Market Research Report
Electric Motors for Electric Vehicle Market - Growth, Trends, and Forecast (2019 - 2024)
|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 (2019 - 2024)|
|Published: May 1, 2019||Content info: 126 Pages||
The global electric motors for electric vehicle market is expected to register a CAGR of 15.43%, during the forecast period, 2019-2024.
Electric motors which are primarily used for propulsion/traction of the electric vehicles have been considered as the scope of the market.
The electric motors for electric vehicle market study have been segmented by application, motor type, and vehicle type.
AC Motors to Witness Growth
With the advent of incorporating less expensive electronics, a large number of electric vehicles in the market have been using AC motor, 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 have benefits of brushless DC motors as well.
Owing to the above features, some of the major companies continue to focus on producing more AC Motors for electric vehicles are Bosch, Delphi, Denso, Continental, etc.
Asia-Pacific continues to dominate the Global Market
Across the regions, Asia-Pacific has been predominantly capturing the largest share in the market, owing to their highest EV sales, majorly from China. China has been consistently taking aggressive steps to tackle the issue of environmental pollution, which in turn has resulted in the high adoption rate of electric vehicles in its transportation sector. China is the largest market for electric cars and buses across the globe, registering more than 1.3 million vehicles in 2018. Further, in 2017, the City of Beijing announced plans to transform its entire taxi fleet to electric propulsion.
Owing to the above trend, major automotive companies has been planning to invest in the Chinese market to take advantage of the strong demand for electric vehicles. Nissan, BYD, Honda, and Toyota motor have all announced their investment plans in the Chinese market, which is expected to collectively sum up to USD 50 billion.
The major players in the electric motor for electric vehicle market, such as Aisin Seiki Co. Ltd, Toyota, Nissan, and Honda, covered more than 40% of the market share in 2018. Other players, such as Denso Corporation, Aptiv PLC (Formerly Delphi Automotive PLC), Magna International Inc., and Meidensha Corporation, are competing closely to increase their market share at the global level.