Electric Motors for Electric Vehicle Market - Growth, Trends, and Forecast (2019 - 2024)

The Electric Motors for Electric Vehicle Market is segmented by Application (Passenger Cars and Commercial Vehicles), Motor Type (AC Motor and DC Motor), Vehicle Type (Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), and Battery/Pure Electric Vehicle (PEV)), and Geography.

Market Snapshot

Snapshot
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The electric motors for electric vehicle market is expected to register a CAGR of 15.43%, during the forecast period (2019-2024).

  • With the increasing emission standards, the need for adoption of electric vehicles has been a prominent initiative among various countries, globally.  
  • Government policies played a huge role in promoting electric vehicles. The results have started to show in the European countries, where electric vehicles have occupied a significant portion of the total vehicle population. In the coming years, China, the United States, and a few European countries, like Norway, France, etc., are positioned to take the leading role in electric vehicles, owing to the supporting government policies.
  • 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.

 

Scope of the Report

Electric motors, which are primarily used for propulsion/traction of electric vehicles, have been considered under the scope of the market.

The electric motors for electric vehicle market has been segmented by application, motor type, vehicle type, and geography.

 

Application
Passenger Cars
Commercial Vehicles
Motor Type
AC Motor
DC Motor
Vehicle Type
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Pure Electric Vehicle (PEV)
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Norway
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
Rest of the World
Brazil
South Africa
Argentina
Other Countries

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Key Market Trends

AC Motors to Witness Growth

A large number of electric vehicles in the market have been using AC motors, due to their improved efficiency and lightweight. Additionally, AC motors are robust and inexpensive, when compared to DC motors. Thus, automakers have been widely adopting synchronous AC motors and induction motors, which offer the benefits of brushless DC motors as well.

Owing to the aforementioned features, some of the major companies, such as Bosch, Delphi, Denso, Continental, etc., continue to focus on producing more AC motors for electric vehicles.

 

Trend

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Asia-Pacific Continues to Dominate the Electric Motors for Electric Vehicle Market

Globally, Asia-Pacific has been capturing the largest share in the electric motors for electric vehicle market, owing to high EV sales, majorly from China. China has been consistently taking aggressive steps to tackle the issue of environmental pollution, which in turn, have resulted in the high adoption rate of electric vehicles in its transportation sector. China is the largest market for electric cars and buses across the world, and registered sales of more than 1.3 million vehicles in 2018. Furthermore, in 2017, the Beijing announced plans to transform its entire taxi fleet to that of electric propulsion.

Owing to the aforementioned trend, major automotive companies have been planning to invest in the Chinese market, in order to take advantage of the strong demand for electric vehicles. Nissan, BYD, Honda, and Toyota Motor Corporation have announced their investment plans in the Chinese market, which are expected to collectively sum up to USD 50 billion.

 

Region

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Competitive Landscape

In 2018, major players, such as Aisin Seiki Co. Ltd, Toyota, Nissan, and Honda, had more than 40% of share in the electric motors for electric vehicle market. Other players, such as Denso Corporation, Aptiv PLC (formerly known as Delphi Automotive PLC), Magna International Inc., and Meidensha Corporation, are competing closely to increase their shares in the market.

Major Players

  1. Denso Corporation
  2. Toyota Motor Corporation
  3. Nissan Motor Co. Ltd
  4. Honda Motor Company Ltd

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Passenger Cars

      2. 5.1.2 Commercial Vehicles

    2. 5.2 Motor Type

      1. 5.2.1 AC Motor

      2. 5.2.2 DC Motor

    3. 5.3 Vehicle Type

      1. 5.3.1 Hybrid Electric Vehicle (HEV)

      2. 5.3.2 Plug-in Hybrid Electric Vehicle (PHEV)

      3. 5.3.3 Pure Electric Vehicle (PEV)

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

        4. 5.4.1.4 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Norway

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 India

        3. 5.4.3.3 Japan

        4. 5.4.3.4 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Argentina

        4. 5.4.4.4 Other Countries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Aisin Seiki Co. Ltd

      2. 6.2.2 Toyota Motor Corporation

      3. 6.2.3 Hitachi Automotive Systems

      4. 6.2.4 Denso Corporation

      5. 6.2.5 Aptiv PLC

      6. 6.2.6 Mitsubishi Electric Corp

      7. 6.2.7 Magna International

      8. 6.2.8 Robert Bosch GmbH

      9. 6.2.9 BMW AG

      10. 6.2.10 Nissan Motors

      11. 6.2.11 Tesla Motors

      12. 6.2.12 Toshiba Corporation

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

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