EV eMotor Market is Forecasted to Reach US$ 23.9 Billion in 2031, Says Stratview Research

The global EV eMotor market is projected to witness a growth rate of 10.7% annually from 2024 to 2031, with an anticipated size of US$ 23.9 billion by 2031, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global EV eMotor market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights

Segment Insights on the EV eMotor Market:

The report dives deep into the segmentation of the EV eMotor market based on critical parameters:

Based on Vehicle Type – The market is segmented into LV &M&HCV. LV is expected to remain the dominant vehicle of the EV eMotors market during the forecasted period. LVs, including passenger cars, compact SUVs, and small commercial vehicles, account for the largest share of global vehicle production due to their high sales and manufacturing volumes. The widespread use of passenger cars and light commercial vehicles (LCVs) for both personal and commercial transportation ensures a consistent demand for e-motors. The shift toward electrification is primarily led by passenger vehicles, where e-motors play a vital role in enhancing efficiency, performance, and sustainability while meeting regulatory targets and evolving consumer preferences. Technological advancements in battery systems, charging infrastructure, and cost reductions are making electric LVs more affordable and accessible. These developments are accelerating the adoption of electric vehicles, reinforcing their growing dominance in the market.

Based on Technology Type: The market is segmented into PMSM, IM, and other technologies. PMSM is projected to continue as the leading technology category of the EV eMotors market throughout the forecasted period.” PMSMs (permanent magnet synchronous motors) offer high efficiency and increased power output, making them ideal for maximizing a vehicle’s performance and range. These motors provide precise torque control and consistent performance, enhancing the driving experience and stability in various conditions. PMSMs are the preferred choice for automakers due to their reliable technology, long-lasting durability, and capability to support the evolving demands of modern EVs.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

Asia-Pacific is expected to remain the largest and fastest-growing region for the EV eMotors market during the forecast period. Higher EV adoption in countries like China, Japan, and South Korea is driven by government subsidies and policies; the region is home to major EV and eMotor manufacturers, ensuring cost-effective production; rising consumer demand for electric vehicles, fueled by environmental concerns and fuel savings; technological advancements in motor efficiency, battery technology, and power electronics; and rapid expansion of EV charging infrastructure and government investments in green mobility are key factors solidifying the region’s dominance in the EV eMotor market.

Europe is estimated to remain the second-largest region for the EV eMotors market due to its strong commitment to sustainability, government incentives, and strict emissions regulations that promote EV adoption. The presence of major automakers and suppliers in the region further strengthens its market position by driving innovation and enhancing manufacturing capabilities.

EV eMotor Market Drivers:

Some of the key drivers listed in the report are given below.

• Increasing global sales of electric vehicles directly impact the demand for electric motors, as each EV requires at least one motor, with some models featuring multiple motors.
• Improvements in motor efficiency, power density, and thermal management enhance EV performance and contribute to market growth.
• Lower battery prices make EVs more affordable, encouraging adoption and boosting demand for electric motors.
• Government policies & incentives, and mandates for EV adoption drive the demand for electric motors.
• Expanding EV infrastructure increases consumer confidence in EVs, which drives EV sales and, in turn, increases the demand for electric motors.

Top Companies in the EV eMotor Market:

The global market for EV eMotor is highly concentrated, with the top four companies capturing a lion’s share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players:

-          Tesla, Inc.

-          BYD Auto Co., Ltd.

-          Volkswagen AG

-          Valeo SA

-          Nidec Corporation

-          Dana Incorporated

-          ZF Friedrichshafen AG

Note: The above list does not necessarily include all the top players in the market.

What Deliverables Will You Get in this Report?

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About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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