Electric Vehicle Motor Market: Introduction
- Rise in trend towards electric vehicles among consumers across the globe is the prominent factor boosting the global electric vehicle motor market. According to Bloomberg New Energy Finance (BNEF), over 500 different electric vehicle models are likely to be available globally by 2022.
- Automakers are pushing their EV launch plans in order to comply with increasingly stringent regulations in Europe and China, which is anticipated to offer lucrative opportunity for the players engaged in manufacturing of electric motors in the global electric vehicle motor market.
Key Drivers of Electric Vehicle Motor Market
- Stringent emission regulations enacted by several regulatory authorities across the globe are expected to propel the electric motor vehicle market, globally. Several governments have enacted stringent emission regulations in order to curb climate change and reduce air pollution across the globe. These are compelling automakers to produce alternate propulsion system for their vehicles, thereby increasing the production of electric vehicles. For instance, the enactment of the BS-VI emission norms in India is compelling automakers to discontinue their diesel-powered models. In India, Maruti Suzuki has announced that it would cease sales of diesel cars post April 2020.
- Technological advancements, in terms of electric vehicles, are anticipated to propel the global electric vehicle motor market. Major players are anticipated to increase investments toward R&D of advanced vehicle systems such as Artificial Intelligence (AI), connected vehicle technology, vehicle battery technology, and fast charging technology. The coronavirus pandemic outbreak has resulted in a 25% decline in demand for EVs during the first quarter of year 2020, as compared to EV sales in 2019; however, according to a report published by Bloomberg New Energy Finance (BNEF), electric vehicles are expected to contribute to around 10% of global passenger vehicle sales by 2025, which is estimated to increase to 28% in 2030 and 58% in 2040.
- Additionally, major strategies adopted by automakers such as investments & expansions, contracts & agreements, and new product launches, mergers & acquisitions have emerged as a key strategy among key players, as companies look to strengthen their service offerings in terms of electric vehicles and expand geographic market reach by offering their products.
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North America and Europe cumulatively to account for prominent share of global electric vehicle motor market
- In terms of region, the global electric vehicle motor market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
- North America and Europe have presence of economically stable countries. These regions are also home to technologically advanced research institutes catering to the development of electric vehicles. Additionally, major players have established their technological centers and manufacturing facilities in various countries including the U.S., Germany, the U.K., and France
- Several new players emerging from these regions are focused on the development of electric vehicle technologies and increase of efficiency of electric motors in order to increase the cruising range of electric vehicles. All the factors mentioned above contributed to the major share held by these regions in the global electric vehicle motor market.
Key Players Operating in Electric Vehicle Motor Market
The global electric vehicle motor market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global electric vehicle motor market are:
- Allied Motion Technologies
- BMW Motor Company
- Daimler AG
- Johnson Electric
- Lincoln Electric
- Nidec Motor
- Robert Bosch GmbH
- Rockwell Automation
- Siemens AG
- Tesla Inc.
- Volkswagen Group
- ZF Friedrichshafen
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Global Electric Vehicle Motor Market: Research Scope
Global Electric Vehicle Motor Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicle
Global Electric Vehicle Motor Market, by Electric Vehicle Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Global Electric Vehicle Motor Market, by Motor Type
- Brushless DC Motor
- DC Series Motor
- Permanent Magnet Synchronous Motor (PMSM)
- Switched Reluctance Motors (SRM)
- Three Phase AC Induction Motors
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
- 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.