European electric vehicle motor market is anticipated to grow at a significant CAGR of 20.0% during the forecast period (2024-2031). The market growth is driven by favorable government policies and subsidies, and increasing pollution awareness is driving the market growth in the region. Additionally, the expansion of the EV industry contributes significantly to the market growth. The market is segmented by motor type (DC motor and AC motor), by propulsion technology (battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV)), and by vehicle type (passenger cars, commercial vehicles, and others).
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Market Dynamics
According to the European Automobile Manufacturers’ Association, September 2024, witnessed a continuous shrink of the battery electric cars in the EU. Thus, the European auto manufacturers urged urgent relief measures before new CO2 targets for cars and vans come into effect in 2025. They also requested the European Commission to bring forward the CO2 regulation reviews for light-duty and heavy-duty vehicles, currently scheduled for 2026 and 2027 respectively, to 2025. The sales volumes for EU battery-electric vehicles are dropping by 8.4% YoY. EU battery-electric market share dropped from 13.9% last year to 12.6% this year.
In July 2024, new EU car registrations saw a modest increase (+0.2%) with mixed results across the four major markets of the region. Italy marked the highest increase (+4.7%), followed by Spain (+3.4%). However, the French and German markets recorded a moderate decline of 2.3% and 2.1%. From January to July, 815,399 new battery-electric cars were registered, representing 12.5% of the European market. In July 2024, BEVs and PHEVs marked a decline of 10.8% and 14.1% respectively. However, hybrid-electric vehicles grew by 25.7% to 273,003 units. The top-selling models of BEVs in Europe in June 2024 included Tesla Model Y (23,869), Tesla Model 3 (20,829), MG4 (9,877), Volkswagen ID.3 (9,661), and Volvo EX30 (9,420), among others. Tesla and BMW held the largest market share with 11.4% and 9.9% respectively.
The major players in the European electric vehicle motor market include Nidec Corp., Siemens AG, Tesla Inc., ABB Ltd., BorgWarner Inc., Continental AG, Hitachi Automotive Systems, Ltd., Valeo SA, Parker-Hannifin Corp., WEG Industries, and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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Recent Developments
- In September 2024, Hyundai Motor Co. debuted its first global eLCV platform for European markets in partnership with IVECO Group. The electric vehicle will be marketed in Europe, under the IVECO-badged named ‘eMoovy’. The vehicle was launched at the ‘IAA Transportation 2024’ event in Hannover, Germany.
- In September 2024, Stellantis announced it would participate in the 90th edition of the Mondial de l’Auto / Paris Motor Show 2024, scheduled in October. The brands Citroën, Peugeot, and Alfa Romeo will be showcasing affordable electric mobility, including three world premieres from Citroën and one world premiere from Peugeot. The models will be launched in partnership with Leapmotor.
- In July 2024, Leapmotor International, a 51/49 Stellantis-led company between Stellantis and Leapmotor, shipped the first batch of Leapmotor electric vehicles – C10 SUVs and T03 cars from Shanghai, China, to European ports. Leapmotor’s C10 and T03 vehicles are equipped with EV technology.
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