In addition to complete vehicle manufacturers such as VW, GM and Hyundai, which have made a clear shift to BEVs, competition for procurement of drive motors has intensified due to production expansion by leading BEV manufacturers such as Tesla, BYD, Xpeng of China and NIO of China. Behind this is the electrification promotion policies of major countries and regions, such as the European Fit for 55, the ZEV Fostering and Inflation Restraint Act (IRA) under the Biden administration in the USA, and China’s NEV regulations. The BEV production targets of complete vehicle manufacturers formulated in response to these regulations are at a combined level of more than 30 million units. Furthermore, if HEVs, PHEVs, etc. are included, it is predicted that more than 60% of all vehicles sold will be ‘xEVs’ by 2035. Assuming that more than 60 million xEVs will be produced worldwide, 60 million motors will be required, assuming at least one motor per vehicle, and the demand for motors will increase even more when they are used in AWD and for multiple uses (main + sub, etc.).

The demand for drive motors is increasing due to the global shift to electrification. This report summarises the main suppliers of drive motors for electric vehicles worldwide, the supply chain by major materials and fields such as motor cores, windings, magnets, electromagnetic steel sheets, etc., the main players, and overall motor-related issues including production, procurement and supply.