The global electric motors for electric vehicle market is estimated to account for US$ 5,676.45 Mn in terms of value by the end of 2021. Electric motors are very useful for EVs as they offer high torque even at low speeds. These motors also have a long range of speed control. Using the right torque-to-speed ratio will enable the vehicle to run in an optimal manner. With advanced control schemes, electric motors can be able to provide high torque at low speeds and a constant-power region at high speeds.
Electric motors can be very efficient and compact. Their high torque properties are critical to the efficiency of EVs. Electric motors may be able to rotate up to 18,000 rpm. However, high-torque will lead to fluid foaming and air infiltration, which can damage the motor's components. It is necessary to avoid using lubricants that alter the mechanical properties of the motors.
Global Electric Motors for Electric Vehicle Market: Drivers
Implementation of stringent regulations by governments regarding carbon emission by vehicles is anticipated to propel growth of the global electric motors for electric vehicle market over the forecast period. Governments around the world are enacting stringent norms of fuel economy and emissions. The charging infrastructures are improving due to these regulations, and these factors are leading to rise in adoption electric vehicles around the world. Thus, these factors are expected to drive the market growth in the near future.
Global Electric Motors for Electric Vehicle Market: Opportunities
The global automotive industry is shifting towards electric mobility, which is expected create lucrative environment for growth opportunities in the global electric motors for electric vehicle market over the forecast period. With transition in the automotive industry, the electric vehicle technology is experiencing major changes. The cost of battery has declined and the charging speed of batteries is increasing with increasing technological development in batteries. Governments around the world are supporting promotion of EVs with incentives and tax redemptions. Thus, demand for electric vehicles is increasing and creating growth opportunities for the market.
To know the latest trends and insights prevalent in the Global Electric Motors for Electric Vehicle Market, click the link below:
Global Electric Motors for Electric Vehicle Market: Restraints
Availability of low-cost and –quality electric motors is major factor expected to obstruct growth of the global electric motors for electric vehicle market over the forecast period. In unorganized sector in electric motor market, low cost alternatives are utilized for tapping the local markets. Domestic manufacturers of electric motors are targeting unorganized sector competing with global suppliers in these markets, this is further creating a strong competition among major market players, which is creating challenges in the market growth.
Global Electric Motors for Electric Vehicle Market - Impact of Coronavirus (Covid-19) Pandemic
The global economies were disrupted due to the COVID-19 outbreak in Wuhan, China. The virus outbreak spread across more than 200 countries around the world, leading to implementation of lockdowns in various regions. During the lockdown period, several industrial operations were disrupted. Manufacturing plants were shut down temporarily, due to which production and demand was disrupted in the automotive industry. The sales of electronic vehicles significantly declined all over the world, which adversely impacted growth of the global electric motors for electric vehicle market during the COVID-19 epidemic. However, the market is likely to retain growth as the pandemic situation is resolved in many regions.
Key Takeaways:
The global electric motors for electric vehicle market was valued at US$ 5,676.45 Mn in 2021 and is forecast to reach a value of US$ 14,302.27 Mn by 2028 at a CAGR of 20.3% between 2022 and 2028.
Hybrid Electric Vehicle (HEV) segment held dominant position in the global electric motors for electric vehicle market in 2021, accounting for 50.8 % share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Electric Motors for Electric Vehicle Market Trends:
Governments around the world are implementing stringent safety regulations, which is expected to fuel growth of the global electric motors for electric vehicle market over the forecast period. The safety regulations announced by governments regarding installation of airbags, anti-lock breaking systems and power window is positively impacting the automotive industry. The sales of electric motors is increasing as OEMs are offering key-less entry as well as anti-lock braking systems following safety standards set by government for improving safety measures. This trend is expected to continue in the market and support its growth during the forecast period.
Growing demand for various electric vehicles globally is a growing trend in the global electric motors for electric vehicle market. Due to growing popularity of expansion of electric cars portfolio, the electric vehicle engines are witnessing strong growth. The range of electric vehicles is strongly influenced by the EV’s powertrain control frameworks. Thus, with availability of various types of electric vehicles, the demand for EVs is growing all over the world, and is further driving the market growth.
Global Electric Motors for Electric Vehicle Market: Competitive Landscape
BYD Co. Ltd, Aisin Seiki Co. Ltd., Toshiba Corporation, Toyota Motor Corporation, Tesla Inc., Hitachi Automotive Systems Ltd, Nissan Motor Co. Ltd, DENSO Corporation, BMW AG, Honda Motor Company Ltd, Robert Bosch GmbH, Mitsubishi Electric Corp., and Magna International Inc.
