Global Light Vehicle Electric Motors Market was valued at USD 1.6 Billion in 2022 and is projected to reach USD 4.8 Billion by 2030, growing at a CAGR of 14.9% from 2024 to 2030.
The light vehicle electric motors market is evolving rapidly, driven by the increasing demand for environmentally friendly and energy-efficient transportation. As automakers transition to electric vehicles (EVs), the role of electric motors in light vehicles has become crucial. These motors are integral to the vehicle’s efficiency, providing the necessary power for propulsion without the environmental impact associated with internal combustion engines. According to recent statistics, global EV sales surged by over 40% in 2023, with electric motors being one of the main contributors to their growing adoption. This shift is largely fueled by government incentives, environmental regulations, and consumer awareness of the harmful effects of traditional gasoline engines on the environment.
As manufacturers strive for greater efficiency and reduced costs, there’s a noticeable trend towards developing lighter, more powerful electric motors. The move towards permanent magnet synchronous motors (PMSMs) is one of the most prominent developments. These motors are prized for their high torque density, energy efficiency, and compact design. They are expected to dominate the market, especially in regions like North America and Europe, where the demand for high-performance EVs is growing steadily. Meanwhile, the rise of alternative motor types, such as induction motors, is also noticeable as manufacturers explore more affordable and sustainable options.
One of the significant factors influencing the growth of the market is the rising need for sustainability and carbon reduction. In light of global environmental goals, governments worldwide are pushing for stricter emissions standards. EVs, powered by electric motors, are seen as a pivotal solution to reducing vehicle-related emissions. This is further complemented by technological advancements in motor efficiency, with a focus on increasing the range and reducing charging times for electric vehicles.
Manufacturers are also investing in research and development to improve the performance and affordability of these motors. The integration of smart motor technology, which allows real-time monitoring of motor performance, is enhancing the overall driving experience and boosting vehicle efficiency.
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Brose Fahrzeugteile GmbH & Co.KG
Denso Corporation
Globe Motors
Inteva Products
LLC
Johnson Electric Holdings Limited
Mitsuba Corporation
Mitsubishi Electric Corporation
Nidec
Robert Bosch GmbH
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. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. 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 Light Vehicle Electric Motors Market
Passenger Car
Commercial Car
Others
Based on Types the Market is categorized into Below types that held the largest Light Vehicle Electric Motors market share In 2023.
AC Motor
DC Motor
Controling Motor
AC and DC Dual-purpose Motor
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, 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 Light Vehicle Electric Motors 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 Light Vehicle Electric Motors Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Light Vehicle Electric Motors Market, By Type
6. Global Light Vehicle Electric Motors Market, By Application
7. Global Light Vehicle Electric Motors Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Light Vehicle Electric Motors Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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