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Impact Analysis of COVID-19 on Electric Vehicle Motor Market | Research Report, Global Analysis, Opportunities and Forecast till 2023
Electric Vehicle Motor Market
The electric motor helps to convert electrical energy into mechanical energy for propulsion of the vehicle, with the objective of enabling regenerative braking or charging energies to generate electricity stored on board. Market Research Future (MRFR) has published a research report about the global Electric Vehicle Motor Market that anticipates hike for this market at 20% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
The key factor driving the global Electric Vehicle Motor Market growth is the increase in demand for improving the driving range of electric vehicles because the range of the electric vehicle heavily depends on the electric powertrain control systems. Other factors contributing to the market growth include government regulations to reduce carbon emissions, the introduction of tax incentives, and government subsidies for electric vehicles (EV) manufacturers and end users in order to encourage the use of EV.
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The global Electric Vehicle Motor Market has been segmented on the basis of motor type, power rating, and lastly, region. By motor type, this market has been segmented into Direct Current (DC) brushed motors, DC brushless motors, induction (asynchronous) motor, switched reluctance motor, and synchronous motor. Based on power rating, the market has been segmented into below 40 Kilo Watt (KW), 40 KW-80 KW, and above 80 KW.
The regional segmentation of the global Electric Vehicle Motor Market can segment the market into the regional markets known as North America, Europe, Asia Pacific, and rest of the world (RoW). During the forecast period, the Asia Pacific market is expected to generate the highest revenue compared to other regional markets due to the rapid increase in production and sales of electric vehicles in countries China and Japan. The presence of many original equipment manufacturers (OEMs) is also boosting the market growth. Another important country-specific market is in India, followed by the remaining countries of the Asia Pacific region.
North America is another important regional market due to the high disposable income of end users, established automotive industry, government regulations to regulate carbon emissions, large customer base, and the presence of many key market players in this region. Essential country-specific markets in this region are Canada and the United States of America (USA).
Europe is a powerful regional market due to the high density of population, government regulations to regulate carbon emissions and the presence of many key market players. The crucial country-specific markets in this region are France, Germany, Italy, and the United Kingdom (UK), followed by the remaining countries of Europe.
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Key Players
The key players in the global Electric Vehicle Motor Market include Allied Motion Technologies Inc. (USA), BYD Auto Co. Ltd. (China), Continental AG (Germany), Denso Corporation (Japan), Hitachi Automotive Systems Ltd. (Japan), Metric Mind Corporation (USA), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), and Tesla Inc. (USA).
Latest Industry News
Japanese precision motor maker company Nidec will expand a Chinese site still under construction in order to double capacity for electric vehicle motors due to Beijing's stronger environmental regulations. 15 FEB 2019
Electric car startup Rivian has secured the US $ 700 mn in funding from an Amazon-led group of investors. The cash injection will help the Rivian to expand its operations and bring its electric UTE and SUV to market by 2020. 18 FEB 2019
YASA, the world’s leading manufacturer of axial-flux electric motors and controllers, has signed a long-term joint innovation agreement with a global automotive OEM. The partnership as per this agreement will focus on developing custom electric motor as well as controller solutions for the OEM’s high-performance hybrid and pure electric vehicles. 18 FEB 2019
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