The global electric vehicle drive motor market is envisaged to grow at a healthy CAGR during the forecast period. Increasing global warming concerns and air pollution levels are expected to highlight the need for electric vehicles, which could in turn create a requirement of electric vehicle drive motor. In June 2019, Toyota planned to make a $2 billion investment in the development of electric vehicles in Indonesia. Launch of ultra-powerful electric drive units for advanced electric vehicles is foreseen to bode well for the global market.
Global Market to Gain from Demand for Increased Driving Range of Electric Vehicles
Need to increase the driving range of electric vehicles is predicted to help increase the growth of the global electric vehicle drive motor market
Government incentives and subsidies for promoting the production and use of electric vehicles are foreseen to augment the demand for electric vehicle drive motor
Increase in the production of electric vehicles because of the implementation of tight greenhouse gas emissions regulations in the automotive industry is anticipated to create more demand in future
Availability of tax incentives for electric vehicle manufacturers could be a factor creating favorable opportunities in the global electric vehicle drive motor market
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Companies to Partner with OEMs to Develop Innovative Models for Future Electric Vehicles
Some of the top manufacturers of electric vehicle drive motor are Siemens AG, Yaskawa Electric Corporation, Baldor Electric Company Inc., Continental AG, Toshiba Corporation, BYD Company Limited, Hyundai Mobis, and Zhengzhou Yutong Bus Co., Ltd. Manufacturers are predicted to enter into innovation partnerships with automotive OEMs to develop custom electric vehicle drive motors for upcoming pure and hybrid electric vehicles. They could also look to build new facilities and expand their operations for long-term growth. Furthermore, they are anticipated to increase their production capacity to become competitive in the global market.
By Motor Type
- DC Motor
- Brushless Permanent Magnet Motor
- Brushed Motor
- Hermitic Motor
- AC Motor
- Induction Motor
- Synchronous Permanent Magnet Motor
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Heavy-duty Vehicles
Researchers project DC motor and brushed motor to exhibit remarkable growth in the global electric vehicle drive motor market. DC brushed motors are applicable for use in electric vehicles as they can reach high torque levels at low speeds. Moreover, they enable the linking of the motor's armature and external supply circuit with the help of commutators and brushes. By vehicle type, the global electric vehicle drive motor market is segmented into heavy-duty vehicles, commercial vehicles, passenger cars, and two-wheelers.
Among regional segments, Asia Pacific is foretold to collect a commanding share of the global electric vehicle drive motor market because of the rise in electric vehicle sales in Japan and China. India too has the potential to become a decent electric vehicle market. However, it still has a long way to go to catch up with other electric vehicle markets in Asia Pacific. High presence of OEMs, increasing population growth, and rising pollution levels could be other factors supporting the demand for electric vehicle drive motor in the region.
North America is also prognosticated to show considerable growth in the global electric vehicle drive motor market due to increasing implementation of carbon emissions regulations and the presence of an established automotive industry.
The pricing analysis provided in the report helps readers to become familiar with latest and future pricing trends in the global electric vehicle drive motor market. It sheds light on price changes in key segments of the global market and offers near-accurate predictions of future product prices. The researchers have taken into consideration various elements that cause changes in product prices to provide in-depth pricing analysis. Players can use this analysis to improve their pricing strategy, organically increase their gross margin, and become more competitive in the global market.
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