Electric vehicle motor is an electromechanical device used for providing power to vehicles by converting electric energy into mechanical energy. This is achieved by interacting electric motors magnetic field and current. The electric vehicle motor consists of bearings, end bracket, frame, cooling frame, rotor, and stator. The electric vehicle motor market is further expected to register the lucrative over the forecast period. The increase in number of electric vehicles attributed to the advantages such as zero emission, low maintenance cost, high efficiency, and automated control. The motors are further applicable in two-wheelers that are integrated with one or more than one electric motors. Moreover the passenger vehicles and commercial vehicles are integrated into two or more than two electric motors depending on the size and application of vehicles.
According to study, “Global Electric Vehicle Motor Market to reach USD 31.46 Billion by 2026” the key companies operating in the global electric vehicle motor market are Tesla motors, Baldor electric company Inc., Continental AG, Toyota motor corporation, BOSCH, Ametek incorporation, Honda motor co., ltd., Nissan motor corporation ltd., Ford motor company, ARC systems incorporation.
Based on vehicle type, electric vehicle motor market is bifurcated as commercial vehicle, passenger car and two-wheeler. Based on motor type, market is bifurcated as DC brushless motors; DC brushed motors, synchronous motor, induction (asynchronous) motor and switched reluctance motor. Based on Propulsion type, market is bifurcated as Fuel cell electric vehicle (FCEV), Battery electric vehicle (BEV), Hybrid electric vehicle (HEV) and Plug-in hybrid electric vehicle (PHEV). Based on components (qualitative), market is bifurcated as battery cells & packs, infotainment, on-board charge and electric motor. Based on charging station type, market is bifurcated as normal charging and super charging. Based on vehicle class, market is bifurcated as luxury and mid-priced. In addition, based on power output, market is bifurcated as less than 100 KW, 100-250 KW and above 250 KW.
The electric vehicle motor market is driven by rise in concerns over environmental pollution, followed by favorable government policies & subsidies, rise in demand for increased vehicle range per charge, heavy investments from automakers in EVs and major increase in EV models. However, lack of standardization of charging infrastructure may impact the market. Moreover, increase in use of Vehicle-To-Grid (V2g) EV charging stations and favorable government initiatives regarding promotion of electric vehicles are key opportunities for market.
Based on geography, the Asian-Pacific is a leading region in global electric vehicle motor market owing to increase in development of manufacturing facilities by industries in the region. Whereas, the North-American and European regions are estimated to exhibit substantial growth rate due to the presence of established market players overt the forecast period. In upcoming years, it is anticipated that future of the market will be optimistic because of growth in advancement in technologies, such as manufacturing of energy-efficient motors during the forecast period. The global electric vehicle motor market is valued approximately US $1.98 Billion in 2018 and is predictable to grow with a growth rate of more than 41.30% over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications