Market Size of Canada Electric Motor for Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 16.89 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Electric Motor for Electric Vehicle Market Analysis
The Canada Electric Motor for Electric Vehicle Market is valued at USD 0.28 billion and is expected to reach USD 1.54 billion over the next five years while registering a CAGR above 16.89% during the forecast period.
The COVID-19 impact on the electric vehicle motor market was inevitable as it affected almost every other industry. Due to global supply chain disruption, the pandemic poised some effects on the supply chain of electric vehicles and electrical parts and components, including electric motors. But the impact was short-lived and had a short-term effect on the market. Electric motors production units were shut during the period, which reduced the supply across Canada. Although, the market regained its growth phase post-2021.
Over the long term, increased demand for fuel-efficient, high-performance, and low-emission vehicles and increasingly strict laws and regulations regards the phase-out of IC engines are anticipated to act as the growth lever for the demand for electric motors for electric cars.
Economies of agglomeration have primarily driven the demand for electric motors across Canada. Electric motor demand is rising due to rising government policies and shifting consumer preferences toward adopting electric vehicles. Motor manufacturers, both global and regional players, are structuring their respective production bases across the EV manufacturing bases to indulge in longer-term motor supply for production lines.
Canada announced new vehicle sales targets for EVs, aiming for a 10% market share by 2025, 40% by 2030, and 100% by 2040. It amounts to around 3% of the vehicle fleet in 2025, 11% by 2030, and 60% by 2040. Battery manufacturers are focusing on localized production of their batteries to boost electric vehicle sales by fueling the demand across Canada. After considering these factors, demand for electric motors for electric vehicles is anticipated to elevate over the study period.
Canada Electric Motor for Electric Vehicle Industry Segmentation
Electric motors are primarily used for the propulsion/traction of electric vehicles and are generally offered as AC motors and DC motors. In addition, these motors, based on the requirement, are applied for driving the front belt and sometimes the rear belt.
The Canada Electric Motor for Electric Vehicle Market is segmented by vehicle type (passenger cars and commercial vehicles), by propulsion type (battery electric vehicle, hybrid electric vehicle, and plug-in hybrid vehicle), and by motor type (AC motor and DC motor). The report offers the market size and forecast of the Canada Electric Motor for Electric Vehicle Market in value (USD billion) for the abovementioned segments.
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Propulsion Type | |
| Battery Electric Vehicle | |
| Hybrid Electric Vehicle | |
| Plug-in Hybrid Vehicle |
| Motor Type | |
| AC Motor | |
| DC Motor |
Canada Electric Motor for Electric Vehicle Market Size Summary
The Canadian electric motor market for electric vehicles is poised for significant growth, driven by increasing demand for fuel-efficient and low-emission vehicles. The market is experiencing a shift in consumer preferences and supportive government policies, which are encouraging the adoption of electric vehicles. The COVID-19 pandemic initially disrupted the supply chain, but the market quickly rebounded, with manufacturers expanding production capacities to meet the rising demand. The Canadian government's ambitious targets for electric vehicle market share by 2025, 2030, and 2040 are further propelling the market forward. Major automotive players, including Toyota, Honda, Tesla, and General Motors, are investing heavily in electric vehicle production, which is expected to boost the demand for electric motors.
The market is characterized by a high level of consolidation, with a few dominant players such as Toyota, Tesla, and Nissan leading the charge. The collaboration between motor manufacturers and automotive companies is fostering innovation and expanding the market landscape. The increasing sales of hybrid and plug-in hybrid vehicles are also contributing to the demand for advanced electric motor systems. Additionally, initiatives like the development of next-generation motors and the expansion of hybrid transmission systems are indicative of the market's positive trajectory. As Canada continues to launch new electric vehicles and enhance its infrastructure, the demand for electric motors is anticipated to grow robustly over the forecast period.
Canada Electric Motor for Electric Vehicle Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Bargaining Power of Suppliers
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Threat of New Entrants
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size in Value in USD Billion)
-
2.1 Vehicle Type
-
2.1.1 Passenger Cars
-
2.1.2 Commercial Vehicles
-
-
2.2 Propulsion Type
-
2.2.1 Battery Electric Vehicle
-
2.2.2 Hybrid Electric Vehicle
-
2.2.3 Plug-in Hybrid Vehicle
-
-
2.3 Motor Type
-
2.3.1 AC Motor
-
2.3.2 DC Motor
-
-
Canada Electric Motor for Electric Vehicle Market Size FAQs
What is the current Canada Electric Motor for Electric Vehicle Market size?
The Canada Electric Motor for Electric Vehicle Market is projected to register a CAGR of 16.89% during the forecast period (2024-2029)
Who are the key players in Canada Electric Motor for Electric Vehicle Market?
Tesla Inc., BYD Co. Ltd., BAIC Group, Jing-Jin Electric Technologies Co., Ltd. and BorgWarner Inc. are the major companies operating in the Canada Electric Motor for Electric Vehicle Market.
