Global Electric Motors for Electric Vehicles Market
Automotive Electric Motors for EV Market The market is expected to be significantly driven by the widespread adoption of electric vehicles in various countries. Integration of motors has been increasing, with an increase in the number of manufacturers making motors with integral controls and gearing. The highly efficient motors, also known as premium efficiency motors, are gaining importance over standard motors due to their varied benefits such as longer operating life, low energy consumption, low maintenance and tolerance for fluctuating voltages. Low energy consumption is an advantage of energy efficient motors over standard motors. Thereby, the environmental advantages offered by these motors make them acceptable in electric vehicles. The use of premium motors increases the efficiency of the application by approximately 20% as compared to standard motors, which in turn saves the cost of energy consumed. The need for improved efficiency and low power consumption will continue to generate demand for high-efficiency electric motors.
The market for electric motors for electric vehicles is expected to reach USD 20.35 billion by the end of 2021. The global market for electric motors is projected to reach USD 121 billion by 2020, driven by the growing global activity in the electric vehicle industry. There are a lot of electric motors out there but the majority of the motors used in electric cars are: the series wound DC motor, the permanent magnet motor, and the 3-phase AC motor. AC electric motor is more popular than DC electric motor.
Major electric vehicle manufacturers like GM, Ford, and Toyota make electric cars that use AC electric car motors. The AC system is perfectly set to generate regenerative energy for braking as readily as it gives out energy under acceleration. A lot of energy from the battery can be recovered during the normal driving process using the AC system motors. However, the DC motors usually cost less than AC motors and are easily available.
Europe is expected to dominate the market by the end of 2017 and is expected to continue to do so till the end of the forecast period. Asia-Pacific countries are forecasted to have the highest growth in the electric motor for hybrid and pure electric vehicles. The market is fragmented into regional and local players and thereby, strategic mergers and acquisitions are extensive in the market.
The market is segmented by vehicle type, motor type, application, and geography.
Some of the key players in the market are:
Allied Motion Technologies Bosch Denso Siemens AG Toshiba