Electric Vehicle Motor Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Vehicle Motor Market Research Report, Motor Type, Power Rating and Region - Forecast till 2027” the market to grow at a CAGR of 20% from 2020 to 2027 (forecast period).
Multiple Factors to Boost Market Growth
The increase in demand for expanding the driving range of electric vehicles is the primary driver driving the growth of the electric vehicle motor, which has a favorable impact on the market's growth throughout the forecast period. The range of an electric vehicle is heavily reliant on the control systems of the electric powertrain. Another important driver of market expansion is the implementation of severe government regulations. Many countries throughout the world have set rigorous emission standards to reduce GHG emissions and mitigate the causes of global warming. As a result, it requires automakers to produce zero-emission vehicles in order to meet more stricter emission rules. These rules have resulted in a greater emphasis on the manufacturing of more efficient electric vehicles, which will drive market expansion throughout the projection period. Other factors driving market expansion include the implementation of tax breaks and subsidies for EV manufacturers and end users.
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Key Players
Notable players in the global electric vehicle motor market profiled are –
- Continental AG (Germany)
- Hitachi Automotive Systems Ltd. (Japan)
- Tesla Inc. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- BYD Auto Co. Ltd. (China)
- Denso Corporation (Japan)
- Metric Mind Corporation (U.S.)
- Allied Motion Technologies Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- Siemens AG (Germany).
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Market Segmentation
The global electric vehicle motor industry has been segmented into power rating and motor type.
Based on power rating, the global electric vehicle motor market has been segmented into <40 Kw, 40 Kw-80 Kw, and >80 Kw. The >80 kW power rating segment is predicted to dominate the electric vehicle motors market by the end of the forecast period. Automobile manufacturers mostly employ these types of motors in luxury vehicles. It is also predicted that the price of the motor would fall significantly over the projection period. This, in turn, will enhance the adoption of high-performance motors in electric vehicles, propelling market expansion.
Based on motor type, the electric vehicle motor vehicle motor market has been segmented into DC Brushed Motors, DC Brushless Motors, Induction (Asynchronous) Motor, Synchronous Motor, and Switched Reluctance Motor. Among them, DC Brushed Motors are likely to dominate market growth. Brushes and commutators in a DC brushed motor to offer a link between the external supply circuit and the motor's armature. Carbon, copper, carbon graphite, and metal graphite are all materials that can be used to make brushes. DC brushed motors have the capacity to produce great torque at low speeds, making them ideal for usage in electric vehicles.
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Regional Analysis
APAC to Dominate the Global Market
The Asia Pacific region is predicted to provide the greatest contribution to the electric vehicle motor industry. The rapid expansion in production and sales of electric vehicles in countries such as Japan and China, as well as the presence of original equipment manufacturers, will drive the Asia Pacific market forward. Due to increased EV sales, particularly in China, Asia Pacific has captured the highest share of the electric motor market for electric vehicles. China is the world's top manufacturer and buyer of electric vehicles. National sales targets, favorable laws, and municipal air-quality targets all help to sustain domestic demand. China, for example, has set a quota on manufacturers of electric or hybrid vehicles, which must account for at least 10% of total new sales. In addition, in order to encourage people to switch to electric vehicles, the city of Beijing only gives 10,000 permits for the registration of combustion engine vehicles per month. As the market for electric vehicles grows, the demand for electric motors is expected to rise over the forecast period, as the majority of OEMs launch, form partnerships with electric vehicle manufacturers, form joint ventures, and so on.
Segmentation of Market covered in the research:
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 (<40 Kw, 40 Kw-80 Kw And >80 Kw) And By Region - Forecast To 2027
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
