Electric Vehicle Drive Motor Market - By Sport, By Product Type, By Material, By Print Type, By End User & Global Region - Market Size, Trends, Opportunity, Forecast 2027
Electric vehicle drive motor is a vehicle that uses one or more traction motors or electric motors for propulsion. Electric vehicles get power through a battery, fuel cells, solar panels, or an electric generator that converts fuels to electricity. Moreover, the electric vehicle drive motor is projected to witness great growth during the forecasted period owing to rising number of electric vehicles. Factors such as low maintenance cost, zero emission, automatic control and high efficiency are expected to boost the electric vehicle drive motor market. Furthermore, electric vehicles are available in two-wheelers, consisting of one or more electric motors. In contrast, commercial and passenger vehicles consists two or more than two electric motors which totally depends on the application and size of vehicle.
MARKET DRIVERS:
In the last couple of years, rising the environmental effect of the petroleum-based transportation vehicle has increased along with the high prices of petroleum and diesel, which has led to customers' interest in electric vehicle drive motor. Electric vehicles are different from fossil fuel powered vehicle. In electric vehicle the electricity or power they consume is generated from the high range of sources such as fossil fuels and renewable sources like solar power, tidal power, wind power and hydropower. Moreover, emission and the carbon footprint of electric vehicles changes depending upon the technology and fuel used for electricity generation. Furthermore, the electricity can be restored on the vehicle by using a flywheel, battery and super capacitors. The great advantage of using electric vehicle drive motor is regenerative braking which restores kinetic energy that is lost during the friction braking as heat and restored as electricity to the on-board battery. However, the increase in electric vehicles' price and the lack of electric vehicle infrastructure units hampers the electric vehicle drive motor market in underdeveloped regions and price-sensitive countries.
The rising partnership between automotive companies and motor manufacturers are projected to raise the electric vehicle drive motor market. Moreover, innovation is the key factor for meeting the customer's needs and expectations, which is the most essential factor in the automotive industry. Furthermore, rising regulatory compliance is a prime factor responsible for the recent wave of innovation in the automotive industry. Rising the number of electric components in vehicles such as vehicle service, safety, handling, performance, and reliability raises the lucrative opportunity for electric vehicle performance. Moreover, the increasing investment in electric vehicles by big automotive companies like Tesla, Toyota, General Motors, Honda, Ford and other are projected to boost the demand for electric vehicle drive motor market across the globe.
One of the key advantages of electric vehicles is that it can be charged anywhere whether it is home or a bus terminal. This factor makes the electric vehicle a great solution for bus and truck fleets which regularly returns to a central yard or depot. Moreover, the availability of new recharging solutions in workplaces, shopping centers, and parking garages will be required for businesses and people as more and more electric vehicles are hitting to market and are used majorly. In February 2020, Earthjustice has endorsed the Electric Vehicle Freedom Act which Representatives Andy Levin and Alexandia Ocasio-Cortez introduced. The bill encourages the adoption of electric vehicles by general public. However, high maintenance cost and high initial cost of electric vehicle drive motor is expected to hamper the electric vehicle drive motor market. Furthermore, regardless of these restrain, the improvement in technological level is further boosting the growth of the market.
ELECTRIC VEHICLE DRIVE MOTOR SEGMENTATION:
By Type
- DC Motor
- Brushless Permanent Magnet Motor
- Brushed Motor
- Hermitic Motor
- AC Motor
- Induction Motor
- Synchronous Permanent Magnet Motor
By Vehicle Type
- Two wheelers
- Passenger Cars
- Commercial Vehicles
- Heavy Duty Vehicles
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
REGIONAL INSIGHT:
North America and Europe are expected to have significant share in the electric vehicle drive motor and are expected to retain their dominance during the forecast period. Increasing disposable income, rising interest of customer towards electric vehicles, and rising government support in adopting electric vehicle drive motor are further expected to boost market demand. Moreover, increase in innovation and investment in the electric vehicle by big players such as Tesla, Toyota, General Motors, Honda, Ford and other are projected to boost the demand for electric vehicle drive motor market across the globe. Furthermore, rising prices of petroleum & diesel and rising concern towards reducing air pollution is encouraging customer to move towards electric vehicle drive motor. Furthermore, developing regions like Asia-Pacific and LAMEA focus on producing electric vehicles and becoming a key region for the investors.
FEW KEY PLAYERS IN ELECTRIC VEHICLE DRIVE MOTOR MARKET:
- Siemens AG
- Zhengzhou Yutong Bus Co., Ltd
- Yaskawa Electric Corporation
- Baldor Electric Company Inc.
- Continental AG
- Toshiba Corporation
- BYD Company Limited
- Hyundai Mobis
- Toyota Motor Corporation
- Brook Crompton UK Limited
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- Publication date: 19th September 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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