Global Electric Motors for Electric Vehicles Market Analysis –Trends, Insights and Forecasts (2023-2030)

  • Publish Date
    July 8, 2023
  • No of Pages
  • SKU Code
    GIR 8036
  • Format

Report Overview

  • Understand the latest market trends and future growth opportunities for the Electric Motors for Electric Vehicles industry globally with research from the Global Industry Reports team of in-country analysts – experts by industry and geographic specialization.
  • Key trends are clearly and succinctly summarized alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight, and confident growth projections.
  • The report will cover the overall analysis and insights in relation to the size and growth rate of the “Electric Motors for Electric Vehicles Market” by various segments at a global and regional level for the 2010-2030 period, with 2010-2021 as historical data, 2022 as a base year, 2023 as an estimated year and 2023-2030 as forecast period.


  • Electric motors play a crucial role in driving electric vehicles (EVs), alongside batteries and power electronics. While the development of electric traction motors dates back to the 1800s, the market continues to evolve, incorporating new designs, enhanced power and torque density, and advancements in material selection. These advancements go beyond mere incremental improvements, as innovative developments like axial flux motors and the elimination of rare-earth elements by various original equipment manufacturers (OEMs) are reshaping the landscape.
  • The GIR Research report titled “Electric Vehicle Motors 2024-2034” delves into OEM strategies, emerging trends, and evolving technologies within the EV motor market. Leveraging an extensive model database comprising over 500 EV variants sold between 2015 and 2022 across multiple geographical regions, the report enables a detailed market analysis covering motor types, performance, thermal management, and market shares. The report examines the technologies and strategies adopted by major OEMs across various vehicle categories, including cars, two-wheelers, three-wheelers, microcars, light commercial vehicles (vans), trucks, and buses. It also encompasses multiple use-cases and benchmarking of different motor units. Furthermore, the report provides market forecasts up to 2034, encompassing emerging technologies such as axial flux motors and in-wheel motors.
  • The global market for Electric Vehicles (EVs) estimated at 9.5 Million Units in the year 2022, is projected to reach a revised size of 80.7 Million Units by 2030, growing at a CAGR of 30.7% over the period 2022-2030. Battery Electric Vehicles (BEVs), one of the segments analyzed in the report, is projected to record 34.8% CAGR and reach 74.4 Million Units by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Plugin Hybrid Electric Vehicles (phevs) segment is readjusted to a revised 11.6% CAGR for the next 8-year period.

Electric Motors for Electric Vehicles Market


  • Unit SalesAverage Selling PricesMarket Size & Growth Trends
  • COVID-19 Impact and Global Recession Analysis
  • Analysis of US inflation reduction act 2022
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies – Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Market Drivers & Limiters
  • Market Forecasts Until 2030, and Historical Data to 2015
  • Recent Mergers & Acquisitions
  • Company Profiles and Product Portfolios
  • Leading Competitors

Electric Motors for Electric Vehicles Report Includes:

  • Analysis of the electric motor markets in BEVs, PHEVs and HEVs across cars, two-wheelers, three-wheelers, microcars, light commercial vehicles (vans), trucks, and buses including:
    • Benchmarking different motor types/topologies
    • OEM strategies
    • EV industry trends and the impact on electric motors
    • Trends in motor design
    • Emerging motor technologies and benchmarking: axial flux, in-wheel and switched reluctance
    • Materials utilization: magnets (including rare earths) and windings (round or hairpin)
    • Thermal management of electric motors
    • EV use-cases and benchmarking
    • Company profiles including interviews.

    10 Year Market Forecasts & Analysis:

    • Automotive electric motor forecast 2015-2034 (regional): China, Europe, US and rest of world (units, kW)
    • Automotive electric motor forecast 2015-2034 (drivetrain): BEV, PHEV and HEV (units, kW)
    • Automotive electric motor forecast 2015-2034 (motor type): alternating current induction motor (ACIM), permanent magnet (PM), wound rotor synchronous motor (WRSM), permanent magnet rare earth free, other rare earth free, axial flux (units)
    • Automotive electric motor value forecast (drivetrain): BEV, PHEV and HEV (US$)
    • Micro-EV motor forecast: two-wheelers (<4 kW and >4 kW), three-wheelers (<4 kW and >4 kW), microcars (units, kW, and US$)
    • Electric light commercial vehicle (van) motor forecast: BEV & PHEV (units, kW, and US$)
    • Electric truck motor forecast: medium- and heavy-duty BEV, PHEV and HEV (units, kW, and US$)
    • Electric bus motor forecast: BEV, PHEV & HEV (units, kW, and US$)
    • Automotive HEV motor forecast: China, Europe, US, Japan, South Korea and rest of world (units, kW)
    • Automotive axial flux motor forecast (units)
    • In-wheel motors forecast (units)
    • Materials for motor magnets forecast split into elements (tonnes)
    • Forecast for aluminum, copper, and steel (tonnes)

Electric Motors for Electric Vehicles Reports Scope and Segments:

Report Attribute Details
Market size in 2022 US$5.2 Billion
Market size forecast in 2030 US$22.86 Billion
Growth Rate CAGR of 28% from 2022 to 2030
Base year for estimation 2022
Historical data 2015 – 2022
Forecast period 2023 – 2030
Quantitative units Revenue in USD million and CAGR from 2023 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, trends, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

COVID-19 Impact, Market Growth Trends, Market Limiters, Competitive Analysis & SWOT for Top Competitors, Mergers & Acquisitions, Company Profiles, Product Portfolios

Market Size, Market Shares, Market Forecasts, Market Growth Rates, Units Sold, and Average Selling Prices.

Segments covered  Technology, Type, Product, Power, Application and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East and Africa and rest of the world
Country scope United States, Russia, China, Germany, United Kingdom, France, Japan, Israel, Saudi Arabia, South Korea, United Arab Emirates, Canada, Switzerland, Australia, India, Italy, Turkey, Qatar, Sweden, Spain, Belgium, Netherlands, Norway, Singapore, Egypt, Denmark, Austria, Vietnam, Brazil, Argentina, Mexico, South Africa, and others.
Key companies profiled ABB Ltd.; Audi AG; Bentley; Beyond Motors; BMW Group; BorgWarner Inc.; Bosch Mobility Solutions; Brose Fahrzeugteile GmbH & Co. KG; BYD Auto; Continental AG; Daimler AG (Mercedes-Benz); Dana Incorporated; Danfoss Editron; Denso Corporation; Detroit eAxles; Elaphe; Elemental Motors; EMRAX; Enedym; ePropelled; Evolito; FCA; Ferrari; Ford Motor Company; FPT Truck Motors; Geely Auto Group; Gem Motors; General Motors; H3X; Hitachi Automotive Systems, Ltd.; Honda Motor Co., Ltd.; Hyundai Mobis Co., Ltd.; Infinitum Electric; Jing-Jin Electric Technologies (Beijing) Co., Ltd.; Johnson Electric Group; Koenigsegg; Lamborghini; LG Electronics; Lordstown Motors (Elaphe); Lucid Air; Magelec Propulsion; MAGicALL; Magna International Inc.; Mahle GmbH; Meritor; MG Motors; MGM COMPRO; Mitsubishi Electric Corporation; Nidec Corporation; Nissan; Panasonic Corporation; Porsche; Protean Electric; REE Automotive; Renault Group; RETORQ Motors; Rivian; Rolls-Royce; SAFRAN; SAIC Motor Corporation Limited; Saietta; Schaeffler AG; Shriram Pistons Ltd.; Siemens AG; SPR Engineous; Stellantis; Tesla; Toshiba Corporation; Toyota Motor Corporation; Traktionssysteme Austria (TSA); Turntide; Valeo SA; Vitesco; Volkswagen Group; Volvo; WEG S.A.; Yamaha; YASA and Koenigsegg; ZF Friedrichshafen AG and others
Customization scope Free report customization (equivalent up to 20 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Report Format PDF, PPT, Excel & Online User Account

Electric Motors for Electric Vehicles Report Segmented by:

By Assembly:

  • Wheel Hub
  • Central Power Train


By Application:

  • Passenger Cars
  • Commercial Vehicles


By Motor Type:

  • Brushless DC Motor
  • Permanent Magnet Synchronous Motor
  • Asynchronous Motor
  • Synchronous Reluctance Motor
  • Others (Axial Flux Ironless Permanent Magnet Motor, Switched Reluctance Motors, etc.)

By Power:

  • Up to 100 kW
  • 101-250 kW
  • Above 250 kW

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
  • Rest Of The World

Top Companies Covered in Electric Motors for Electric Vehicles Report: 

ABB Ltd. Magelec Propulsion
Bentley Magna International Inc.
Beyond Motors Mahle GmbH
BMW Group Meritor
BorgWarner Inc. MG Motors
Bosch Mobility Solutions MGM COMPRO
Brose Fahrzeugteile GmbH & Co. KG Mitsubishi Electric Corporation
BYD Auto Nidec Corporation
Continental AG Nissan
Daimler AG (Mercedes-Benz) Panasonic Corporation
Dana Incorporated Porsche
Danfoss Editron Protean Electric
Denso Corporation REE Automotive
Detroit eAxles Renault Group
Elaphe RETORQ Motors
Elemental Motors Rivian
EMRAX Rolls-Royce
ePropelled SAIC Motor Corporation Limited
Evolito Saietta
FCA Schaeffler AG
Ferrari Shriram Pistons Ltd.
Ford Motor Company Siemens AG
FPT Truck Motors SPR Engineous
Geely Auto Group Stellantis
Gem Motors Tesla
General Motors Toshiba Corporation
H3X Toyota Motor Corporation
Hitachi Automotive Systems, Ltd. Traktionssysteme Austria (TSA)
Honda Motor Co., Ltd. Turntide
Hyundai Mobis Co., Ltd. Valeo SA
Infinitum Electric Vitesco
Jing-Jin Electric Technologies (Beijing) Co., Ltd. Volkswagen Group
Johnson Electric Group Volvo
Koenigsegg WEG S.A.
Lamborghini Yamaha
LG Electronics YASA and Koenigsegg
Lordstown Motors (Elaphe) ZF Friedrichshafen AG
Lucid Air Others

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  • Free report customization (equivalent up to 10 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope
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  • Option to purchase regional or selected Chapters from the report.

Key Questions Answered in this Report

  • How will the electric motors for electric vehicles market evolve?
  • Who are the key players in electric motors for electric vehicles market? What are their strategies?
  • What is the competitive landscape?
  • What are the needs, challenges, and solutions in electric motors for electric vehicles market?
  • What’s the value chain for electric motors for electric vehicles?
  • What’s the forecast for electric motors for electric vehicles market adoption in the next decade?
  • What are the drivers for adoption of electric motors for electric vehicles?
  • What’s the right price? The right timing?
  • Will this market happen at all? How big can it get?
  • Executive Summary
  • Research Methodology
    • Primary Research
    • Secondary Research
    • Market Analytics
    • Revenue Forecasting
  • Market Overview
    • Market Definition
    • Scope of the Study
      • Research Objectives
      • Assumptions & Limitations
      • Market Structure
    • Market Dynamics
      • Introduction
      • Microeconomic Factor Analysis
      • Market Evolution
      • Technology Roadmap
      • Demand-Supply Dynamics
      • Growth Drivers
      • Restraints
      • Opportunities
      • Challenges
      • Sustainable Strategies
    • Market Trend Analysis (Product Analysis, Technology Analysis, Application Analysis)
    • Industry Analysis
      • Profitability analysis
      • Supply Chain & Value Chain Analysis
      • Porter’s Five Forces Analysis
        • Bargaining power of Suppliers
        • Bargaining Power of Buyers
        • Threat of substitutes
        • Threat of new entrants
        • Degree of Competition
      • PEST Analysis
      • Upstream and downstream profitability analysis and opportunities

Global Market Scope

  1. Market analysis by product category
  2. Market analysis by component / type
  3. Market analysis by technology
  4. Market analysis by application
  5. Market analysis by industry vertical
  6. Market analysis by end-use
  7. Market analysis by emerging technologies, trends and applications
  8. Market analysis by region
    • North America
      • US
      • Canada
      • Mexico
      • Others
    • South America
      • Brazil
      • Argentina
      • Chile
      • Colombia
      • Peru
      • Venezuela
      • Ecuador
      • Others
    • Europe
      • Germany
      • France
      • UK
      • Russia
      • Italy
      • Spain
      • Sweden
      • Netherlands
      • Poland
      • Austria
      • Belgium
      • Finland
      • Norway
      • Switzerland
      • Denmark
      • Czech Republic
      • Portugal
      • Others
    • Asia-Pacific
      • China
      • Japan
      • South Korea
      • Taiwan
      • India
      • Australia
      • Indonesia
      • Philippines
      • Malaysia
      • Others
    • Middle East
      • Iran
      • Turkey
      • Kuwait
      • UAE
      • Israel
      • Oman
      • Bahrain
      • Saudi Arabia
      • Qatar
      • Egypt
      • Others
    • Africa
      • Algeria
      • Libya
      • South Africa
      • Sudan
      • Zimbabwe
      • Others
  1. Competitive Landscape
    • Introduction
    • Market share analysis by key market players (North America, South America, Europe, APAC, Africa)
    • Market Strategy
    • Mergers and Acquisitions
    • New Product Launches
    • Asset Transactions
    • Financial Announcements
  2. Company Profile (key market players)
    • Company profile 1
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
    • Company profile 2
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
    • Company profile 3
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
    • Company profile 4
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
    • Company profile 5
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
    • Company profile 6
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
    • Company profile 7
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
    • Company profile 8
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
    • Company profile 9
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
    • Company profile 10
      • Company Overview
      • Strategic Initiatives
      • Financial Analysis
      • Product Benchmarking
      • SWOT Analysis
  1. Other Companies



Research Methodology is the process used to collect information and data for the purpose of making business decisions. The success of a research project is entirely dependent on the research methodology adopted by the company. Research Methodology and Scope We have implemented a mix of primary and secondary research for our market estimate and forecast. Secondary research formed the initial phase of our study, where we conducted extensive data mining, referring to verified data sources such as independent studies, company annual reports, white papers, case studies, government and regulatory published articles, technical journals, magazines, and paid data sources. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information important for respective regions. The primary sources from the supply side included industry experts such as CEOs, VPs, marketing directors, technology and innovation directors, and related executives from key companies and organizations operating in the respective regions. The primary data has been collected through questionnaires, e-mails, and telephonic interviews, end-user surveys, consumer surveys, technology distributors and wholesaler’s surveys.

  • Quantitative methods (e.g. surveys) are best for measuring, ranking, categorizing, identifying patterns and making generalizations
  • Qualitative methods (e.g. interviews) are best for describing, interpreting, contextualizing, and gaining in-depth insight into specific concepts or phenomena
  • Mixed methods allow for a combination of numerical measurement and in-depth exploration.

Market drivers and restraints, along with their current and expected impacts, technological scenario and expected developments, end-use industry trends and dynamics  and consumer behavior trends  these forecasting parameters were considered.

Ethical approach, attention to detail, consistency, latest trend in the market and highly authentic source these are benefits of company’s research methodology.

Global Industry Reports

Market size estimation methodology top-down and bottom-up approaches

Both top-down and bottom-up approaches have been used to estimate and validate the total size of the virtual reality market. These methods have also been extensively used to estimate the sizes of various market subsegments. Estimating the size of the market in each region by adding the sizes of country-wise markets and tracking the ongoing and upcoming implementation of virtual reality projects by various companies in each region and forecasting the size of the virtual reality market based on these developments and other critical parameters, including COVID-19 related impacts

Data Triangulation

After arriving at the overall market size—using the market size estimation processes explained above—the market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. It provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, company profiles, key player strategies competitive developments and key developments) influencing the virtual reality market growth.

Statistical Model

Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development and pricing trends is fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression and time series analysis.