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Canada Electric Motor for Electric Vehicle Market Size: By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Vehicle; By Vehicle Type: Passenger Cars, Commercial Vehicles; By Motor Type: AC Motor, DC Motor; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Canada Electric Motor for Electric Vehicle Market Outlook
The Canada electric motor for electric vehicle market size reached approximately USD 157.50 million in 2023. The market is projected to grow at a CAGR of 15.3% between 2024 and 2032, reaching a value of around USD 584.30 billion by 2032.
Key Takeaways
- In Q1 2022, 7.7% of overall vehicles registered in Canada were electric vehicles.
- Reportedly, 79% of Canadians prefer to buy an electric vehicle with a 400-kilometre range on a single charge.
- The Canadian government aims to phase out sales of light-duty combustion vehicles by 2035.
Electric motors convert electrical energy into mechanical motion and are classified into two categories, DC (Direct Current) and AC (Alternating Current). Each category has several types that offer unique abilities suited for specific applications.
Most electric motors work by using the interaction of the motor magnetic field and electrical current in a wound wire to produce force or torque supplied on the motor shaft. An electrical generator is mechanically identical to an electrical motor but functions with a reversed flow of energy, converting mechanical power to electrical power. Electric motors are better in terms of energy efficiency as their energy conversion rate is up to 98%. This means they can convert almost all the energy they consume into mechanical work.
Key Trends and Developments
The rising demand for energy-efficient motors; increasing preference for EVs; advancements in motor technologies; and the rising use of 3D printing for electric motors are positively impacting the Canada electric motor for electric vehicle market growth
| Date | Company/Government | Announcement |
| Nov 18th, 2022 | Subaru Canada, Inc. | Launch of its first battery-electric vehicle named Solterra SUV |
| Dec 6th, 2022 | General Motors | Launch of Canada’s first full-scale electric vehicle plant in Ingersoll, Ontario |
| Dec 19th, 2023 | Canadian government | Finalised its latest Electric Vehicle Availability Standard to expand the availability of zero-emission vehicles in the country |
| Jan 7th, 2024 | Honda Motor Co. Ltd. | Planned to invest approximately $18.4 billion in an electric vehicle and battery plant in Canada |
| Topic | Details |
| Energy efficiency offered by electric motors | Electric motors used in electric vehicles are economical and energy-efficient as these motors have higher efficiency than conventional motors. |
| Growing demand for environmentally friendly mobility solutions | With the growing awareness regarding the benefits of EVs and the introduction of government regulations aimed at promoting EV adoption, the demand for electric motors is rising. |
| Innovations and advancements in motor technologies | Innovations in electric motors aimed at improving their power density, increasing controllability, and optimising cooling concepts, coupled with advancements in technologies like thermal management, are positively influencing the market. |
| Rising use of 3D printing in electric motor manufacturing | Key players are attempting to adopt technologies like 3D printing to develop electric motors that feature intricate designs, reduce energy loss, and enhance overall efficiency. |
Canada Electric Motor for Electric Vehicle Market Trends
The demand for electric motors is expected to increase in Canada in the forecast period due to the growing adoption of electric vehicles. Electric vehicles are more cost-effective and environmentally friendly than conventional vehicles. They do not emit carbon dioxide, making them safer for public health and the environment, further boosting their preference.
Moreover, the Canadian government's various policies and initiatives have also stimulated the Canada electric motor for electric vehicle market growth. For instance, in December 2023, the government mandated that all passenger cars, SUVs, light trucks, and crossovers sold by 2035 must be zero-emission vehicles (ZEVs). This is part of the government's broader strategy to combat climate change. Additionally, ZEVs must account for at least 20% of all cars sold by 2026 and at least 60% by 2030.
Market Segmentation
“Canada Electric Motor for Electric Vehicle Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| By Propulsion Type | Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Vehicle |
| By Vehicle Type | Passenger Cars, Commercial Vehicles |
| By Motor Type | AC Motor, DC Motor |
| By Region | British Columbia, Alberta, The Prairies, Central Canada, Atlantic Canada |
Plug-in-hybrid vehicles are expected to dominate the Canada electric motor for electric vehicle market share due to their ability to function at low cost and tax efficiency
Battery electric vehicles are also referred to as all-electric vehicles (AEVs). These vehicles use BEV technology and are powered entirely by a battery-powered electric drivetrain. They are more efficient compared to hybrid and plug-in hybrids.
Hybrid electric vehicles, on the other hand, use both an internal combustion engine (usually petrol) and a battery-powered motor powertrain. The petrol engine is used both to drive and charge the battery. These types of vehicles are not generally as efficient as plug-in hybrid vehicles or fully electric.
Plug-in hybrid electric vehicles, often abbreviated as PHEVs, use batteries to charge an electric motor and another fuel, such as gasoline, to power an internal combustion engine (ICE). The vehicle initially runs on electric power, and when the battery gets depleted, it automatically switches to the internal combustion engine.
The key components of plug-in hybrid electric vehicles are batteries, charge ports, electric traction motors, and fuel tanks, among others. The volume of plug-in hybrid electric car sales in Canada grew to around 29,000 units in 2022, the highest recorded annual PHEV sales in the country.
Competitive Landscape
Major players in the Canada electric motor for electric vehicle market are expanding their production capabilities amid the rising demand for electric vehicles
| Company Name | Year Founded | Headquarters | Description |
| Tesla Inc. | 2003 | United States | This American multinational automotive and clean energy company has revolutionised the electric vehicle market. |
| Robert Bosch GmbH | 1886 | Gerlingen, Germany | The company has developed highly integrated and cost-efficient electric drive solutions. |
| BorgWarner Inc. | 1880 | Michigan, United States | An American automotive and e-mobility supplier company. |
| Denso Corporation | 1949 | Aichi, Japan | It is an international automotive component manufacturer that operates in multiple regions including South America and Asia. |
Other players in the Canada electric motor for electric vehicle market are Jing-Jin Electric Technologies Co. Ltd. and BAIC Group Co., Ltd., among others.
In January 2024, Honda Motor Co., a multinational conglomerate based in Japan, announced its plans of constructing an electric vehicle plant in Canada. This project is estimated to cost nearly 2 trillion yen ($13.83 billion). The new plant is likely to include the in-house production of batteries for electric cars. The automaker is currently reviewing several potential sites for the plant, including one located next to an existing automobile factory in Ontario. According to Nikkei, the company aims to begin operating the new plant by the year 2028.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Propulsion Type |
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| Breakup by Vehicle Type |
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| Breakup by Motor Type |
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| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Electric Motor for Electric Vehicle Market Overview
8.1 Key Industry Highlights
8.2 North America Electric Motor for Electric Vehicle Historical Market (2018-2023)
8.3 North America Electric Motor for Electric Vehicle Market Forecast (2024-2032)
8.4 North America Electric Motor for Electric Vehicle Market Share by Country
8.4.1 United States
8.4.2 Canada
9 Canada Electric Motor for Electric Vehicle Market Overview
9.1 Key Industry Highlights
9.2 Canada Electric Motor for Electric Vehicle Historical Market (2018-2023)
9.3 Canada Electric Motor for Electric Vehicle Market Forecast (2024-2032)
10 Canada Electric Motor for Electric Vehicle Market by Propulsion Type
10.1 Battery Electric Vehicle
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Hybrid Electric Vehicle
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Plug-In Hybrid Vehicle
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Canada Electric Motor for Electric Vehicle Market by Vehicle Type
11.1 Passenger Cars
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Commercial Vehicles
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Canada Electric Motor for Electric Vehicle Market by Motor Type
12.1 AC Motor
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 DC Motor
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Canada Electric Motor for Electric Vehicle Market by Region
13.1 British Columbia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Alberta
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 The Prairies
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Central Canada
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Atlantic Canada
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Tesla Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Robert Bosch GmbH
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 BorgWarner Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Denso Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Jing-Jin Electric Technologies Co. Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 BAIC Group Co., Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Electric Motor for Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
2. Canada Electric Motor for Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
3. Canada Electric Motor for Electric Vehicle Historical Market: Breakup by Propulsion Type (USD Billion), 2018-2023
4. Canada Electric Motor for Electric Vehicle Market Forecast: Breakup by Propulsion Type (USD Billion), 2024-2032
5. Canada Electric Motor for Electric Vehicle Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
6. Canada Electric Motor for Electric Vehicle Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
7. Canada Electric Motor for Electric Vehicle Historical Market: Breakup by Motor Type (USD Billion), 2018-2023
8. Canada Electric Motor for Electric Vehicle Market Forecast: Breakup by Motor Type (USD Billion), 2024-2032
9. Canada Electric Motor for Electric Vehicle Historical Market: Breakup by Region (USD Billion), 2018-2023
10. Canada Electric Motor for Electric Vehicle Market Forecast: Breakup by Region (USD Billion), 2024-2032
11. Canada Electric Motor for Electric Vehicle Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 157.50 million.
The market is estimated to grow at a CAGR of 15.3% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 584.30 billion by 2032.
The major market drivers are the growing demand for electric vehicles and the introduction of favourable government initiatives aimed at promoting EV adoption.
The key trends aiding the market expansion include advancements in battery technology and increasing deployment of technologies like 3D printing by key players.
The major regional markets are British Columbia, Alberta, the Prairies, Central Canada, and Atlantic Canada.
Passenger cars and commercial vehicles the different vehicle types considered in the market report.
The major players in the market are Tesla Inc., Robert Bosch GmbH, BorgWarner Inc., Denso Corporation, Jing-Jin Electric Technologies Co. Ltd., and BAIC Group Co., Ltd., and others.
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