Global New Energy Vehicle Drive Motor Market Size To Exceed USD 7.38 Billion By 2033: Market Growth Report

Global New Energy Vehicle Drive Motor Market Size To Exceed USD 7.38 Billion By 2033

According to a research report published by Spherical Insights & Consulting, The Global New Energy Vehicle Drive Motor Market Size is Expected to Grow from USD 3.19 Billion in 2023 to USD 7.38 Billion by 2033, at a CAGR of 8.75% during the forecast period 2023-2033.          

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global New Energy Vehicle Drive Motor Market Size, Share, and COVID-19 Impact Analysis, By Type (Permanent Magnet Motor and AC Induction Motor), By Application (Electric Vehicles and Hybrid Electric Vehicles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

The global new energy vehicle (NEV) drive motor market refers to the worldwide market for electric drive motors specifically designed for use in new energy vehicles, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). These motors convert electrical energy into mechanical energy to propel the vehicle, playing a crucial role in determining overall efficiency, performance, and range. The market encompasses a variety of motor types such as permanent magnet synchronous motors (PMSM), asynchronous motors, and others, and is driven by growing environmental regulations, advancements in electric mobility, and rising consumer demand for clean transportation solutions. Furthermore, driving factors for the global new energy vehicle (NEV) drive motor market include increasing adoption of electric vehicles, stringent emissions regulations, and rising fuel prices. Government incentives, advancements in motor efficiency and lightweight materials, and growing investments in EV infrastructure also support market growth. Consumer demand for sustainable, high-performance transportation solutions further accelerates the adoption of drive motors. However, restraining factors in the global new energy vehicle drive motor market include high production costs, limited raw material availability, complex motor integration, thermal management challenges, and dependence on charging infrastructure development.

The AC induction motor segment accounted for the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.             

On the basis of the type, the global new energy vehicle drive motor market is divided into permanent magnet motor and AC induction motor. Among these, the AC induction motor segment accounted for the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is attributed to its proven reliability, cost-effectiveness, and widespread use in electric vehicles. Its simple design, lower maintenance requirements, and robust performance across various driving conditions contribute to strong demand, supporting a significant CAGR during the forecast period as EV adoption continues to rise globally.

The hybrid electric vehicles segment accounted for the largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.             

On the basis of the application, the global new energy vehicle drive motor market is divided into electric vehicles and hybrid electric vehicles. Among these, the hybrid electric vehicles segment accounted for the largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth is attributed to rising consumer demand for fuel-efficient, low-emission alternatives without full reliance on charging infrastructure. Government incentives, stricter emission norms, and increasing awareness of environmental sustainability are driving adoption, positioning the segment for remarkable CAGR growth during the forecast period as a transition toward electrification accelerates.

North America is projected to hold the largest share of the global new energy vehicle drive motor market over the forecast period.

North America is projected to hold the largest share of the global new energy vehicle drive motor market over the forecast period. The regional growth is attributed to strong government support for clean energy, rising investments in EV infrastructure, and the presence of major automotive and tech companies. Growing consumer awareness, favorable regulations, and advancements in motor technology further strengthen the region’s market leadership.

Asia Pacific is expected to grow at the fastest CAGR of the global new energy vehicle drive motor market during the forecast period. The regional growth is attributed to rapid urbanization, expanding EV production, and strong government initiatives that promote clean mobility. High demand in emerging economies like China and India, coupled with technological advancements and increasing investments in EV infrastructure, is driving robust regional market growth.

Company Profiling 

Major vendors in the global new energy vehicle drive motor market are POSCO, Yutaka Giken, Tempel Steel, Toyota Boshoku, Kienle Spiess, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In September 2023, the introduction of Hairpin Winding Technology by firms such as Bosch is one industrial development in the market for new energy vehicle power motor cores.  Instead of using traditional spherical wires inside the motor cores, this generation uses square wires.  The motor's performance, strength density, and cooling capacity are all enhanced by the hairpin layout, which makes it possible to fit more copper into the stator slots.  To meet the company's demands for increased efficiency and reduced energy losses, Bosch has taken advantage of this generation to produce more compact and efficient force cars for electric vehicles, improving the overall performance of standard cars in the process.

Market Segment

This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global new energy vehicle drive motor market based on the below-mentioned segments: 

Global New Energy Vehicle Drive Motor Market, By Type

• Permanent Magnet Motor
• AC Induction Motor

Global New Energy Vehicle Drive Motor Market, By Application

• Electric Vehicles
• Hybrid Electric Vehicles

Global New Energy Vehicle Drive Motor Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa