Market Research Report
Electric Motors for Electric Vehicle Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||612954|
|Published||Content info||126 Pages
Delivery time: 2-3 business days
|Electric Motors for Electric Vehicle Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 126 Pages||
The electric motors for electric vehicle market is expected to register a CAGR of over 15%, during the forecast period (2020 - 2025).
AC Motors to Witness Growth
A large number of electric vehicles in the market have been using AC motors, due to their improved efficiency and lightweight. Additionally, AC motors are robust and inexpensive, when compared to DC motors. Thus, automakers have been widely adopting synchronous AC motors and induction motors, which offer the benefits of brushless DC motors as well.
Owing to the aforementioned features, some of the major companies, such as Bosch, Delphi, Denso, Continental, etc., continue to focus on producing more AC motors for electric vehicles.
Asia-Pacific Continues to Dominate the Electric Motors for Electric Vehicle Market
Globally, Asia-Pacific has been capturing the largest share in the electric motors for electric vehicle market, owing to high EV sales, majorly from China. China has been consistently taking aggressive steps to tackle the issue of environmental pollution, which in turn, have resulted in the high adoption rate of electric vehicles in its transportation sector. China is the largest market for electric cars across the world, and registered sales of more than 1.26 million vehicles in 2019. Furthermore, in 2017, the Beijing announced plans to transform its entire taxi fleet to that of electric propulsion.
Owing to the aforementioned trend, major automotive companies have been planning to invest in the Chinese market, in order to take advantage of the strong demand for electric vehicles. Nissan, BYD, Honda, and Toyota Motor Corporation have announced their investment plans in the Chinese market, which are expected to collectively sum up to USD 50 billion.
In 2019, major players, such as Aisin Seiki Co. Ltd, Toyota Motor Corporation, Nissan Motor Co Ltd, and Honda Motor Company Ltd, had more than 40% of share in the electric motors for electric vehicle market. Other players, such as DENSO Corporation, Aptiv PLC (formerly known as Delphi Automotive PLC), Magna International Inc., and Meidensha Corporation, are competing closely to increase their shares in the market.