Global Electric Vehicle Motor Market Analysis 2018 Forecasts to 2023

Electric Vehicle Motor Market 2018

Global Electric Vehicle Motor Market Information Report By Motor Type (DC Brushed Motors, DC Brushless Motors, Induction (Asynchronous) Motor, Synchronous Motor And Switched Reluctance Motor), By Power Rating (80 Kw) And By Region - Forecast To 2023

Market Synopsis:

The electric motor facilitates the conversion of electrical energy into mechanical energy for propulsion of the vehicle, with the objective to enable regenerative braking or charging energies to generate electricity stored on board.

The major factor driving the growth of the electric vehicle motor is the increase in demand for improving the driving range of electric vehicles, which is in turn has a positive impact on the growth of the market over the forecast period. The range of the electric vehicle is majorly dependent on the electric powertrain control systems. Another major driver for the growth of the market is the introduction of stringent government regulations. Globally, many countries have implemented stringent emission norms for lowering GHG emissions for reducing the causes of global warming. Therefore, it mandates the automotive manufactures to develop zero emission vehicles for meeting the more stringent emission standards. These regulations have led to an increased focus on production of more efficient electric vehicles, thereby driving the market growth during the forecast period. The other factors driving the growth of the market are introduction of tax incentives, and subsidies for EV manufacturers and end-users.

The global electric vehicle motor market has seen a remarkable growth in the global market and it has been observed that, its demand in future is expected to grow with the CAGR of ~20%.

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Based on power rating, the global market has been segmented as 80 Kw. Amongst all types of power rating, the >80 kW segment is expected to dominate the electric vehicle motors market by the end of forecast period. These types of motors are majorly used by the automotive manufacturers in luxury vehicles. It has also been forecast that over the forecast period there would be a significant reduction in prices of the motor. This will, in turn, increase the adoption of high-performance motors in electric vehicles, thereby propelling the growth of the market.

Based on motor type, the electric vehicle motor market has been segmented as DC Brushed Motors, DC Brushless Motors, Induction (Asynchronous) Motor, Synchronous Motor and Switched Reluctance Motor. Amongst these, DC Brushed Motors is expected to dominate the growth of the market. In DC brushed motor, brushes along with commutators provide a link between external supply circuit and armature of the motor. Brushes can be made up of various materials such as carbon, copper, carbon graphite and metal graphite. DC brushed motors possess the ability to achieve high torque at low speeds, which makes them suitable for use in electric vehicles.

Geographically, the global electric vehicle motor market has been divided into four major regions of North America, Europe, Asia Pacific and Rest of the World. Asia Pacific region is expected to contribute the highest to the electric car motor market. The rapid increase in production and sales of electric vehicles in countries such as Japan and China and the presence of original equipment manufacturers, will boost the growth of the Asia Pacific market.

The prominent players in the electric vehicle motor market include Continental AG (Germany), Hitachi Automotive Systems, Ltd. (Japan), Tesla, Inc. (U.S.), BYD Auto Co., Ltd. (China), Denso Corporation (Japan), Metric Mind Corporation (U.S.), Mitsubishi Electric Corporation (Japan), Allied Motion Technologies Inc. (U.S.), Robert Bosch GmbH (Germany) and Siemens AG (Germany).

The report for Global Electric Vehicle Motor Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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This release was published on openPR.