Electric Motors for Electric Vehicle Market Outlook and Growth Forecast for the Period 2018-2028 // Major key Players - Siemens AG, Toshiba Corporation, WEG Industries, Nidec Corporation, Denso, Continental AG
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The rapid domination of electric buses across the world, predominantly in China will spur the sales of electric motors for electric vehicles. Further, in the coming years, fall in the sales of conventional cars owing to long-term advantages associated with electric cars to impact the global electric motors for electric vehicles market substantially.
Subsequently, the aim of the study is to analyze the most recent trends and dynamics in the global electric motors for electric vehicles market.
Moreover, efforts by regional governments around the world to curb noxious emissions produced by fossil fuel-powered vehicles is driving the global electric motors for the electric vehicle market. However, with a forecast volume of electric vehicles on road by 2025, insufficient charging infrastructure for electric vehicles to impact the demand for electric motors for electric vehicles. Some of the major OEMs are investing heavily in electric vehicles which will induce ballooning in the global electric motors for electric vehicles market.
Key problems linked with electric motors for electric vehicles include the cost of the fuel cell, feasibility to produce fuel, and availability of fueling stations. Prevalence of conventional vehicles coupled with the high price of electric vehicles across Asia, Latin America, and the Middle East is foreseen to slow down the adoption of electric vehicles in the market; thereby, hampering the global electric motors for electric vehicles market.
Apart from this, most of the OEMs utilize permanent magnet motors that rely on the metal due to the fact that they are usually stronger, lighter, and more efficient than induction electric motors for electric vehicles. To remain competitive in the global electric motors for electric vehicles market, manufacturers of electric motors for electric vehicles aim to decrease electric motors cost, volume, and weight while increasing performance, efficiency, and maintaining reliability.
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Policies in Europe and China will enhance the adoption of EVs and subsequently, augmenting the hefty growth in the global electric motors for electric vehicles market. Also, the electrification of the transport system in Europe and North America is set to accelerate after 2020, with electric buses leading the way. The sales of electric mirrors for electric vehicles will surge against the backdrop of tumbling battery costs and increasing scale in manufacturing. In Western Europe, the U.K. and Germany are expected to spearhead the electric motors for electric vehicles market on the back of anticipated high sales of electric buses in the region. Moreover, investments in ASEAN countries to increase the fleet of electric buses and surge in the adoption of electric cars will likely to aid the growth in the global electric motors for electric vehicles market. In the foreseeable future, promising growth is foreseen across the world, with the U.S., China, and Europe being the key regions in the electric motors for electric vehicles market.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters.
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
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