Global Electric Vehicle Motor Controller Market Size to Reach USD 17.76 Billion in 2032

Increasing adoption of electric vehicles is a major factor driving global Electric Vehicle (EV) motor controller market revenue growth

Vancouver, Dec. 20, 2023 (GLOBE NEWSWIRE) — The global Electric Vehicle (EV) motor controller market size is expected to reach USD 17.76 Billion in 2032 and register a revenue CAGR of 16.0% during the forecast period, according to the latest analysis by Emergen Research. Technological advancements, such as Axial Flux Motors, can be attributed to steady market revenue growth. The Axial flux motor is a crucial new motor type that is gaining traction in the electric car market. Axial flux motors offer several benefits in EV design over their radial flux equivalents. Magnetic flux in an axial flux motor is parallel to the axis of rotation as opposed to perpendicular in radial flux machines. Axial flux motors produce more power while weighing less. Although it has been used for many years in stationary applications such as elevators and agricultural machinery, several inventors have enhanced the technology over the last decade to create electric bikes, airport containers, delivery trucks, electric automobiles, and even airplanes.

The cost of electric cars, which is related to their batteries and battery replacement, is the primary restrain of the global Electric Vehicle Motor (EVM) controller market. The introduction of new additional technologies and growth in several linked vehicles need more battery power and is likely to drain vehicle batteries sooner, raising battery costs. Manufacturing factories across the globe were experiencing a shortage of semiconductor chips during the pandemic because of interruptions in shipping and supply. In modern autos, a few chips perform a multitude of functions. As a result, Toyota, Ford, and Volvo were compelled to halt or postpone production at their operations. This has a major detrimental influence on the market revenue growth.

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Scope of Research

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Major Companies and Competitive Landscape

The global Electric Vehicle motor controller market is consolidated, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective EV motor controllers. Some major players included in the global Electric Vehicle (EV) motor controller market report are:

Strategic Development

• On 12 April 2021, REE Automotive Ltd, an electric mobility (e-mobility) innovator announced a merger with 10X Capital Venture Acquisition Corp., announced a strategic collaboration agreement with Magna International Inc., a mobility technology company, to bring innovative, full-fledged Modular Electric Vehicles (MEVs) to market for tech companies and new electric mobility players under the ‘Powered by REE’ brand. The strategic partnership will look into combining REE’s ground-breaking REEcorner technology with Magna’s vehicle systems integration expertise and world-class manufacturing capabilities to create MEVs that allow commercial customers to customize vehicles based on their specifications and branding while reducing time to market.

• On 10 November 2022, Uno Minda, a Japanese auto component manufacturer, formed a Joint Venture (JV) with Buehler Motor, a global producer of specialized mechatronic drive systems located in Germany. They will collaborate to design, produce, and market traction motors in India and the other SAARC countries. The JV will provide traction motors for battery-powered electric two- and three-wheelers.  Furthermore, the JV intends to undertake capital expenditure of Rs 110 crore, including sustaining capex, over the next six years, with the investment timed to match demand.

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Some Key Highlights from the Report

• On 10 November 2022, Uno Minda, a Japanese auto component manufacturer, formed a Joint Venture (JV) with Buehler Motor, a global producer of specialized mechatronic drive systems located in Germany. They will collaborate to design, produce, and market traction motors in India and the other SAARC countries. The JV will provide traction motors for battery-powered electric two- and three-wheelers. Furthermore, the JV intends to undertake capital expenditure of Rs 110 crore, including sustaining capex, over the next six years, with the investment timed to match demand.

• The Alternate Current (AC) motor controller segment is expected to account for largest revenue share in the global market over the forecast period. An AC motor controller is a device that controls the speed of an alternating current motor. A variable frequency drive, adjustable speed drive, frequency converter, and other words are all used to describe an AC controller. The AC motor receives power, which is converted by the AC motor controller into an adjustable frequency. This variable output allows for precise control of the motor speed. The rectifier, inverter, and the Direct Current (DC) link that joins the rectifier and the inverter are the three basic components of an AC motor controller. The rectifier converts alternating current input to DC, while the inverter converts DC voltage to variable frequency alternating current output voltage. The inverter can also be used to modify the output if necessary.

• The plug-in segment is expected to account for a significantly large revenue share in the global market over the forecast period. One of the most promising green transportation alternatives is Plug-In Electric Vehicles (PEV). PEVs are becoming increasingly popular. The connecting of PEVs to the electric power distribution network generates a substantial amount of electricity demand, which exceeds the capacity of electric power grid. Training is offered for various degrees of PEV distribution to assess the impact of these vehicles. The vehicle-to-grid mode of PEVs can fulfill the system peak load power requirements.

• The Electric Vehicle (EV) motor controller market in North America accounted for largest revenue share in 2022. Factors such as increased activities by major market participants such as funding and investments, among others, are driving revenue growth of the market in this region. AES Corporation and Mitsubishi Corporation, for example, led a USD 7 million Series A investment round in Motor, which provides a consumer Electric Vehicle (EV) adoption platform for electric utilities. The auto industry believes that by 2030, EV sales will have reached 50% of total U.S. car sales. A fragmented automotive retail experience, on the other hand, jeopardizes this critical aim by preventing potential EV drivers from entering the market. Motor addresses this issue by introducing a first-of-its-kind EV adoption Programme for utilities, which simplifies the transition to electric cars for users.

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For the purpose of this report, Emergen Research has segmented the global Electric Vehicle (EV) motor controller market based on the motor type, output power, vehicle type, application, end-use, and region:

• Motor Type Outlook (Revenue, USD Billion; 2019–2032)

  • AC Motor Controllers

    1. AC Permanent Magnet Synchronous Motor Controller

    2. AC Asynchronous Motor Controller

  • DC Motor Controllers

• Output Power Outlook (Revenue, USD Billion; 2019–2032)

  • 1-20 KW

  • 21-40 KW

  • 41-80 KW

  • Above 80 KW

• Vehicle Type Outlook (Revenue, USD Billion; 2019–2032)

  • Plug-In

  • Hybrid

  • Battery Operated

• Application Outlook (Revenue, USD Billion; 2019–2032)

• End-Use Outlook (Revenue, USD Billion; 2019–2032)

  • Passenger Cars

  • Commercial Vehicles

  • Two-Wheelers

• Regional Outlook (Revenue, USD Billion, 2019–2032)

  • North America

    1. U.S.

    2. Canada

    3. Mexico

  • Europe

    1. Germany

    2. U.K.

    3. France

    4. Spain

    5. BENELUX

    6. Rest of Europe

  • Asia Pacific

    1. China

    2. India

    3. Japan

    4. South Korea

    5. Rest of APAC

  • Latin America

    1. Brazil

    2. Rest of LATAM

  • Middle East & Africa

    1. Saudi Arabia

    2. UAE

    3. Israel

    4. Rest of MEA

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