Market Research Report
Research Report on China's New Energy Vehicle Drive Motor Industry, 2020-2024
|Research Report on China's New Energy Vehicle Drive Motor Industry, 2020-2024|
Published: October 20, 2020
China Research and Intelligence
Content info: 50 Pages
Delivery time: 1-2 business days
With government support and technological progress, the global electric vehicle market is developing rapidly. The production volume of global electric vehicle increased rapidly from only 68,000 units in 2011 to 2.19 million units in 2019, the CAGR was 54.4% in 2011 to 2019. The performance of the US, European and Chinese markets is excellent. With the rapid development of the global electric vehicle industry, the new energy vehicle's drive motor industry is also growing rapidly.
As one of the three core components of the new energy vehicle, the drive motor is mainly composed of the stator, the rotor, the housing, the connector, the resolver, etc. The drive motor and the controller constitute the core system of the new energy vehicle, i.e. the drive motor system, whose performance determines the main performance indicators such as a vehicle's climbing performance, acceleration, and maximum speed. At present, the driving motors used in new energy vehicles mainly include DC motors, AC motors and switched reluctance motors. Permanent magnet synchronous motors take up the largest share of the Chinese motor market, followed by AC asynchronous motors.
In recent years, the Chinese government is vigorously advocating and has introduced a series of policies for the development of new energy vehicles, which booms the new energy vehicle industry. According to CRI's research, from 2015 to 2019, the production and sales volume of new energy vehicles (electric vehicles) in China ranked the first in the world for five consecutive years. As a result, the production volume of China's new energy vehicle drive motors was only 72,000 in 2014 and increased to 1.33 million in 2018, with a CAGR of 107% from 2014 to 2018. In 2019, due to the decline in the production and sales of new energy vehicles in China, the production volume of new energy vehicle drive motors also dropped to 1.24 million.
The unprecedented market prospect has led to a sharp increase in the number of industry participants and increasingly fierce market competition. The electric vehicle drive motor manufacturers in China mainly include the enterprises that have experience in the manufacture of traditional automobiles and auto parts, for example, BYD and BAIC Group; the enterprises that have experience in the manufacture of motors for other sectors, for example, Zhongshan Broad-Ocean Motor Co., Ltd. And Jiangxi Special Electric Motor Co., Ltd.; and the motor enterprises established for new energy vehicles, for example, Shenzhen Greatland Electrics Inc. and Shanghai Dajun Technologies Inc. The costs of driving motors account for a high proportion.
The development of new energy vehicles (electric vehicles) is the fundamental solution to reducing environmental pollution and the reliance on fossil fuels.
According to CRI's research, due to the adverse effects of the COVID-19 epidemic, global sales volume of new energy vehicles will likely decline from 2020 to 2021, but they will start to grow again in 2022. From 2022 to 2024, the global and Chinese electric vehicle production will continue to rise rapidly, thus creating a broad market for the drive motor industry.
The trend of China's new energy vehicle market is basically the same as that of the global market. It will decline from 2020 to 2021 but will start to grow again in 2020. For manufacturers of new energy vehicle drive motors, the market growth rate will be low or even slightly decreased from 2020 to 2021, but it will grow rapidly from 2022.