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Automotive Electric Motors Market: Introduction

  • Increase in production and sales of electric vehicles, year-on-year, led by environmental norms and government incentives provided to the electric vehicle industry, is estimated to boost the automotive electric motors market during the forecast period
  • An electric motor is defined as a device that converts electrical energy into mechanical energy in the form of rotational motion. Electric motors are developed for the automotive industry and installed in automobiles and commercial vehicles as drives for wiping systems, engine cooling, and passenger compartment air-conditioning as well as for the adjustment of windows, sliding roofs, and seats.

Key Drivers of Automotive Electric Motors Market

  • Electric vehicles (EVs) use a different automotive technology as compared to the technology used by conventional vehicles. The performance of EVs depends entirely on the specifications of the electric motors. The performance of the motor is determined by the torque-speed and power-speed characteristic of the traction motor. The major advantage of using these motors is the reduced level of emission. Electric motors enable the vehicle to be 100% emission-free, thus greatly helping in keeping the environment green. Consistent rise in sales of electric vehicles is boosting the electric motor industry.
  • Witnessing the current growth story and future prospects in the automotive electric motor industry, Nidec Corporation plans to invest US$ 1.8 billion for the manufacture of electric motors used in vehicles. In total, the new facilities are expected to manufacture 8.4 million electric motors per year. On November 2, 2020, Volvo Cars opened a new electric motor laboratory in Shanghai, China, to design and develop motors in-house.

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Challenges in Automotive Electric Motors Market

  • Electric motors in EVs are powered by the battery pack and take longer to become operational. Moreover, the EV can’t be used when the battery is being recharged.
  • The recent outbreak of COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing and R&D operations and hampered the market. Post first wave of COVID-19 global economies have started opening up and automotive manufacturing operations have begun to normalize; however, increase in the COVID-19 cases again in several countries across Europe have prompted governments to implement a second round of lockdown restrictions and consequently, uncertainty in the automotive industry continues. A gradual recovery of demand and supply is anticipated in the next few months despite concerns around the risk of second wave of infection in numerous countries and other geopolitical risks.

Opportunities in Automotive Electric Motors Market

  • Demand for EV electric motors is estimated to reach 30 million annually, by 2030, and vehicles are likely to be equipped with two to three electric motors. Manufacturers of electric motors are focusing on strategies to capture opportunities. For instance, Nidec Corporation expects to account for 35% share of the market, from 4% currently, by lowering the cost of electric powertrains by 30% to 50% as compared to its competitors.
  • Countries across the globe are offering incentives to EV and EV parts manufacturers to boost EV production and usage. In September 2020, the Government of India announced new tax incentives, slashing the tax from 21.55% to 17.16%. Likewise, six countries across Europe have introduced additional green recovery incentives to promote sales of EVs, starting in June and July months of 2020. Preliminary results for July give an indication for the effect on EV adoption in H2. These incentives are offering significant opportunity for manufacturers of automotive electric motors.

Automotive Electric Motors Market in Europe to Expand Significantly

  • Popularity of electric vehicles is increasing in Europe and around the world, as production costs have been decreasing, charging infrastructure is being deployed, and the urgency to reduce the transport sector’s climate emissions increases. The European Union’s CO2 emission standards and investments in infrastructure and manufacturing have spurred growth of electric vehicle across the region. Europe witnessed strong sales during the first half of 2020, supported by generous incentives and better supply of new and improved EVs. This is likely to boost the market during the entire 2020. The impact of COVID-19 on vehicle markets was severe in Europe; however, EV sales continue to be robust despite the pandemic. The largest volume growth contributors were Germany, France, and the U.K. Except for Norway, all prominent EV markets in Europe posted gains this year. The region is anticipated to witness robust sales in the next few years, and hence, Europe is likely to remain a key region for the electric motor market. Bosch is a prominent manufacturer of electric motors in Europe.

Key Players Operating in Automotive Electric Motors Market

The automotive electric Motors market is moderately consolidated. A few of the key players operating in the global automotive electric motors market are:

  • Robert Bosch N.V.
  • Nidec Corporation
  • Johnson Electric Holdings Limited
  • Siemens AG
  • Continental AG
  • Denso Corporation
  • Toshiba Corporation
  • ABB
  • Rockwell Automation, Inc.,
  • Borgwarner Inc.

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Global Automotive Electric Motors Market: Research Scope

Global Automotive Electric Motors Market, by Type

  • DC Series Motor
    • Brushed DC Motor
    • Brushless DC Motor
  • Permanent Magnet Synchronous Motor
  • Induction Motor
  • Three Phase AC Induction Motor
  • Switched Reluctance Motors (SRM)

Global Automotive Electric Motors Market, by Vehicle Type

  • Two-Wheeler
  • Car
  • Bus/Truck

Global Automotive Electric Motors Market, by Sales Channel

  • OEM’s
  • Aftermarket

Global Automotive Electric Motors Market, by Propulsion

  • Internal Combustion Engine (ICE)
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Automotive Electric Motors Market

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