A new report published by Transparency Market Research anticipates that the rise in electrification of vehicles and mandatory usage of safety technologies such as electronic stability control and antilock braking systems in passenger cars in developed regions such as Europe and North America will help the regions dominate the global automotive induction motors market.
In terms of electric vehicle, the automotive induction motors market is segregated into battery electric vehicles and two more segments. Among these, the battery electric vehicles segment is expected to drive the demand for induction motors. Rising concerns about the environment have made people to look for better alternatives such as electric vehicles. This is projected to fuel the battery electric vehicles segment in the near future. In terms of sales channel, the automotive induction motors market is classified into OEM and aftermarket. The OEM segment is expected to expand significantly during the forecast period, owing to the longer life span and lower maintenance of automotive induction motors compared to other DC motors.
In terms of regional perspective, the global automotive induction motors market is segmented into Latin America, North America, Europe, Asia Pacific, and Middle East & Africa. According to the report, Europe dominates the global automotive induction motors market, followed by North America and Asia Pacific. Countries in Europe such as the Netherlands, Norway, France, and Ireland are witnessing high adoption of electric vehicles. As per the report, increasing production of electric vehicles in Europe is expected to drive the market for automotive induction motors in the region from 2018 to 2026. Key players operating in the global automotive induction motors market included in this report are WEG Electric Corp., ABB Ltd., Emerson Electric Co., Nidec Motor Corporation, and Siemens AG.
To know more about each segment of the automotive induction motors market and the overall market outlook, click here.
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