Electric vehicle motor converts electric energy to mechanical energy for propulsion of the vehicle. The high performance demand of consumers and disassociation towards fuel-driven vehicles can drive the production of EV motors. Market Research Future (MRFR) has published a new report on the global electric vehicle motor focusing on electrification of vehicles and changing tastes of customers. It highlights drivers, trends, and challenges for the period of 2018 to 2023 (forecast period), while keeping in mind the COVID-19 pandemic.
The global electric vehicle motor market demand is expected to grow at a CAGR of 20% over the forecast period. Efforts in electrification of vehicles and focus to drive the performance of electric vehicles can drive market demand over the forecast period. Focus on regenerative braking in which motors act as generators for charging the battery of the vehicle can bode well for the market. Furthermore, development of hybrid vehicles can drive the demand of EV motors that focus on cooling performance, torque, and speed.
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Investments in EV charging infrastructure for improving the transportation modes in cities can bode well for the market. Sustainability goals by countries and setup of private and public charging utilities can fuel the market growth. Recently, Tesla developed 62 EV charging stations in 2018 in Canada. Increased sales of hybrid vehicles and inclination by consumers towards electric vehicles will influence the industry till 2023.
Based on power rating, the global market has been segmented as <40 Kw, 40 Kw-80 Kw, and >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 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 into 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 graphite, carbon, copper, 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. But its high maintenance can hamper the segment demand in the forthcoming period. On the other hand, induction motors use electricity to generate magnetic currents and fuel the vehicle. An instance of its use is the Chevrolet Bolt.
Asia Pacific 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. Subsidies offered by the government for encouraging adoption of electric vehicles can expand the scope of the market in the region.
Denso Corporation, Siemens AG, Tesla, Inc., Mitsubishi Electric Corporation, Metric Mind Corporation, BYD Auto Co., Ltd., Hitachi Automotive Systems, Ltd., Allied Motion Technologies Inc., Continental AG, and Robert Bosch GmbH are key players of the global electric vehicle motor market.
Key Questions Addressed by the Report
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.2 RESEARCH OBJECTIVE
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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