Electric Vehicle Drive Motor Revenue Will Surpass $2.8 Billion Annually by 2020

June 28, 2013

Electric motors have an increasingly important role to play in the modern automobile. As automakers offer more electric vehicles – both battery-powered vehicles and electric/internal combustion hybrids – the number of electric motors in use is rapidly expanding.  According to a recent report from Navigant Research, worldwide sales of electric drive motors will grow from $965 million in 2013 to more than $2.8 billion by 2020.

“While sales of battery electric vehicles are increasing, the growth is slow and steady rather than exponential,” says David Alexander, senior research analyst with Navigant Research.  “That will lead to a similar growth curve in the electric vehicle motor market, which is expected to expand at a compound annual growth rate of 16.6 percent over the next 7 years.”

Since General Motors introduced the EV1 in the mid-1990s, automakers have favored alternating current (AC) motors.  Existing motors for other industrial applications have so far not met the exacting standards of automotive production, according to the report.  Although numerous new companies have sprung up to develop interesting AC motor alternatives that could disrupt the industry in the future, almost all of the automakers have chosen to produce their own motors, relying on permanent magnet or AC induction designs.

The report, “Electric Vehicle Drive Motors”, provides a detailed examination of the growing market for electric motors and controllers, including profiles of the leading motor manufacturers and the original equipment manufacturers that make their own motors.  Forecasts for revenues from motors and controllers segmented by motor power rating extend through 2020, and a summary of hybrid, plug-in hybrid, and battery electric vehicle model introductions by region is also provided. The report also includes a review of the main electric motor technologies suitable for electric drive.  An Executive Summary of the report is available for free download on the Navigant Research website.

Contact: Richard Martin

+1.303.493.5483

richard.martin@navigant.com

* The information contained in this press release concerning the report, “Electric Vehicle Drive Motors,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.

Register to Receive Updates

Sign up or login to receive free newsletters, research updates, access to webinars, and other analyst content from Navigant Research.

Research News

Rss
Spending on Energy Efficient Buildings in Europe Is Expected to Total Nearly $800 Billion From 2014 Through 2023
August 28, 2014Enforcement and activity vary widely from country to country, report finds • Buildings account for 40 percent of Europe’s final energy consumption, and thus represent a…
Read More »
Smart Grid as a Service Will Reach $11.2 Billion in Annual Revenue by 2023
August 26, 2014Benefits include reduced time to market and world-class security, report finds • While they represent a small part of the smart grid market today, smart grid…
Read More »
55 Million Electric Motorcycles and Scooters Will be Sold Worldwide from 2014 to 2023
August 25, 2014Harley Davidson’s entry will spur sales as growth accelerates in North America and Europe, report concludes • Driven by rising gasoline prices and increasingly congested city streets, more consumers are starting…
Read More »
Spending on Smart Grid Technologies Will Total Nearly $600 Billion From 2014 through 2023
August 20, 2014Intelligence is being distributed to the edges of the grid, report finds • The fundamental technology for infusing intelligence into the power grid has been in existence…
Read More »
View All News

{"userID":"","pageName":"Electric Vehicle Drive Motor Revenue Will Surpass $2.8 Billion Annually by 2020","path":"\/newsroom\/electric-vehicle-drive-motor-revenue-will-surpass-2-8-billion-annually-by-2020","date":"9\/2\/2014"}