Automotive Electric Motors for EV Market Research Report 2028 -Market Size and Forecast
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  • Automotive Electric Motors for EV Market Research Report 2028 -Market Size and Forecast

    (Transportation-News.com, August 18, 2021 ) Market Overview

    An electric motor is an electrical machine that converts electrical energy into mechanical energy. Electric motors can be powered by direct current (DC) sources, such as batteries, motor vehicles, or rectifiers, or by alternating current (AC) sources, such as a power grid, inverters, or electrical generators.



    Market Dynamics

    The rising demand for Electric Vehicles worldwide will drive the future growth of the global automotive electric motor for the EV market. The rising demand for vehicles running on alternative fuels such as EVs coupled with regulation about reducing the carbon footprint will fuel growth in the global automotive electric motor for EV market during the forecast period. According to International Energy Agency (IEA), in 2019, more than one Billion EVs were sold globally.

    The stringent government rules and regulations concerning vehicular emission will also boost the market worldwide as electric vehicles emit lower quantity of harmful gases, which will further increase the market for electric motors for the production of Electric Vehicles. For Instance, Norway has become the world’s EV capital, thanks to generous purchase subsidies and other incentives. EVs are exempt from acquisition tax and the country’s 25 percent value-added tax. They also enjoy privileged status on the roads, with exemptions from tolls, free ferry rides, and free parking in some cities. Last year, pure electric cars accounted for over 20% of new registrations.

    However, the shortage of EV charging stations has been hindering the adoption of these vehicles, which is expected to restrict electric motors' usage for electric vehicles.



    Market Segmentation

    By Vehicle Type

    • Pure Electric Vehicles (PEV)

    • Hybrid Electric Vehicles (HEV)

    • Plug-In Hybrid Electric Vehicles (PHEV)

    By Motor

    • AC Motor

    • DC Motor

    By Application

    • Passenger Vehicles

    • Commercial Vehicles



    Geographical Analysis

    By geography, the Global Automotive Electric Motors for EV Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA)

    Europe holds the largest market share for Automotive Electric Motors for EVs due to Several laws and regulations that countries have enacted to monitor vehicular emission. Many countries have adopted previous versions of European or United Nations Economic Commission for Europe (UN-ECE) mobile source emission regulations. Some countries have adopted more advanced regulations based on the most recent version of the European regulations. Batteries primarily power BEVs and PHEVs. Various countries are taking initiatives in the direction of lowering global warming. And with a continuous rise in infrastructure for charging stations for EVs in Europe will also boost the forecast period.

    North America is after Europe in terms of the market share of Automotive Electric Motors for EV due to the rise in awareness among the people in the region for the environmental safety and also the stringent regulation by the government will grow market for EVs, hence boosting the market for the Electric motors for EV.



    Competitive Analysis

    Global Automotive Electric Motors for EV is a competitive market with various global and regional players in the market. Some of the key players include Denso, Mitsubishi Electric, Emerson Electric Company, Baldor Electric Company, and Hitachi Automotive Systems. Other major players in the market include Siemens Ag, Yasakawa Electric, Robert Bosch Gmbh, Toshiba Corporation, and Magna International.

    Product diversification, revenue generation, and opportunities intensify the market competition. Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Companies are entering into collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For example, in April 2018, Toshiba announced the sale of Westinghouse's holding company to Brookfield Business Partners for $4.6 billion. In April 2020, Hitachi Automotive Systems, Ltd., announced the acquisition of all shares of Seneos GmbH. In April 2020, Mitsubishi Electric Acquired Swedish HVAC Distributor AQS. Through this acquisition, Mitsubishi Electric will strengthen its commercial business in Sweden and in Europe.



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