout the world place a high priority on sustainability and environmental protection, which will fuel the expansion of the EV motor market.

  • Technological Advancements

Innovation in EV motor performance is being driven by ongoing improvements in motor design, materials, and manufacturing processes. Producers are utilising technological advancements like enhanced motor control algorithms, lightweight materials, and advanced magnet materials to boost motor efficiency, power density, and dependability. The demand for high-performance EV motors is also being driven by research and development initiatives aimed at improving battery technologies, such as solid-state batteries and fast-charging solutions, which are expanding the driving range and usefulness of electric vehicles. The creation of EV motors that are more affordable, efficient, and small will be essential to boosting the market for EV motors and hastening the uptake of electric vehicles as technology advances.



  • High Initial Costs

One of the primary restraints hindering the widespread adoption of electric vehicles and EV motors is the relatively high upfront costs associated with electric vehicles compared to conventional internal combustion engine vehicles. Despite the long-term savings in fuel and maintenance costs, the initial purchase price of electric vehicles remains a significant barrier for many consumers, limiting the mass-market appeal of electric vehicles. Moreover, the higher cost of electric vehicle batteries, which constitute a substantial portion of the overall vehicle cost, contributes to the price premium of electric vehicles, thereby posing a challenge to market penetration and adoption.

  • Charging Infrastructure Limitations

Another barrier to the market for EV motors is the restricted accessibility and availability of infrastructure for charging. For many consumers contemplating electric vehicles, range anxiety—the fear of running out of battery charge while driving—remains a concern. The convenience and viability of electric vehicles are restricted by the absence of a comprehensive infrastructure for charging, which includes fast-charging networks and public charging stations. This is especially true for long-distance driving. Governments, utilities, and private stakeholders must work together to deploy and expand the charging infrastructure in order to address the infrastructure challenges. Resolving these infrastructure bottlenecks is essential to building consumer trust, encouraging the uptake of electric vehicles, and increasing the market for EV motors.



  • Advancements in Battery Technology

Continued advancements in battery technology present significant opportunities for the EV motor market. Innovations in battery chemistries, such as solid-state batteries and lithium-sulfur batteries, offer the potential to enhance energy density, reduce charging times, and extend the driving range of electric vehicles. As battery technology improves, electric vehicles equipped with more efficient and capable batteries will require correspondingly advanced EV motors to maximize performance and efficiency. Manufacturers and suppliers that can develop innovative motor solutions tailored to the evolving needs of next-generation electric vehicles stand to capitalize on the expanding market opportunities driven by advancements in battery technology.


Segment Overview

  • By Vehicle Type

The market for Electric Vehicle Motor is divided into three categories: Pure Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle and Fuel Cell Electric Vehicle (FCEV). Hybrid Electric Vehicles (HEVs) integrate both an internal combustion engine and an electric motor, utilizing regenerative braking to charge the battery. Plug-in Hybrid Electric Vehicles (PHEVs) offer extended electric-only range compared to HEVs by allowing recharging from an external power source. Fuel Cell Electric Vehicles (FCEVs) use hydrogen fuel cells to generate electricity for propulsion, emitting only water vapor as a by-product. Each vehicle type caters to different consumer needs, driving demand for specific electric vehicle motor technologies and configurations.

  • By Motor Type   

Electric vehicle motors play a crucial role in determining the performance, efficiency, and cost-effectiveness of electric vehicles. Alternating Current (AC) motors, including synchronous AC motors and induction AC motors, offer high efficiency and power output, making them suitable for a wide range of electric vehicle applications. Direct Current (DC) motors, comprising brushed DC motors and brushless DC motors, are known for their simplicity and reliability, often used in smaller electric vehicles and auxiliary systems. The choice between AC and DC motors depends on factors such as power requirements, cost considerations, and performance characteristics, reflecting the diversity of electric vehicle motor technologies available to manufacturers.

  • By Power Rating

The classification of electric vehicle motors based on power rating is essential for matching motor capabilities with vehicle performance requirements. Motors with power ratings up to 60 kW are commonly used in smaller electric vehicles, offering adequate performance for urban commuting and light-duty applications. Motors rated between 60 and 90 kW cater to mid-sized vehicles and provide sufficient power for urban and highway driving. Motors rated above 90 kW are typically employed in larger electric vehicles, including SUVs, trucks, and commercial vehicles, delivering enhanced acceleration, towing capacity, and overall performance. The range of power ratings available enables manufacturers to optimize motor selection based on vehicle size, intended use, and performance targets, facilitating the development of diverse electric vehicle offerings.

  • By Powertrain Type:

Powertrain configuration significantly influences the driving dynamics and performance characteristics of electric vehicles. Single-motor setups feature a single electric motor driving the vehicle, offering simplicity and cost-effectiveness while still providing adequate performance for many applications. Dual, triple, or four-motor configurations offer enhanced traction, torque distribution, and all-wheel-drive capabilities, improving vehicle stability and handling in various driving conditions. The choice of powertrain type depends on factors such as vehicle size, weight distribution, and intended use, enabling manufacturers to tailor electric vehicle offerings to meet diverse consumer preferences and market demands. The versatility of powertrain configurations allows for innovation and customization in electric vehicle design, driving continuous improvement and differentiation in the electric vehicle market.


Global Electric Vehicle Motor Overview by Region

The electric vehicle motor market exhibits varying dynamics across different regions globally, driven by factors such as government policies, infrastructure development, consumer preferences, and automotive industry trends. In regions like Europe, stringent emissions regulations and ambitious targets for carbon reduction have accelerated the adoption of electric vehicles, propelling the demand for electric vehicle motors. Initiatives such as the European Green Deal and incentives for electric vehicle purchases have further incentivized consumers and manufacturers to embrace electric mobility, fostering a robust market for electric vehicle motors. Similarly, in North America, federal and state-level regulations promoting electric vehicle adoption, coupled with investments in charging infrastructure and research and development, have spurred growth in the electric vehicle motor market.

The presence of established automotive manufacturers and innovative start-ups has contributed to the development of advanced electric vehicle technologies and motor solutions, driving market expansion and innovation. In Asia-Pacific, rapid urbanization, air pollution concerns, and government initiatives to reduce dependency on fossil fuels have fuelled the demand for electric vehicles and electric vehicle motors. Countries like China, Japan, and South Korea are leading the charge in electric vehicle production and technology development, supported by supportive regulatory frameworks and investments in research and development. The emergence of electric vehicle manufacturers and suppliers in countries like India is also driving market growth in the region.



Global Electric Vehicle Motor market competitive landscape

Established automotive manufacturers such as Tesla, Volkswagen, and General Motors are investing heavily in electric vehicle technology, including motor development, to expand their electric vehicle offerings and stay ahead of competitors. Electric vehicle start-ups like Rivian, Lucid Motors, and NIO are disrupting the market with innovative designs and advanced electric propulsion systems, challenging traditional automakers and driving industry innovation. Additionally, motor suppliers such as Siemens, Bosch, and Continental play a critical role in supplying electric vehicle motors to OEMs and aftermarket channels, leveraging their expertise in motor design, manufacturing, and technology integration to meet the growing demand for electric vehicle propulsion solutions. Collaboration and strategic partnerships among industry players are becoming increasingly common, driving innovation, accelerating technology development, and shaping the competitive landscape of the electric vehicle motor market. As the electric vehicle market continues to expand and mature, competition is expected to intensify, prompting companies to differentiate their offerings through superior performance, efficiency, reliability, and cost-effectiveness, while also addressing evolving consumer preferences and regulatory requirements.


Global Electric Vehicle Motor Recent Developments

  • Oct 2023, Mitsubishi Motors announced its intention to invest as much as 200 million euros ($213.66 million) in the new electric vehicle division of its French counterpart, Renault. The investment aims to enhance Mitsubishi's electric vehicle development capabilities and broaden its range of battery-powered vehicles through Ampere, the Renault EV unit.
  • Nov 2023, Advanced Electric Machines (AEM), a leader in sustainable motor production primarily for the automotive sector, has obtained £23 million (US $29 million) in funding. This investment will facilitate the expansion of production capacity at its UK Northeast facility, pursue ambitious growth strategies to establish a worldwide sales presence, and enhance its research and development capabilities.


Scope of global Electric Vehicle Motor report

Global Electric Vehicle Motor report segmentation



By Vehicle Type

  • Pure Electric Vehicle
  • Hybrid Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Fuel Cell Electric Vehicle (FCEV)

By Motor Type

  • AC Motor

Synchronous AC Motor

Induction AC Motor

  • DC Motor

Brushed DC Motor

Brushless DC Motor

By Power Rating

  • Up to 60 KW
  • 60 to 90 KW
  • Above 90 KW

By Powertrain Type

  • Single Motor
  • Dual Motor
  • Triple Motor
  • Four Motor

By Application

  • Electric Two-Wheeler
  • Electric Three-Wheeler
  • Electric Commercial Vehicles
  • Electric Passenger Cars

By Distribution Channel

  • OEMs
  • Aftermarket

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request


  • Available upon request


Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Electric Vehicle Motor size and forecast: To identify and estimate the market size for global Electric Vehicle Motor market segmented by Vehicle Type, By Motor Type, Power Rating, By Powertrain Type, Distribution Channel, and by region. Also, to understand the consumption/ demand created by consumers between 2024 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global Electric Vehicle Motor
  • Market Influencing Factors: To find out the factors which are affecting the market of global Electric Vehicle Motor among consumers.
  • Company Profiling: To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Electric Vehicle Motor forecast period is 2024 - 2032.
According to global Electric Vehicle Motor research, the market is expected to grow at a CAGR of ~ 16.92% over the next eight years.
The possible segments in global Electric Vehicle Motor are based on Vehicle Type, By Motor Type, Power Rating, By Powertrain Type, Distribution Channel, & by region.
The expected market size for Global Electric Vehicle Motor is USD 11.35 billion in 2023.
The major players in the market are Mitsubishi Electric, Delta Electronics Inc., Magna International, Nidec Motor Corporation, ABB Ltd, Siemens AG, Toshiba Corporation, Bosch Mobility, Hitachi Astemo, Aisin Seiki Co Ltd, BYD, Tesla Inc., Vitesco Technologies, Parker Hannifin Corp. and Mahle GmBH.