With the continuous improvement of the penetration rate of global automobile electrification, the drive motor industry will usher in the rapid expansion of the overall scale. In this process, third-party motor manufacturers with scale effect and technological advantages will have the opportunity to rapidly expand market share and reap significant growth in performance.  

Core components of new energy vehicles: The global trend of driving motors 

Global drive motor market trends 

According to estimates, with the rapid advancement of global vehicle electrification, the market of new energy vehicle motor system will expand rapidly, and the market size is expected to grow from $2.3 billion in 2015 to $31.8 billion in 2030. 

New energy vehicle motor system mainly includes motor and inverter two parts, although like most other auto parts, these two parts are facing price reduction pressure for a long time, but because of the rise of the total number of new energy vehicles, the industry as a whole still has a large room for growth. We expect the market size to grow at around 18%-20% a year until 2030. 

In terms of system unit price, the overall development of the motor system towards high power also brings about an increase in assembly price. 

According to estimates, 20 million electric vehicles will be sold in 2030 under neutral assumptions, accounting for about 16-18% of total passenger vehicle sales that year. However, in an optimistic scenario, that is, the price of batteries drops sharply and environmental protection policies become more stringent, the growth rate of electric vehicle sales is likely to rise sharply. We expect that in an optimistic scenario, the total annual sales of new energy vehicles may reach 30 million units, accounting for about 25%-27% of the annual sales of vehicles. 

It is expected that the power demand of the single-motor hybrid car is about 30kW (average price is about $200-$300), the dual-motor plug-in hybrid power is about 50-100kW (average price is $800-$1000), and the motor power of the pure electric car is about 200kW (average price is $1000-$1500).