June 14, 2024
Electric Motors for Electric Vehicle Market

Electric Motors for Electric Vehicles Market is driven by Rising Sales of Electric Vehicles

Electric motors play a vital role in electric vehicles as they convert electrical energy into mechanical energy, which is then used to power the vehicle. In electric vehicles, electric motors are used in place of conventional gasoline engines. Electric motors offer various advantages such as high torque, low maintenance, quiet operation, and higher efficiency compared to gasoline engines. With growing concerns over environmental pollution and emphasis on reducing carbon emissions, the adoption of electric vehicles has increased steadily over the past few years. Stringent emission norms by regulatory bodies and subsidies and tax rebates offered by various governments on purchase of electric vehicles have also boosted their sales.

The global Electric Motors For Electric Vehicle Market is estimated to be valued at US$ 9463.7 Bn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the electric motors for electric vehicles market size is the growing integration of sensorless control technology in electric motors. Sensorless control technology offers advantages such as reduced system costs, increased reliability, and simplified motor control systems. Motor manufacturers are focusing on innovative sensorless control solutions to improve torque accuracy and maximize efficiency. For instance, Nidec, a leading manufacturer of electric motors, has developed sensorless control technology that offers quick torque response, high speed control, and maximum efficiency even at low speeds without the need for position or rotation sensors.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the electric motors for electric vehicle market. High initial capital investment and strong brand loyalty towards established brands deter new players from entering the market.

Bargaining power of buyers: The bargaining power of buyers is high. Large automobile manufacturers negotiate with electric motor suppliers for better prices and customized solutions. Buyers can easily switch between suppliers based on price and product offerings.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Being an emerging and niche market, suppliers of electric motors have some control over pricing but are dependent on automobile manufacturers for demand. Suppliers also face threat of forward integration by manufacturers.

Threat of new substitutes: Threat of substitutes is low as electric motors are core to functioning of electric vehicles. However, alternative technologies for traction motors can emerge as substitutes in long run.

Competitive rivalry: The competitive rivalry is high owing to presence of global automotive giants competing on performance, driving range, charging infrastructure and pricing of electric vehicles.

Key Takeaways
The global electric motors for electric vehicle market is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: North America and Europe are also emerging lucrative markets for electric motors due to stringent emission regulations and supportive infrastructure development for electric vehicles. Countries like US, Germany, UK, France are encouraging domestic manufacturing of electric powertrains.

Key players: Key players operating in the electric motors for electric vehicle market include Audi AG, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Google LLC, Honda Motor Corporation, Nissan Motor Company, Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., and Volvo Car Corporation. These players are focusing on expanding their production capabilities and developing technologically advanced and efficient electric drivetrains.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it