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

Electric Vehicle Motor Market size was valued at USD 10.53 Billion in 2023 and is poised to grow from USD 12.77 Billion in 2024 to USD 59.67 Billion by 2032, growing at a CAGR of 21.26% during the forecast period (2025-2032).

The electric motors have a direct relationship with the sales and uptakes of electric cars. Year after year, sales for electric cars increase, and expansion in the EV market, due to the elevated demand for electric vehicles, is expected to drive the electric vehicle motor market growth throughout the forecast period, as stated by the IEA. Both the COVID-19 pandemic and expansion of the electric vehicle sector made it difficult to predict the demand for electric vehicles and posed manufacturing problems. As the COVID-19 pandemic left people confined indoors for long periods of time, demand for electric vehicles has increased significantly in the market recently. In addition, since automobiles cause a greenhouse effect as they pollute the environment, some regulatory departments have released strict rules related to emissions. Air quality is degrading much faster due to vehicle pollution, which has become a tremendous issue. The government plans to ban or manufacture no more gasoline and diesel cars. California intends to ban the selling of any new gasoline-fueled vehicle by 2035. The government will also demand more electric or hybrid-electric cars on the roads. The program will trigger a need for EV motors on vehicles since there would be more electric vehicles on the roads. In the periods projected, this will thus keep propelling the expansion of the electric vehicle motor industry.