An electric motor for electric vehicles converts the stored electrical energy in a battery to mechanical energy in an electric vehicle drive system. Electric mobility is now expanding lucrative opportunities for companies that manufacture electric motors for electric vehicles as a result of technological advancements. Electric motors for electric vehicles should have important characteristics such as a simple design, a high specific power output, low maintenance costs, and reliable control.
Importantly, over the forecast’s promising years, government policies will continue to be the linchpin for electric motors in the electric vehicle market. Electric buses are rapidly gaining market share around the world, particularly in China, which will boost sales of electric motors for electric vehicles. Furthermore, falling sales of conventional cars due to long-term benefits associated with electric cars will have a significant impact on the global electric motors for electric vehicles market in the coming years.
Dynamics of the Global Electric Motor Market for Electric Vehicles
Furthermore, efforts by regional governments around the world to reduce noxious emissions produced by fossil fuel-powered vehicles are propelling the global electric motor market for electric vehicles. However, with a projected volume of electric vehicles on the road by 2025, insufficient charging infrastructure for electric vehicles will have an impact on demand for electric motors. Some of the major OEMs are heavily investing in electric vehicles, causing the global electric motors for electric vehicles market to explode.
The cost of the fuel cell, the feasibility of producing fuel, and the availability of fueling stations are all major issues with electric motors for electric vehicles. The prevalence of conventional vehicles, combined with the high cost of electric vehicles, is expected to slow the adoption of electric vehicles in Asia, Latin America, and the Middle East, hampered the global electric motors for electric vehicles market.
Aside from that, most OEMs use permanent magnet motors based on metal because they are typically stronger, lighter, and more efficient than induction electric motors in electric vehicles. Manufacturers of electric motors for electric vehicles aim to reduce the cost, volume, and weight of electric motors while increasing performance, efficiency, and reliability to stay competitive in the global electric motors for electric vehicles market.
Electric Motors for Electric Vehicles in the Global Market: Regional Prospects
Policies in Europe and China will encourage the adoption of electric vehicles, resulting in a significant increase in the global market for electric motors for electric vehicles. In addition, after 2020, the electrification of Europe’s and North America’s transportation systems is expected to accelerate, with electric buses leading the way. Because of falling battery costs and increased manufacturing scale, sales of electric mirrors for electric vehicles will soar. On the back of expected high sales of electric buses in Western Europe, the United Kingdom and Germany are expected to lead the electric motors for electric vehicles market.
Furthermore, investments in ASEAN countries to expand their fleets of electric buses and a surge in the adoption of electric cars are expected to support the global electric motors for electric vehicles market’s growth. The electric motors for electric vehicles market is expected to grow rapidly in the near future, with the United States, China, and Europe being the key regions.