How Big Is the Electric Vehicle Motor Market | Growth Analysis & Segmentation 2031

Q: What is the overall size of the electric vehicle motor market?

The electric vehicle motor market is expected to reach USD 38.9 Billion by 2031

Q: Which application areas are driving the demand for EV motors?

Passenger electric cars, electric buses, electric two-wheelers, and light commercial vehicles are the key application areas.

Q: Which region holds the largest share in the electric vehicle motor market?

Asia-Pacific dominates the market due to EV production leadership, while Europe and North America follow in technological innovations and adoption.

Q: What is the CAGR of the electric vehicle motor market during the forecast period?

The electric vehicle motor market is projected to grow at a CAGR of 11.9% during the forecast period.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA5807

Publication Date: Jul 2025

How big is the electric vehicle motor market?

According to 6Wresearch internal database and industry insights, Global Electric Vehicle Motor Market was valued at USD 14.5 Billion in 2024 and is expected to reach USD 38.9 Billion by 2031, growing at a compound annual growth rate of 16.30% during the forecast period (2025-2031).

Rising EV sales, the trend toward electric mobility, and the growing need for high-efficiency motor technologies are all driving the market. Growth is also being accelerated by government regulations to reduce emissions and improvements in permanent magnet and induction motor technology.

View Main Report

Schedule Analyst Call

Key Growth Factors of the Electric Vehicle Motor Market

Rising adoption of electric vehicles across passenger and commercial segments
Government mandates promoting zero-emission vehicle adoption
Technological advancements in motor types (BLDC, PMSM, and AC induction motors)
Demand for higher torque density and improved thermal efficiency
Expansion of EV manufacturing infrastructure worldwide
Integration of regenerative braking and powertrain optimization technologies

Electric Vehicle Motor Market Trends

The market is shifting toward compact, high-performance motors that offer better power-to-weight ratios. Permanent magnet synchronous motors (PMSM) are becoming dominant due to their efficiency and performance at low speeds. Demand is particularly high in passenger EVs and electric buses. Asia-Pacific leads in production and consumption, with Europe and North America expanding via premium EV offerings and government support.

Emerging Developments in the Electric Vehicle Motor Market

Manufacturers are investing in rare-earth-free motor designs to reduce dependency on critical minerals. Innovations in axial flux motors and multi-speed motor systems are gaining traction. Enhanced thermal management systems and integrated motor-inverter units are also being explored to meet the needs of high-performance EVs.