Market Research Report
Electric Motors for IC Engine Vehicle Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||907005|
|Published||Content info||146 Pages
Delivery time: 2-3 business days
|Electric Motors for IC Engine Vehicle Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: June 1, 2019||Content info: 146 Pages||
The global electric motors for IC engine vehicle market was valued at USD 20.42 billion in 2018 and is anticipated to register a CAGR of about 4.02% during the forecast period (2019 - 2024).
The global electric motors for IC engine vehicle market have been segmented by vehicle type, motor type, supply type, application type, and geography.
The passenger car dominates the electric motor for IC engine vehicle market over the commercial vehicle, as the buying power of people is growing and they are willing to invest in safety features of the vehicle, which are proportionally driving the electric motor market.
The governments around the world are implementing new regulations regarding enhancing the vehicle performance, passenger safety and vehicle emissions. For instance, The Canadian Automobile Association (CAA) stated that most auto stop/start systems incorporated in Canadian cars require the use of an additional battery pack and a more robust starter motor. The frequent restarts that are typically encountered in city traffic quickly drain a conventional 12-volt battery, which is designed to reduce the rate of frequent starts. Some form of regenerative braking is typically employed in converting braking energy to electricity, which could be stored in the batteries for further usage. Depending on how a vehicle is operated on city or highway, an auto-stop/ start system holds the potential to significantly reduce fuel consumption, in spite of adding weight from a more powerful starter and additional batteries thereby boosting the demand for electric motors. In the light of all these events, the market for the electric motors used in the IC engine vehicle is expected to witness a positive growth with the increase in the number of vehicles on the road globally.
Asia-pacific is registering strong growth in vehicle sales, which makes the region the largest market of electric motor for IC engine vehicles. The region was followed by Europe and North America respectively.
The demand for electric motor in the European region is growing due to the vehicle efficiency and fuel economy regulations implemented by the European Union. For instance, the European Union (EU) adopted minimum efficiency regulations for electric motors in European Commission Regulation No. 640/2009 of 22 July 2009, which implemented Directive 2005/32/EC, with regard to Eco-design requirements for electric motors. The use of electric vehicles is expected to exceed the use of conventional gasoline or diesel engines in the region, which is anticipated to hinder the growth of the market.
The global electric motor for IC Engine Vehicle is a consolidated market, with few major players, such as Nidec Corporation, Denso Corporation, Mitsubishi Electric Corporation, Robert Bosch, and among others. The major players are primarily focusing on, making acquisitions, joint ventures and partnerships, and launching new product lines. For instance,
Others include players, like Continental AG, Magneti Marelli SpA, Mitsuba Corporation, Valeo Group, and many local manufacturers holding a significant share in the global electric motors for IC engine vehicles market. The local manufacturers majorly cater to aftermarket demand, compared to OEM demand.