(COVID-19 UPDATE) Electric Motors for Electric Vehicle Market 2020 | Enhancement and Growth Factor Detailed For Business Development- Hitachi Automotive Systems, Mitsubishi Electric, Baldor Electric, Bosch, Denso, Emerson Electric
The electric motors for electric vehicle market is expected to register a CAGR of over 15%, during the forecast period (2020 - 2025).
An electric motor is an electrical machine that converts electrical energy into mechanical energy.
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.
Market By Top Leading Players-
Hitachi Automotive Systems, Mitsubishi Electric, Baldor Electric, Bosch, Denso, Emerson Electric, Continental, Siemens, Toshiba, Magna, Gkn Driveline, Aisin Aw, Yasakawa Electric
Segment by Type
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Pure Electric Vehicle (PEV)
Segment by Application
News and Updates:
Feb. 7th 2017 Honda is setting up a new company to produce electric vehicle motors with Hitachi
FEB 07, 2017 Honda, Hitachi Agree to Develop Motors for EVs
24 Oct 2019 Hitachi showcases EV motors at Tokyo Motor Show
TOKYO, December 24, 2019 Mitsubishi Electric to Launch SLIMDIP-W
October 24, 2019 Mitsubishi Mi-Tech small plug-in SUV concept takes an adventurous direction
December 13, 2019 Mitsubishi to reuse EV batteries to power its electric vehicle manufacturing plant
Key Market Trends:
AC Motors to Witness Growth
With the advent of incorporating less expensive electronics, a large number of electric vehicles in the market have been using AC motor, due to their improved efficiency and lightweight. Additionally, AC motors are robust and inexpensive when compared to DC motors. Thus, automakers have been widely adopting synchronous AC motors and induction motors, which have benefits of brushless DC motors as well.
Asia-Pacific continues to dominate the Global Market
Across the regions, Asia-Pacific has been predominantly capturing the largest share in the market, owing to their highest EV sales, majorly from China. China has been consistently taking aggressive steps to tackle the issue of environmental pollution, which in turn has resulted in the high adoption rate of electric vehicles in its transportation sector. China is the largest market for electric cars and buses across the globe, registering more than 1.3 million vehicles in 2018. Further, in 2017, the City of Beijing announced plans to transform its entire taxi fleet to electric propulsion.
Owing to the above trend, major automotive companies has been planning to invest in the Chinese market to take advantage of the strong demand for electric vehicles. Nissan, BYD, Honda, and Toyota motor have all announced their investment plans in the Chinese market, which is expected to collectively sum up to USD 50 billion.
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In 2019, major players, such as Aisin Seiki Co. Ltd, Toyota Motor Corporation, Nissan Motor Co Ltd, and Honda Motor Company Ltd, had more than 40% of share in the electric motors for electric vehicle market. Other players, such as DENSO Corporation, Aptiv PLC (formerly known as Delphi Automotive PLC), Magna International Inc., and Meidensha Corporation, are competing closely to increase their shares in the market.
Key Takeaways from this Report
Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
Get in-depth insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
Analyze the sales and distribution channels across key geographies to improve top-line revenues.
Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
Get a quick outlook on the market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countriesGlobally for the market.
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Irfan Tamboli (Head of Sales) - Market Insights Reports
Phone: + 1704 266 3234
MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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