The Global automotive electric motors for EV market reached US$ 66,629.9 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 791,443.2 million by 2030. The market is expected to exhibit a CAGR of 31.5% during the forecast period (2023-2030). Some of the major factors driving the growth of the market are the rising sales of electric vehicles due to the enactment of stringent emission and fuel economy norms, government incentives and improving charging infrastructure.
Market Trends:
A noteworthy trend shaping the landscape is the ascendancy of Pure Electric Vehicles (PEV), capturing the lion’s share. This segment, dominated by battery electric vehicles, aligns seamlessly with sustainability goals, standing out as a clean, tailpipe emission-free alternative. Although PEVs historically faced range anxiety concerns, advancements are overcoming these limitations. In 2021, 17,294 new pure-electric vehicle registrations marked a nearly 20% surge, signaling a noteworthy shift in consumer preferences. Despite trailing behind hybrid and gasoline vehicles in market share, pure-electric vehicles accounted for over 13% of new car purchases in 2021.
Market Segmentation:
Delving into the intricate segmentation, the market bifurcates based on vehicle type, motor, application, and region. Within this nuanced framework, the Pure Electric Vehicles (PEV) segment emerges as a frontrunner, commanding a significant market presence. These vehicles, solely powered by electric batteries, epitomize sustainability, steering away from traditional combustion engines, and thereby reducing environmental impact. The surge in popularity of PEVs underscores a paradigm shift in consumer preferences towards eco-friendly and emission-conscious transportation alternatives.
Geographical Analysis:
The geographical footprint of the automotive electric motors market is undeniably substantial, with Asia-Pacific wielding considerable influence. Boasting a commanding market share exceeding 55%, the region stands as a pivotal player in steering the industry’s trajectory. Government incentives and subsidies, particularly evident in China, fuel the adoption of electric vehicles. India, aligning with global environmental goals, aspires for 30% electric vehicle representation on its roads by 2030. The Asia-Pacific region, grappling with climate threats and pollution challenges, sees electric vehicles as a vital instrument to mitigate these concerns, thereby propelling the demand for automotive electric motors.
Competitive Landscape:
Navigating the competitive landscape reveals a constellation of major global players, each contributing significantly to the market’s dynamics. Siemens Ag Company, Yasakawa Electric, Robert Bosch GmbH, Toshiba Corporation, Magna International, Denso Corporation, Mitsubishi Electric Corporation, Emerson Electric Co, Abb Motors And Mechanical Inc, and Hitachi, Ltd., collectively shape the market’s evolution. Meanwhile, China, despite ambitious net-zero goals, grapples with higher energy consumption than Europe as a whole, emphasizing the indispensable role of the automotive sector in effecting substantial emissions reduction between 2018 and 2050.
Segmentation Analysis:
The automotive electric motors market grapples with a notable challenge posed by the high price of electric motors, a pivotal factor hindering its growth trajectory. Fluctuations in raw material prices, particularly permanent magnets, steel bars, copper wires, and specialty alloys sourced from regions like China, Africa, and South America, exert immediate influence on motor costs. Moreover, the inherent higher cost of purchasing electric cars, primarily attributed to batteries, underscores a market dynamic influencing consumer choices and market growth.
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