Global Electric Motors for Electric Vehicle Market: Introduction
In an electric vehicle drive system, an electric motor for electric vehicle converts the stored electrical energy in a battery to mechanical energy. Today, electric mobility on the back of technological improvements are expanding lucrative opportunities for the companies involved in the manufacturing of electric motors for electric vehicles. Electric motors for electric vehicles should have important attributes like simple design, high specific power, low maintenance cost, and robust control.
Importantly, government policies will continue to be the linchpin for electric motors for electric vehicle market over the promising years of the forecast. The rapid domination of electric buses across the world, predominantly in China will spur the sales of electric motors for electric vehicles. Further, in the coming years, fall in the sales of conventional cars owing to long-term advantages associated with electric cars to impact the global electric motors for electric vehicles market substantially.
Global Electric Motors for Electric Vehicle Market: Key Participants
List of some of the prominent market participants in the global electric motors for electric vehicle market discerned across the value chain include:
- ABB Group
- Siemens AG
- Toshiba Corporation
- WEG Industries
- Nidec Corporation
- Continental AG
- Magna International
- TM4 Inc.
- Hitachi Automotive Systems
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast.
Global Electric Motors for Electric Vehicle Market: Regional Outlook
Policies in Europe and China will enhance the adoption of EVs and subsequently, augmenting the hefty growth in the global electric motors for electric vehicles market. Also, the electrification of the transport system in Europe and North America is set to accelerate after 2020, with electric buses leading the way. The sales of electric mirrors for electric vehicles will surge against the backdrop of tumbling battery costs and increasing scale in manufacturing. In Western Europe, the U.K. and Germany are expected to spearhead the electric motors for electric vehicles market on the back of anticipated high sales of electric buses in the region.
Moreover, investments in ASEAN countries to increase the fleet of electric buses and surge in the adoption of electric cars will likely to aid the growth in the global electric motors for electric vehicles market. In the foreseeable future, promising growth is foreseen across the world, with the U.S., China, and Europe being the key regions in the electric motors for electric vehicles market.
Global Electric Motors for Electric Vehicle Market: Segmentation
The global electric motors for electric vehicles market can be segmented on the basis of vehicle type and region
On the basis of vehicle type, the global electric motors for electric vehicles market can be segmented as:
- Passenger Cars
- Luxury Cars
- Compact Cars
- SUV (Sports Utility Vehicle)
- AC Motor
- DC Motor
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Pure Electric Vehicle (PEV)
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