April 21, 2020
According to the research report titled ‘Global Electric Vehicle Motor Market Size study, by Type (Alternative Current motor and Direct current motor), by Vehicle Type (Two-wheeler, Commercial vehicle and passenger vehicle), by Power rating (Low, Mid and High) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global electric vehicle motor market accounted for USD 1.98 billion in 2018 and is expected to grow with a CAGR of 41.30% during 2019-2026.
For the record, an electric vehicle motor is an electromechanical device that powers electric vehicles by transforming electrical energy into mechanical energy. The product provides numerous benefits such as automated control, high efficiency, low maintenance cost and zero emission. In addition, growing preference for eco-friendly automobiles and rising number of on-road electric vehicles are driving the growth of worldwide electric vehicle motor industry.
As per the survey by International Energy Agency, worldwide deployment of electric passenger vehicles crossed 5 million in 2018. Favorable government initiatives which promote the use of electric vehicles is also fueling the market size. However, strict regulatory scenario pertaining to EV motor approval may act as a restraining factor for the global electric vehicle motor market.
Considering the geographical landscape, Asia-Pacific electric vehicle motor industry is presumed to expand substantially by the year 2026. Expansion of manufacturing facilities for electric vehicle motors is favoring the market outlook in Asia-Pacific.
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On the other hand, North America market is slated to record a significant growth rate through 2026, primarily due to high concentration of key industry players in the region.
The major companies operating in global electric vehicle motor industry are ARC Systems Inc., Ametek Inc., Nissan Motor Corp. Ltd., Ford Motor Co., Toyota Motor Co., Honda Motor Co. Ltd., BOSCH, Baldor Electric Co. Inc., Continental AG and Tesla Motors among others. These leading companies are focusing on various business strategies such as mergers and acquisitions to amplify their market presence.