Electric Vehicle Motor Market Share, Size, Trends, Business Strategy, Growth Forecast Till 2027
Electric Vehicle Motor Industry Overview:
The electric motor helps to convert electrical energy into mechanical energy for propulsion of the vehicle, with the objective of enabling regenerative braking or charging energies to generate electricity stored on board. Market Research Future (MRFR) has published a research report about the global electric vehicle motor market that anticipates hike for this market at 20% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
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The key factor driving the global electric vehicle motor market growth is the increase in demand for improving the driving range of electric vehicles because the range of the electric vehicle heavily depends on the electric powertrain control systems. Other factors contributing to the market growth include government regulations to reduce carbon emissions, the introduction of tax incentives, and government subsidies for electric vehicles (EV) manufacturers and end users in order to encourage the use of EV.
The global electric vehicle motor market has been segmented on the basis of motor type, power rating, and lastly, region. By motor type, this market has been segmented into Direct Current (DC) brushed motors, DC brushless motors, induction (asynchronous) motor, switched reluctance motor, and synchronous motor. Based on power rating, the market has been segmented into below 40 Kilo Watt (KW), 40 KW-80 KW, and above 80 KW.
The regional segmentation of the global electric vehicle motor market can segment the market into the regional markets known as North America, Europe, Asia Pacific, and rest of the world (RoW). During the forecast period, the Asia Pacific market is expected to generate the highest revenue compared to other regional markets due to the rapid increase in production and sales of electric vehicles in countries China and Japan. The presence of many original equipment manufacturers (OEMs) is also boosting the market growth. Another important country-specific market is in India, followed by the remaining countries of the Asia Pacific region.
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North America is another important regional market due to the high disposable income of end users, established automotive industry, government regulations to regulate carbon emissions, large customer base, and the presence of many key market players in this region. Essential country-specific markets in this region are Canada and the United States of America (USA).
Europe is a powerful regional market due to the high density of population, government regulations to regulate carbon emissions and the presence of many key market players. The crucial country-specific markets in this region are France, Germany, Italy, and the United Kingdom (UK), followed by the remaining countries of Europe.
The key players in the global electric vehicle motor market share include Allied Motion Technologies Inc. (USA), BYD Auto Co. Ltd. (China), Continental AG (Germany), Denso Corporation (Japan), Hitachi Automotive Systems Ltd. (Japan), Metric Mind Corporation (USA), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), and Tesla Inc. (USA).
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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