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Forecast of the Development Trend of the Electric Vehicle Motor Industry in 2024

Honest| 2024-02-20|Return

As the global energy crisis and environmental pollution problems become increasingly prominent, countries around the world are committed to promoting energy transformation and developing new energy sources. The wave of electric vehicle is sweeping the world. From 2018 to 2022, global electric vehicle sales increased from 2.11 million to 10.39 million, a five-fold increase in five years, and the market penetration rate increased from 2% to 13%. Electric vehicle motors are a significant part of the electric vehicle industry, and the demand for electric vehicle motors is also maintaining a growth trend.

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The electric vehicle motor market will continue to maintain rapid growth in 2024. From the perspective of technology trends, electric vehicle motors will show the following development trends in 2024:

 

Permanent magnet motors will continue to become mainstream. It has the advantages of small size, lightweight, and high efficiency, and is the first choice for electric vehicle motors. It is expected that in 2024, permanent magnet motors will account for more than 80% of the electric vehicle motor market:

 

High-power-density motors will become a new trend. As the cruising range of electric vehicle continues to increase, the requirements for motor power density are also getting higher and higher. It is expected that in 2024, the power density of electric vehicle motors will reach more than 2.5kw/kg;

 

High-speed motors will be used. It can improve the efficiency and power density of the motor, but it also brings problems such as large torque pulsation and loud noise. It is expected that in 2024, high-speed motors will be used in high-performance electric vehicles;

 

From the perspective of the market structure, competition in the electric vehicle motor market will become more intense in 2024. Domestic and foreign motor companies will continue to increase investment in research and development to seize market share. It is expected that in 2024, Chinese motors will occupy a larger share of the electric vehicle motor market.


Specifically, the electric vehicle motor market in 2024 will present the following characteristics:

The market size will continue to grow. In 2024, the global electric vehicle motor market will reach more than 150 billion yuan, a year-on-year increase of 30%;

The competitive landscape will become more fragmented. Domestic and foreign motor companies will continue to increase investment in research and development to seize market share. It is expected that in 2024, Chinese motor companies will occupy a larger share of the electric vehicle motor market.

Technological innovation will continue to be promoted. Technologies such as permanent magnet motors, high-power density motors, and high-speed motors will be further developed.

Overall, the electric vehicle motor market will maintain rapid growth in 2024. technological innovation will be the driving force for market development, and the competitive landscape will become more fragmented.

 

Relevant policies supporting the development of the electric vehicle motor industry around the world

 

China

China is the most important market for the global electric vehicle motor industry. In 2024, the Chinese government introduced a series of policies to support the development of the new energy vehicle motor industry, including:

A. Continue to implement the electric vehicle purchase subsidy policy, and exempt electric vehicles from January 1, 2024, to December 31, 2025, from vehicle purchase tax. Among them, each new energy passenger vehicle is exempt from tax. More than 30,000 yuan; the vehicle purchase tax will be halved for new energy vehicles purchased between January 1, 2026, and December 31, 2027, of which the tax reduction for each electric passenger vehicle shall not exceed 15,000 yuan;

B. Accelerate the construction of charging infrastructure. By 2025, the fast-charging coverage rate in cities at or above the prefecture level will basically reach 80%, and the fast-charging coverage rate in areas above the county level will reach 60%;

C. Increase research and development support for the electric vehicle industry and encourage companies to carry out technological innovation in electric vehicle motors.
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USA

In 2023, the US government proposed the “Building a Better Future” plan, which plans to invest 174 billion dollars in the electric vehicle industry from 2024 to 2028, including 45 billion dollars in electric vehicle manufacturing and parts manufacturing.

 

In 2024, the U.S. government announced that it would relax its subsidy policy for electric vehicles imported into the United States and increase the subsidy amount from 7500 dollars to 10,000 dollars.

 

Europe

In 2021, the EU proposed the “FIT for 55” plan, which plans to reduce the EU’s greenhouse gas emissions by 55% by 2030 compared to 1990 levels. The plan includes a series of measures, including encouraging the development of electric vehicles.

 

In 2022, the European Commission released the “Roadmap for Electric Vehicle Charging Infrastructure”, planning to build 30 million electric vehicle charging piles in the EU by 2030.

 

Japan

In 2022, the Japanese government proposed the “2050 carbon neutrality” goal and plans to make electric vehicle sales account for 50% of new car sales by 2035.

 

In 2023, the Japanese government released the “ Electric Vehicle Popularization Promotion Plan”, which plans to build 400,000 electric vehicle charging piles in Japan by 2030.


Generally speaking, in 2024, all regions around the world will continue to introduce policies to support the development of the electric vehicle motor industry. These policies will provide a good environment for the development of the electric vehicle motor industry.

If you are interested in drive motor assembly line or hairpin motor winding assembly equipment, please consult us online to get customized solutions and quotes.

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