Auto electric motors are integrated components used in cars that use the electro-magnetic induction principle to transform electrical energy into mechanical energy. Certain advantages are offered by the electric motors integrated into automobiles, including extended lifespan, little maintenance due to varying voltages, and reduced energy usage. Electric motors are more suited for usage in cars since they can be integrated with gears and controls. These motors improve the efficiency and performance of electric cars by acting as their main source of propulsion. A variety of motor types, such as Induction Motors and Permanent Magnet Synchronous Motors (PMSMs), which are all intended to improve EV efficiency and increase driving range, are among the key features.
Global Electric Vehicle Motor Market Driving Factors and Challenges
With growing awareness of the negative effects of greenhouse gas emissions from regular automobiles, there is an increasing global interest in electric vehicles (EVs) that emit no direct emissions. Furthermore, in an effort to reduce air pollution and satisfy emission standards, governments throughout the world are encouraging the adoption of EVs through a range of advantageous incentives, including grants, tax breaks, and subsidies. The market is growing as a result of significant expenditures made to expand the infrastructure for charging in order to reduce range anxiety. The decreasing cost of lithium-ion batteries and improvements in battery technology are making EVs a more attractive mode of transportation. As a result of advancements in manufacturing techniques, electric motors have become smaller and lighter, allowing interior designers to build more functional and roomy spaces. Additionally, the industry is expanding because to the growing demand for luxury and high-performance automobiles.
The main factor limiting the growth of the global electric vehicle motor market is the cost of electric vehicles, which is partly caused by the need for battery replacement. The introduction of newer technologies and Internet of Things (IoT) connected cars further increase the demand on batteries and are expected to deplete them sooner, which is projected to result in higher battery costs. Despite advancements, problems with energy density, charging time, and overall longevity continue to impact the appeal and performance of electric cars, which in turn affects the market need for electric motors. Batteries and electric motor weight may have an effect on a vehicle's overall efficiency and performance. It is still challenging to strike a compromise between the demand for larger batteries and issues about vehicle weight.
Impact of COVID-19 on Global Electric Vehicle Motor Market
The development of electric vehicles is essential to achieving the sustainable goals, but the COVID-19 pandemic hit the market and presented difficulties for the entire sector. Travel limitations brought on by COVID-19 disrupted the import-dependent supply of materials for electric vehicles, hastening the development of domestic substitutes and improving inventory for essential components. Production, the supply chain, and the manufacturing facility were all hindered. However, during the outbreak, many units attempted to use various strategies in order to survive the situation. One such strategy was the use of electric cars for product delivery, as they offer highly manoeuvrable and reasonably priced transportation.
Global Electric Vehicle Motor Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as the market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as AISIN CORPORATION (Japan), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), Toshiba International Corporation (Japan) and others.
Global Electric Vehicle Motor Market Segmentation:
By Vehicle: Based on the vehicle, Global Electric Vehicle Motor Market is segmented as; Two Wheeler, Three Wheeler, Passenger Vehicle, and Commercial Vehicle
By Component: Based on the Component, Global Electric Vehicle Motor Market is segmented as; Motor Stator, Rotor, Shaft, and Bearing, Permanent Magnet, Casing, and Wiring & Connectors
By Power Rating: Based on the Power Rating, Global Electric Vehicle Motor Market is segmented as; Up to 20 kW, 20 KW to 100 KW, 100 KW to 250 KW, and Above 250 KW
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.