Electric Vehicle Motor (EVM) Controller Market: Introduction
According to the report, the global electric vehicle motor (EVM) controller market is projected to surpass US$ 3.6 Trn by 2031, expanding at a CAGR of 14.93% during the forecast period. A trend in the global electric vehicle motor (EVM) controller market is the introduction of vehicle to grid or V2G storage and charging system. This system is an innovative concept that is emerging from the wireless charging system or WCS technology, and the latest trend in this technology is the induction reversal process where the charged vehicle powers the grid. This power is, subsequently, used to run office buildings or additional facilities all through peak hours, thereby lowering the power demand for national grids. These factors are likely to boost the electric vehicle motor controller market.
Expansion of Electric Vehicle Motor (EVM) Controller Market
The electric vehicle mobility has now become the need of time, as the global pollution has attained certain precarious level. Increased awareness among people about environment safety all around the world is prompting vehicle manufacturers to produce environmentally and economically efficient electric vehicles, which, in turn, is boosting the electric vehicle motor (EVM) controller market across the globe.
Governments are currently enacting stringent safety regulations against diesel and gasoline vehicles, which is a key reason for driving consumer preference toward electric mobility over conventional ICE vehicles. Thus, stringency of emission norms alongside encroachment of hybridization is promoting electrification mobility in order to mitigate the impact of harmful exhaust gases on the environment.
Governments of India and Brazil are planning to initiate a ban on diesel vehicles in the next 10 years, as a majority of CO2 emission is caused by diesel engines. The U.K. has initiated the campaign of its “Road to Zero” plan to reduce vehicle emissions and is expecting that sale of hybrid or electric cars to account for half of total car sales in the country by 2025. Governments across various countries are supporting and facilitating the rapid commercialization of Zero Emission Vehicles (ZEVs), which is anticipated to propel the electric vehicle motor (EVM) controller market across the globe.
In terms of power output, the 21-40 KW segment dominated the global electric vehicle motor (EVM) controller market, in terms of revenue, in 2020, as governments across the globe have launched attractive initiatives and schemes to facilitate the adoption of electric vehicles. Control of an electric vehicle is time-variant; for instance, the operating parameters of EV and the condition of the road vary. Hence, the controller must be intended to make the system adaptive and robust. This is achieved by developing the system on both dynamic as well as steady state performances. This, in turn, is estimated to propel the 21-40 KW segment during the forecast period.
In terms of application, the electric vehicle motor (EVM) controller market has been classified into full hybrid electric vehicle, mild hybrid electric vehicle, plug-In hybrid electric vehicle, and pure electric vehicle. In terms of revenue, the global electric vehicle motor (EVM) controller market was dominated by the full hybrid electric vehicle segment in 2020. Increasing awareness about environmental impact of harmful emissions by IC-engine vehicles, competitive price range, coupled with new manufacturer investment, are making EV batteries technologically more advanced are expected to shift trends toward electric vehicles among consumers. This, in turn, is leading the segment to account for a major share of the market.
COVID- 19 Impact on Electric Vehicle Motor (EVM) Controller Market
The recent outbreak of COVID-19 pandemic hampered a majority of businesses across the globe owing to forced lockdown, which caused people to stay at home. The forced lockdown led to a decline in vehicle sales; subsequently, contracting the global electric vehicle motor (EVM) controller market. However, the global electric vehicle motor (EVM) controller market is expected to expand from 2021, owing to economic measures taken by governments to recover from financial losses caused by forced shutdown of business activities during the COVID-19 pandemic in 2020.
Regional Analysis of Electric Vehicle Motor (EVM) Controller Market
The global electric vehicle motor (EVM) controller market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a major share of the global electric vehicle motor (EVM) controller market. High production rates and increasing sales of hybrid vehicles in Japan coupled with rise in sales of electric vehicles in China are major factors propelling the market in the region. Furthermore, initiatives by governments of numerous countries in the region toward the adoption of low-emission electric vehicles are expected to further fuel the market in the region.
China, in Asia Pacific, is one of the leading countries, globally, in terms of electric vehicle production. Majority of automakers in Asia Pacific have shifted their focus toward electric vehicles. This, in turn, is projected to contribute to the major share held by the region in the electric vehicle motor (EVM) controller market by the end of the forecast period.
Electric Vehicle Motor (EVM) Controller Market Players
Prominent players operating in the global electric vehicle motor (EVM) controller market include Continental AG, Siemens AG, American Motors Corporation, Texas Instruments, Robert Bosch GmbH, Toyota Industries Corporation, Delphi Technologies PLC, Denso Corporation, EVS Auto Group, Fuji Electric Co. Ltd., and Hitachi Automotive Systems
Global Electric Vehicle Motor (EVM) Controller Market: Segmentation
- Electric Vehicle Motor (EVM) Controller Market, by Product Type
- AC Permanent Magnet Synchronous Motor Controller
- AC Asynchronous Motor Controller
- DC Motor Controller
- Electric Vehicle Motor (EVM) Controller Market, by Output Power
- 1 – 20 KW
- 21- 40 KW
- 41 – 80 KW
- Above 80 KW
- Electric Vehicle Motor (EVM) Controller Market, by Application
- Full Hybrid Electric Vehicle
- Mild Hybrid Electric Vehicle
- Plug-in Hybrid Electric vehicle
- Pure Electric Vehicle
- Electric Vehicle Motor (EVM) Controller Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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