Electric Motors for IC Engine Vehicles Market size was valued at USD 4.2 Billion in 2024 and is projected to reach USD 9.5 Billion by 2033, exhibiting a CAGR of 9.8% from 2026 to 2033.
In 2022, the global electric motors for internal combustion (IC) engine vehicles market experienced significant growth, with the Asia Pacific (APAC) region leading by accounting for approximately 58% of the market share. This dominance is attributed to APACs emergence as a global production hub for major original equipment manufacturers (OEMs) and its substantial consumer base for cars and two wheelers. Europe and North America followed, driven by stringent emission regulations and increasing adoption of electric mobility solutions. The markets expansion is further fueled by the rising demand for comfort and convenience features in vehicles, such as power windows, electric seats, and advanced driver assistance systems, which rely heavily on electric motors. The market is projected to grow steadily, with a compound annual growth rate (CAGR) of over 4% during the forecast period. Opportunities for growth are particularly notable in regions investing in infrastructure development and renewable energy projects. For instance, the APAC regions rapid industrialization and urbanization present significant potential for market expansion. Additionally, the increasing consumer awareness about climate change and air pollution is driving the demand for vehicles equipped with electric motors, offering a viable solution by reducing emissions and improving air quality.
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Hitachi
Aisin Seiki
Johnson Electric
Mitsuba
Nidec
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Electric Motors for IC Engine Vehicles Market
Brushless DC Motors
Permanent Magnet Synchronous Motors
Induction Motors
Switched Reluctance Motors
Low Voltage (up to 48V)
Medium Voltage (49V to 600V)
High Voltage (above 600V)
Below 50 kW
51 kW - 100 kW
101 kW - 200 kW
Above 200 kW
Passenger Vehicles
Commercial Vehicles
Two-Wheelers
Heavy-Duty Vehicles
Air-Cooled Electric Motors
Liquid-Cooled Electric Motors
Oil-Cooled Electric Motors
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Electric Motors for IC Engine Vehicles Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Electric Motors for IC Engine Vehicles Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Electric Motors for IC Engine Vehicles Market, By Type
6. Global Electric Motors for IC Engine Vehicles Market, By Application
7. Global Electric Motors for IC Engine Vehicles Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Electric Motors for IC Engine Vehicles Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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