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Global New Energy Vehicle Electric Motor Market Anticipates Rapid Growth with a CAGR of 20.3% to Reach US$ 24,130 Million by 2029

The Global New Energy Vehicle Electric Motor Market is experiencing significant expansion, with a projected valuation of US$ 24,130 million by 2029, marking a substantial increase from US$ 6,617 million in 2022. This growth is characterized by a remarkable Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period from 2023 to 2029. The report factors in various influential elements, including economic dynamics, the enduring effects of COVID-19, and geopolitical developments like the Russia-Ukraine War.

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The Heart of New Energy Vehicles: Electric Motors New Energy Vehicle Electric Motors, converting more than 85% of electrical energy into mechanical energy or motion, serve as the vital power source for new energy vehicles. These motors can be categorized into three types based on structure and principle: DC drive, permanent magnet synchronous, and AC induction, each offering distinct characteristics.

Key Drivers: The continuous demand for new energy vehicles from the public, government policies supporting the industry, ongoing advancements in artificial intelligence and automation technologies, and the tightening regulations within the motor industry are pivotal factors propelling the revenue growth of the new energy vehicle motor market.

Key Market Players: Leading companies in the New Energy Vehicle Electric Motor industry include Denso, Buhler Motor, Mabuchi Motor, Mitsuba, Johnson Electric Holdings, Robert Bosch, Borgwarner, Inteva Products, Magna International, Nidec, Continental, Meritor, Siemens, Prestolite Electric, Remy, Hitachi Automotive Systems, FUKUTA, Broad-Ocean Motor, Jing-Jin Electric, CRRC Times Electric, Unite Motor, Dongfang Electric Machinery, Wanxiang, Tianjin Santroll, Jiangxi Special Electric Motor, Shenzhen Greatland Electrics, Founder Motor, and Dalian Tianyuan.

Market Segmentation:

By Type: DC Drive Motor, Permanent Magnet Synchronous Motor, Induction Motor

By Application: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)

Regional Insights:

North America




South Korea


The report, founded on historical analysis (2018-2022) and forecast calculations (2023-2029), aims to provide readers with a comprehensive understanding of the global New Energy Vehicle Electric Motor market from multiple perspectives. It is designed to support readers’ decision-making processes and strategies.

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