Electric Vehicle Motor Market Analysis From 2018 To 2023. Global Electric Vehicle Motor Market Information By Motor Type (DC Brushed Motors, DC Brushless Motors, Induction (Asynchronous) Motor, Synchronous Motor And Switched Reluctance Motor), Power Rating (80 Kw) And Region - Forecast To 2023

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Global Electric Vehicle Motor Market Highlights:

The global electric vehicle motor market has seen a remarkable growth in the global market and it has been observed that, its demand in future is expected to grow with the CAGR of 20%. The electric motor facilitates the conversion of electrical energy into mechanical energy for propulsion of the vehicle, with the objective to enable regenerative braking or charging energies to generate electricity stored on board.

The prominent players in the electric vehicle motor market include Continental AG (Germany), Hitachi Automotive Systems, Ltd. (Japan), Tesla, Inc. (U.S.), BYD Auto Co., Ltd. (China), Denso Corporation (Japan), Metric Mind Corporation (U.S.), Mitsubishi Electric Corporation (Japan), Allied Motion Technologies Inc. (U.S.), Robert Bosch GmbH (Germany) and Siemens AG (Germany).

The major factor driving the growth of the electric vehicle motor is the increase in demand for improving the driving range of electric vehicles, which is in turn has a positive impact on the growth of the market over the forecast period. The range of the electric vehicle is majorly dependent on the electric powertrain control systems. Another major driver for the growth of the market is the introduction of stringent government regulations. Globally, many countries have implemented stringent emission norms for lowering GHG emissions for reducing the causes of global warming. Therefore, it mandates the automotive manufactures to develop zero emission vehicles for meeting the more stringent emission standards. These regulations have led to an increased focus on production of more efficient electric vehicles, thereby driving the market growth during the forecast period. The other factors driving the growth of the market are introduction of tax incentives, and subsidies for EV manufacturers and end-users.

Geographically, the global electric vehicle motor market has been divided into four major regions of North America, Europe, Asia Pacific and Rest of the World. Asia Pacific region is expected to contribute the highest to the electric car motor market. The rapid increase in production and sales of electric vehicles in countries such as Japan and China and the presence of original equipment manufacturers, will boost the growth of the Asia Pacific market.

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