15.09% CAGR growth by 2023 in Electric Motors for Electric Vehicles Market| Major Players - CONTINENTAL, SIEMENS AG, TOSHIBA CORPORATION, HYUNDAI MOBIS, YASKAWA ELECTRIC CORPORATION amongst others

Market Analysis:

The policies of government play a huge role in promoting electric vehicles. The results are starting to show in European countries where electric vehicles have reached a significant portion of the total vehicle population. In years to come, China and India are positioned to take the leading role in electric vehicles, owing to the supporting government policies.

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Smoothening the transition from oil, owing to the increase in pollution, governments around the world have started to look for alternatives for primitive form of travel. Electric vehicles fill this gap and with time, are getting efficient too. This has made governments all around the world to make policies to facilitate this adaption of electric vehicles. A shortage of EV charging stations has hindered the adoption of these vehicles, which further has restricted the usage of electric motors for electric vehicles. As the EV industry does not have any overall set standards on the charging power output, companies are increasingly involved in building charging equipment based on their standards.

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Market Segments:
High-Performance Tire Market is segmented by:
1. Vehicle: Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Pure Electric Vehicle (PEV)
2. Motor: AC Motor, DC Motor
3. Application: Passenger Cars, Commercial Vehicles
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market:
• February 2018: Nissan intends to add six electric vehicles to the portfolios of the Nissan and Infiniti brands over the next five years.
• February 2018: Indian based Bharat Forge has inaugurated a R&D center in the UK which will be developing components and sub-systems for electric vehicles.

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