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Automotive Electric Propulsion Motor Market Size, Share, and COVID-19 Impact Analysis, By Motor Type (AC Motor, DC Motor), By Power Output (Up to 10 HP, Above 10 HP), By Voltage (Up to 1 kV, 1-6.6 kV, 6.6 kV & More), By Application Type (Passenger Car, Commercial Vehicle), By Vehicle Type (BEV, PHEV, HEV), and Regional Forecast, 2024-2032

Region :Global | Report ID: FBI106977 | Status : Ongoing

 

KEY MARKET INSIGHTS

An electric vehicle's propulsion system comprises an energy storage system, a power converter, and a propulsion motor with associated controllers. The battery is a standard energy storage technology, and its charge is an essential aspect of the electric vehicle system. To power the wheels, an electric motor turns the energy supplied by the battery into mechanical energy.


Enactment of stringent emission and fuel economy regulations, government incentives, and improved charging infrastructure primarily drive electric vehicle adoption, resulting in increased demand for electric motors. Introducing electric vehicles will likely surge the demand for electric motors during the forecast period. Major automakers, such as Toyota, Honda, Tesla, General Motors, and Ford, among others, have made significant investments in electric vehicle research and development, which is anticipated to boost the market's growth. Furthermore, developing alliances between motor manufacturers and automotive firms will likely expand the global automotive electric propulsion motor market for electric vehicles.

Procuring rare earth metals used in permanent magnets for synchronous motors is a concern for the electric motor business, as these metals are susceptible to export restrictions and supply issues. As the market for Electric Vehicles (EVs) continues to grow, the need for electric motors is expected to rise in the next few years as most OEMs start or form partnerships with electric car manufacturers.


  • For instance, in February 2021, vehicle companies, including Nikola Motor and QuantumScape have already gone public through SPAC deals while others, such as Lightning eMotors and ChargePoint, are expected to merge with GM and Ford in the future.


Impact of COVID-19 on Global Automotive Electric Propulsion Motor Market


The global electric propulsion motor market share was less unaffected by the COVID-19 pandemic. However, due to lack of finance and capital diversion, they will encounter financial difficulties. Organizations that rely on bigger enterprises for contracting will likely witness short-term consequences since they will have to wait for payment. Many countries' currency values have declined due to the COVID-19 pandemic. Supply and demand are misaligned, resulting in financial losses for component/parts makers. The majority of key components required in the production of electric motors are purchased in U.S. dollars, which sometimes increases the cost of the component.

Key Insights


The report will cover the following key insights:


  • Key Industry Developments – Mergers, Acquisitions, and Partnerships

  • Porter’s Five Forces Analysis

  • PEST Analysis

  • Technological Developments

  • Impact of COVID-19 on Automotive Electric Propulsion Motor Market


Analysis by Vehicle Type 


The market is bifurcated into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), based on vehicle type. The HEV segment will have the biggest market share during the projected period. The HEV segment is designed to improve fuel efficiency and vehicle performance, thereby surging the demand for the Hybrid Electric Vehicle (HEV) category.

However, from 2022 to 2029, the CAGR for motors with greater than 1HP power is predicted to be the highest. This power output segment's rapid rise can be attributed to the rising demand for these motors in vehicles, driven by high-end applications in the aerospace and transportation industries.

Regional Analysis


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Regionally, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.

The Asia Pacific region has the largest automotive electric propulsion motor market share. Due to increased purchases of electric vehicles, China is the world's top producer and customer of electric vehicles. National sales targets, favorable laws, and municipal air-quality targets help sustain domestic demand.


  • For example, China has put a quota on electric and hybrid vehicle manufacturers, requiring that they account for at least 10% of total new vehicle sales. In addition, to encourage residents to switch to electric vehicles, Beijing only gives 10,000 permits for registering combustion engine vehicles per month.


The region's automobile industry is also rising. The Asia Pacific region is the largest automobile manufacturer in the world. In 2019, more than 50 million commercial vehicles were produced in the region. Due to these factors, the Asia Pacific market is expected to grow. Due to many regional and international companies, the global market is highly fragmented. However, some of the world's most famous automakers, such as Toyota, Tesla, Nissan, Honda, BYD, BAIC, and BMW, dominate the market. Toyota has a major presence in the Japanese market and an in-house motor manufacturing facility.


  • In 2019, the Toyota Prius will be the world's first mass-produced hybrid vehicle developed by Toyota. Since its introduction, 13 million hybrid vehicles have been sold.


Key Players Covered



  • ABB- Baldor Electric (U.S.)

  • Emerson Electric (U.S.)  

  • Siemens (Germany)

  • Yasakawa Electric (Japan)

  • Toyota Motor Corporation (Japan)

  • Hitachi Astemo Ltd. (Japan)

  • DENSO Corporation (Japan)

  • Honda Motor Company Ltd (Japan)

  • Mitsubishi Electric Corp. (Japan)

  • Magna International (Canada)

  • Robert Bosch GmbH (Germany)

  • BMW AG (Germany)

  • Tesla Inc.(U.S.)

  • Toshiba Corporation (Japan)

  • BYD Co. Ltd (China)


Segmentation






















By Motor Type


By Power Output


By Voltage


By Application Type


By Vehicle Type


By Geography



  • AC Motor

  • DC Motor




  • Up to 10 HP

  • Above 10 HP




  • Up to 1 kV

  • 1- 6.6 kV

  • 6.6 kV & More




  • Passenger Car

  • Commercial Vehicle




  • BEV

  • HEV

  • PHEV




  • North America (U.S., Canada, Mexico)

  • Europe (Germany, France, U.K., and Rest of Europe)



  • Asia Pacific (China, Japan, India, and Rest of APAC)

  • Rest of the World



Key Industry Developments



  • In May 2022, Hitachi, Ltd. and Hitachi Astemo, Ltd. developed the basic technology for a thin-type inverter that can save up to 30% of energy while also reducing the size of a power converter for electric vehicles by 50%. This approach simplifies power wiring by integrating power semiconductors that control the power supply with printed circuit boards.

  • In April 2021, Volkswagen showcased the 7-seater EV ID.6 Crozz and ID.6 X, developed with FAW and SAIC. These vehicles will be available for purchase only in China. It's available in two battery sizes, 58 kWh and 77 kWh, and four powertrain options.





  • Ongoing
  • 2023
  • 2019-2022

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