Global Electric Vehicle Motor Market 2018-2022
About Electric Vehicle Motor
Electric motor in anEVis used to convert electrical energy into mechanical energy by the interaction of magnetic field with current to power the vehicle. The use of electric motors is on the rise owing to the growth in the market for new energy vehicles (NEVs). These vehicles include hybrid, plug-in hybrid, pure EV, and fuel cell vehicles that use alternative renewable energy sources.
Technavio’s analysts forecast the global electric vehicle motor market to grow at a CAGR of 20.79 % during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global electric vehicle motor market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of electric vehicle motor.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Electric Vehicle Motor Market 2018-2022
Technavio recognizes the following companies as the key players in the global electric vehicle motor market: Bosch, Continental, Delphi, DENSO, and Tesla
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is OEMs focusing on connected EVs. The adoption rate of EVs by end-users is mainly restricted due to range anxiety. Many OEMs have started developing connectivity module, which will be a standard unit in EVs, to alleviate the problem shortly.”
According to the report, one of the major drivers for this market is Increasing sales of electric vehicles. EVs. Unlike the ICE-powered vehicles, the EVs significantly reduce the air pollution as they do not emit harmful pollutants, such as particulates, carbon monoxide, hydrocarbons, and volatile organic compounds. The factors driving the demand for EVs are various benefits and perks provided by the governments, increased awareness to curb the emission of greenhouse gas, stringent carbon emission norms like reducing the average CO2 emission emitted by the fleets of OEMs, increase in participation from the foreign as well as the regional players for the development of EVs, and increased buyers' intent to adopt EVs.
Further, the report states that one of the major factors hindering the growth of this market is High cost of batteries used in EVs. The high price of the battery in the EVs is a big barrier to their wider adoption. Although the battery prices had significantly declined by nearly 80% since 2010, the battery cost in the EV still constitutes a significant portion of the total EV cost. As of 2016, the projected pack cost of a battery was around $227/kWh, which means that a 60-kWh battery (excluding additional systems like high voltage wiring, emotors, inverters and on-board chargers) in an EV will be around $13,620.
Bosch, Continental, Delphi, DENSO, and Tesla
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