Electric Vehicle Motor Market Size, Share, Growth Analysis, By Vehicle Type (Passenger Vehicle, Two-Wheeler), By Component (Permanent Magnet, Motor Stator), By Power Rating (100kW to 250kW, 20kW to 100kW), By Region -Industry Forecast 2025-2032

Asia-Pacific held the majority market share in the electric vehicle motor market in 2023 and dominated it with China at USD 8.98 billion. The region has witnessed a higher rise in sales and registration of numbers of electric vehicles including two-wheelers, three-wheelers, passenger cars to even commercial vehicles. China alone accounted for approximately 9.49 million EVs sold in 2023, which have doubled as compared to the previous year and is expected to boost growth in the market. In addition, demand for EV motors has been growing in the region by rising electric mobility trends in countries such as China, India, and Japan. The preference among consumers to opt for EVs is growing in light of factors such as savings, environmental awareness, and government initiatives.

The electric vehicle (EV) motors market is expected to have a great deal of growth in Europe, considering the increasing focus on zero-emission technologies and the needs for cars that provide low maintenance and transportation expense. According to the European Automobile Manufacturers Association, new electric car sales in Europe increased by 37% year over year as of 2023 and accounted for 14.6% of total automobile sales. It is mainly caused by the increased preference of customers to environmentally friendly modes of transportation and regulatory constraints, but further to this, many electric cars have been put into various uses where extended range while driving is not as concerned, such as local deliveries in set zones. With this trend, the demand for EV motors in the region is expected to grow considerably and accelerate the growth in the market in the near future.