Analysis of Electric Motors for Electric Vehicle Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Electric vehicles are increasingly being adopted in the last few years, owing to increasing prices of fuels, and declined costs of lithium batteries. In 2021, about 7 million units have been sold globally. This highlights the demand for E-motors needed for vehicles.
An E-motor for an electric vehicle converts the stored electrical energy in a battery to mechanical energy. Today, electric mobility on the back of technological improvements is expanding lucrative opportunities for the companies involved in manufacturing. These motors for EVs should have important attributes like simple design, high specific power, low maintenance cost, and robust control.
Over the optimistic years of the forecast, government regulations would be crucial in driving the market. Sales of electric motors will increase due to the fast global adoption of electric buses, especially in China.
Also, the global market will be significantly impacted in the next years by the decline in sales of conventional cars due to the long-term benefits associated with e-cars. The study's objective is to assess the most recent dynamics and trends in the market on a global scale.
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Urbanisation has increased recently where in big cities small yet fuel-efficient cars prove more beneficial. As over 50% of the global population is estimated to live in cities by 2030, e-vehicles are likely to notice more demand. Smart urban infrastructure is gaining focus across the globe wherein sustainable mobility solutions are expected to remain in mainstay.
Owing to propelled awareness about environment and sustainability goals businesses and governments have come up with the regulatory conditions for CO2 emissions, noise levels, and fuel consumption norms on vehicles. As a result, some countries are offering incentives for switching to EVs. This is likely to increase the adoption rate for e-vehicles in the forecast period.
However, there is still scope for improvement in charging infrastructure, companies have to focus on penetrating more urban and suburban areas to provide charging stations that might increase sales further. more charging facilities are needed near airports, public places, and malls.
As a lack of charging infrastructure may directly impact the choice of EV by customers, it will also have an impact on the sales of E-motors. Another issue with these is their cost of fuel cells. The high price of EVs across Asia, Latin America, and the Middle East is estimated to affect the penetration of E-Mobility solutions across these regions.
Apart from this, most OEMs utilize permanent magnet motors that rely on metal due to the fact that they are usually stronger, lighter, and more efficient than induction electric motors for electric vehicles. To remain competitive in the global market, manufacturers aim to decrease electric motors’ cost, volume, and weight while increasing performance, efficiency, and maintaining reliability.
Policies in Europe and China will enhance the adoption of EVs and subsequently, augment the hefty growth in the global market. Also, the electrification of the transport system in Europe and North America is set to accelerate after 2020, with electric buses leading the way.
The sales will surge against the backdrop of tumbling battery costs and increasing scale in manufacturing. In Western Europe, the U.K. and Germany are expected to spearhead the market on the back of anticipated high sales of electric buses in the region.
Moreover, investments in ASEAN countries to increase the fleet of E-buses and surge in the adoption of electric cars will likely aid the growth in the market. In the foreseeable future, promising growth is foreseen across the world, with the U.S., China, and Europe being the key regions in the market.
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The industry is turning highly competitive as more automotive manufacturers are entering into EV production. The rise in sales of plug-in electric vehicles is attributed to a rise in manufacturers’ interest. While two of the top five best-selling EV models are made by Tesla the brand still faced tough competition from Asian brands last year in 2022.
China Based BYD took the best EV seller tag from Tesla as it became the best Plug-in EV brand in 2022. However, Volkswagen was representing the European region in the list of top 10. Some leading companies in the E-motor market are-
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Rising fuel prices and environmental concerns are key drivers behind the adoption of Electric vehicles. As a result, demand for electric motors is anticipated to increase.
North America and Europe are the two leading regions expected to reign in this industry in the forecast period.
Passenger vehicles are likely to dominate this market in the forecast period due to more demand from urban areas.
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