Electric Vehicle Drive Motor Market Forecast Covering Growth Inclinations & Development Strategies until 2028 // Continental AG, Toshiba Corporation, BYD Company Limited, Hyundai Mobis, and Zhengzhou Yutong Bus Co., Ltd
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Growth of electric vehicle drive motor market is driven by the growth in electric vehicle production and adoption in several countries of the globe. Many factors such as silent operation, increased concern towards reducing air pollution and increasing conventional fuel prices is increasing the adoption of electric vehicles owing to which there is rise in the demand for electric vehicle drive motors from the electric vehicles manufacturers. Battery & Hybrid Electric Vehicles are showing the better fuel efficiency over the time, owing to which there is shift towards the use of electric vehicles which is increasing the demand for electric vehicle drive motors in the market. Many country’s governments are giving attractive incentives and subsidies to people for increasing the adoption of electric vehicles, owing to which there will be significant increase in the adoption of electric vehicles which will cause the robust growth in the electric vehicle drive motor market. The manufacturers of electric vehicle drive motor are focusing towards increasing the efficiency of the motors and making it 100%, such innovations will continue to have positive impact on the electric vehicle drive motor market. Conversely, high price of electric vehicles, lack of electric vehicle infrastructure are the factors which are holding back the electric vehicle market in developing and price sensitive countries. The above factors might act as restraining factors for the electric vehicle drive motor.
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Predominance of electric vehicle manufacturers and increasing adoption of electric vehicle in Japan makes it prominent market region for electric vehicle drive motor. In the regions such as North America and Europe have significant presence of electric vehicle manufacturers, also there is increase in the electric vehicle infrastructure and increased shift towards electric vehicles makes North America and Europe significant market for electric vehicle drive motor. In the Asia Pacific region governments of countries like China and India are focusing towards increasing the adoption of electric vehicles. For instance government of China has indicated it will invest approximately US$ 600 Bn for the advancement of electric vehicles, in India the government is planning to remove the permits on the use of Electric Vehicles. Also the increase in the manufacturing of Electric Vehicles in Asia Pacific regions makes it promising market for electric vehicle drive motor. In regions of Latin America and Middle East & Africa there is less production of electric vehicles as compared to others but it is expected to grow at a good pace over the forecast period, owing to which Latin America and MEA can be considered as potential market region for electric vehicle drive motor.
Electric Vehicle Drive Motor Market: Key Participants
Examples of some of the market participants operating in the global electric vehicle drive motor market are Siemens AG, Yaskawa Electric Corporation, Baldor Electric Company Inc., Continental AG, Toshiba Corporation, BYD Company Limited, Hyundai Mobis, and Zhengzhou Yutong Bus Co., Ltd. among others.
The electric vehicle drive motor research report presents a comprehensive assessment of the electric vehicle drive motor market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report on electric vehicle drive motor provides analysis and information according to electric vehicle drive motor market segments such as geographies, application and industry.
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