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(Transportation-News.com, March 30, 2020 ) Market Overview
• Global Automotive electric Motors for ev Market is expected to grow at a CAGR of 22.5 % during the forecast period (2019-2026). Due to the rising demand for Electric Vehicles all around the world will drive the future growth of the global automotive electric motor for the EV market.
• An electric motor is an electrical machine that converts electrical energy into mechanical energy. Most electric motors operate through the interaction between the motor's magnetic field and electric current in a wire winding to generate force in the form of rotation of a shaft. Electric motors can be powered by direct current (DC) sources, such as from batteries, motor vehicles or rectifiers, or by alternating current (AC) sources, such as a power grid, inverters or electrical generators. The motors are finding their application in the automotive sector to due to the Electric Vehicle rise, and they require motors for driving using battery.
• The report covers all the major trends and drivers playing a key role in the growth of the Automotive Electric Motors for EV market.
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Market Dynamics
• The global Automotive Electric Motors for EV is primarily driven by rise in demand for vehicles running on alternative fuels such as EVs coupled with introduction of regulation pertaining to reducing carbon footprint and global warning will fuel growth in the global automotive electric motor for EV market during the forecast period.
• According to International Energy Agency (IEA), in 2017, more than one Billion EVs were sold globally, with countries like Norway, China, and the US dominating the global EVs market in terms of market share.
• With the stringent government rules and regulations with respect to vehicular emission will also boost the market for the Electric Vehicle market all around the world, which will further increase the market for the electric motors for the production of Electric Vehicles.
• For Instance, Norway has become the world’s EV capital, thanks to generous purchase subsidies and other incentives. EVs are exempt from acquisition tax and from the country’s 25 percent value-added tax. They also enjoy privileged status on the roads, with exemptions from tolls, free ferry rides and, in some cities, free parking. Last year, pure electric cars accounted for over 20% of new registrations.
• However, the shortage of EV charging stations has been hindering the adoption of these vehicles, which in turn, is expected to restrict the usage of electric motors for electric vehicles.
Market Segmentation
• By Vehicle type, the global Automotive Electric Motors for EV market is segmented into Pure Electric Vehicles (PEV), Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV). In 2018, Plug-In Hybrid Electric Vehicles (PHEV) dominated the global Automotive Electric Motors for EV market and is expected to retain its dominance in the forecasted period, mainly due to major competitors in the market are launching PHEV with the environmental safety factors as well as features like external power source can be used for charging the cars’ battery. Unlike HEVs and PHEVs, BEVs does not have petrol engine, fuel tank or exhaust pipe and are fully electric vehicles with batteries which can be charged via charging stations and power outlet.
• For instance, in February 2019, Audi has announced that they will release a whole new range of PHEVs based on existing cars at the upcoming Geneva Motor Show. The launch will be limited to Audi A8, A7 Sportback, A6 and Q5 models only. All of which will get two variant options, with variations to the performance and the equipment. Driving range from Audi’s 14.1 KwH battery rated to 385 Volts is expected to be 40 kms according to the more stringent WLTP cycle.
• By Motor, the global Automotive Electric Motors for EV market is segmented into AC Motor and DC Motor. DC Motor has the dominant position in the Automotive Electric Motors for EV market due to following advantages higher speed ranges, noiseless operation, faster dynamic response, better speed versus torque characteristics and others. However, AC motor market will be rising with double digit growth rate due the reason that AC electric car motors generate favorable torque, thus helping the transmission to last longer and have low cost than DC motor with permanent magnet.
Geographical Analysis
• By geography, the global Automotive Electric Motors for EV market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and Middle East and Africa (MEA).
• Europe holds the largest market share for Automotive Electric Motors for EV due to Several laws and regulations have been enacted by countries to monitor vehicular emission. Many countries have adopted previous versions of European or United Nations Economic Commission for Europe (“UN-ECE”) mobile source emission regulations. Some countries have adopted more advanced regulations based on the most recent version of the European regulations. BEVs and PHEVs are primarily powered by batteries. Various countries are taking initiatives in direction of lowering global warming. And with continuous rise in infrastructure for charging stations for EV in Europe will also boost the market for the forecast period.
• Europe is ahead of its stated policy goal of one charging station per 10 electric vehicles, but the number of charging points will have to rise quickly to keep up with an EV fleet that BloombergNEF projects to reach more than 30 million by 2030. The continent will add its 200,000th point this year, and the number of EVs is expected to reach 2 million next year. Germany, the Netherlands, France and the U.K. lead in EV infrastructure, accounting for 66 percent of charging points and 60 percent of the increase in stations since 2014.
• North America is after Europe in terms of market share of Automotive Electric Motors for EV due to the rise in awareness among the people in the region for the environmental safety and also the stringent regulation by the government will grow market for EVs, hence boosting the market for the Electric motors for EV.
Competitive Analysis
• Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Automotive Electric Motors for EV is a competitive market with the presence of various global and regional players in the market.
• The major players Denso, Mitsubishi Electric, Emerson Electric Company, Baldor Electric Company, and Hitachi Automotive Systems. Other key players in the market include Siemens Ag, Yasakawa Electric, Robert Bosch Gmbh, Toshiba Corporation, and Magna International.
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