ID: MRFR/AM/3942-HCR | February 2021 | Region: Global | 100 pages
The global Electric Vehicle Motor Market has witnessed significant growth in the forecast period. Further, the global market has predicted to grow higher demand in the upcoming period, which is estimated to register a CAGR of ~20% for the forecast period.
The electric vehicle motor is an electromechanical device extensively used to power up the electric vehicle, which goes through electric energy conversion into mechanical energy.
The global Market has involved various motors such as Induction (Asynchronous) Motor, DC Brushed Motors, Switched Reluctance Motor, DC Brushless Motors, and Synchronous Motor. All these types of motors are extensively used in luxury vehicles by many automotive manufacturers. Moreover, the global market has predicted to witness a significant reduction in motor prices and increase the adoption of high-performance motors in various electric vehicles. Therefore, these kinds of initiative growth enhance the Market Growth for the research period. Among these, D.C. brushed motors are more useful in electric vehicles because of their ability to meet high torque at a very low speed.
The electric vehicle range is highly dependent on electric powertrain control systems, providing support to the global Electric Vehicle Motor Market. Moreover, many government stringent emission norms have been implemented by various countries to reduce global warming by lowering GHG emissions.
Hence, automotive manufacturers are focusing on maintaining stringent emission standards and are developing zero-emission vehicles. As a result, more efficient electric vehicles production has become the center of focus, thriving the growth of the global market and generating the higher Market Share for the forecast period.
COVID-19 Impact Analysis
The staggering and unprecedented COVID-19 has negatively impacted the growth of the global Electric Vehicle Motor Market for the first half of the year 2020. During the global pandemic, the demand for electric motor vehicles has reduced due to the shutdown and lockdown in various regions. The global industry has experienced a significant loss for a specific time. The strict policies imposed by the government have shown negative growth in the industry with the lack of workforce, transportations, and many others.
According to the Electric Vehicle Motor Market report, the global market players have taken safety measures and adopted advanced technologies to grow the Market Share for the assessment period.
Competitive Landscape analysis
According to the Electric Vehicle Motor Market Trends report, the global market is thriving in its overall performance across various regions due to the higher contributions of the key players. These key players are:
All these key players have adopted advanced technologies and innovations to propel the Electric Vehicle Motor Market Growth. Moreover, these market players are applying various strategies to boost up the growth of the global market.
The global Market of Electric Vehicle Motor has various major factors driving the growth of the global market. Among these, improving the electric vehicle driving range increases demand among the population, boosting the Market Growth over the forecast period. Moreover, the introduction of stringent government regulations in various regions can be another growth driving factor of the global market. Along with that, the subsidies for electric vehicle manufacturers and end-users and the introduction of tax incentives are the two major growth drivers of the global Market.
According to the European Climate Foundation report, it has been estimated that through more efficient electric cars and reducing the oil demand, the employment rate will grow by 5 00,000 to 8,50,000 by the end of the year 2030. This can propel the growth of the global Market for the forecast period.
The global Market of Electric Vehicle Motor has more growth opportunities due to the rapid growth in electric vehicle production and sales and growing attention to more efficient production.
The increase in the adoption of high-performance motors in electric vehicles is bringing lucrative opportunities for the global Electric Vehicle Motor Industry market players and manufacturers.
The global Market of Electric Vehicle Motor might experience market restraints due to the high maintenance cost of the electric motors and the high initial cost of the electric motor.
Apart from that, the global key players are working hard to fight with these restraints and enhance the growth of the Electric Vehicle Motor Industry in the upcoming years.
The global Market of Electric Vehicle Motor is estimated to experience major challenges in the rare earth metals procurement form used in synchronous motors permanent magnets, where metals used in motors are subject to export supply risks and restrictions.
Moreover, the global market might experience challenges due to the COVID-19 pandemic, where the market has been affected negatively. The global pandemic has disrupted the sales of the global market. However, the important key players have adopted various strategies and ideas to enhance the forecast period's Market Size.
The global Electric Vehicle Motor Industry report has highlighted that the electric motor vehicle demand is growing across the various regions, thriving the growth of the Electric Vehicle Motor Industry and driving more opportunities for the market key players and manufacturers.
Moreover, the global market has witnessed a higher growth of Electric Vehicle Motor Market Size in the Asia Pacific region for the forecast period. This cumulative growth can bring huge scope to the global market and its manufacturers.
Market Segment Overview
Out of all, the >80 kW segment is predicted to lead the global Market Size during the forecast period.
Based on the motor type segment, the global Market has been classified into D.C. Brushless Motors, DC Brushed Motors, Induction (Asynchronous) Motor, Switched Reluctance Motor, and Synchronous Motor.
Out of all, the D.C. Brushed Motors segment is predicted to lead the growth of the Electric Vehicle Motor Market. This segment has brushes and commutators that offer a link between the armature of the motor and the external supply circuit. These brushes are made of different materials like carbon graphite, carbon, copper, and metal graphite.
Regionally, the global Electric Vehicle Motor Market has been classified into specific regions based on the regional segment such as Europe, Asia Pacific, North America, and the Rest of the World.
Out of all these regions, the Asia Pacific regional market is predicted to generate the highest Market Share for the forecast period due to the presence of original equipment manufacturers in the region and the rapid growth of the electric vehicles in terms of sales and productions in the developing countries like China and Japan.
According to the Electric Vehicle Motor Market Trends report, the global market has witnessed significant growth based on extensive primary research. Moreover, the report is comprised of a detailed analysis of quantitative as well as qualitative aspects. Many perspectives and opinions have been taken from different industry experts, manufacturers, and key leaders to understand the market and industry performance across various world regions. This report has covered the market dynamics, market segments, market overview, and regional analysis to get a deeper insight into the
Further, the global Market of Electric Vehicle Motor Trends report has highlighted the present market scenario comprised of technological advancement, governing factors in the global market, projected market size, and many others. Moreover, the report has covered the competitive landscape analysis of the global market where key players have more opportunities with lots of competition. The report has also explained that the important strategies and information of the industry that many top key players apply.
By Power Rating:
By Motor Type:
|Market Size||2027: Significant Value|
|CAGR||20% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Motor Type, Power Rating|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global electric vehicle motor market is expected to record a substantial market valuation due to the advent of stringent government regulatory norms acorss the globe.
The global electric vehicle motor market is projected to register a moderate 20% CAGR in the forecast period.
The synchronous motor segment is slated to expand as the fastest-growing segment.
The 40 kW-80 kW segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global electric vehicle motor market are Allied Motion Technologies Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), and Siemens AG (Germany), among others.
Majority of the electric cars are utilizing DC motors (4 kW and less power). Induction Motor is an exceptionally well known AC motor. A considerable lot of the advanced power EV (more than 5kW), utilize Induction Motors