Technavio, a tech-focused market research firm, has published a new report on the global electric vehicle motor market, which is expected to grow at a CAGR of close to 23% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global electric vehicle motor market into the following key regions: APAC, Europe, and North America.
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EV motor market in APAC: The presence of prominent vendors in the market is contributing to the growth of the market in the region. China and Japan contribute to more than 75% of market share of APAC owing to the increased production and sales of EVs and auto parts. The increase in the production and sales of related parts such as batteries, power inverters, and motors will boost the demand in the market in this region. Moreover, South Korea, India, and Hong Kong will emerge as key revenue contributors for EVs during the forecast period.
According to Neelam Barua, a lead analyst at Technavio, specializing in research on automotive electronics, “The vendors in the market are developing low-cost and highly advanced EV models to attract more consumers and increase their profitability. The emergence of various green car policies from governments will help in the evolution of the APAC market over the period of next four years.”
EV motor market in North America: The establishment of fuel efficiency and emissions norms by the government for the vehicles in the region will boost the demand for EV in the North American market. The US and Canada will contribute the highest revenue in the market in this region. Moreover, the significant investments from the governments to electrify public and private transport systems will foster growth in the market for EVs in North America.
EV motor market in Europe: The various tax incentives offered by European countries will increase the production and sales of EVs in the market during the forecast period. The rising petroleum prices and declining costs of Li-ion batteries will further boost the demand for EVs in the European market. Furthermore, the governments of various countries in Europe are focusing on HEVs and alternate fuel vehicles for commercial purposes resulting in the development of the EV motor market in the region.
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The top vendors operating in the global electric vehicle motor market are:
- Continental
- Hitachi Automotive Systems
- Tesla Motors
- Toyota Industries
Other prominent vendors in the market include BYD Auto, Delphi Automotive, DENSO, Metric Mind, and Mitsubishi Electric.
A more detailed analysis is available in the Technavio report titled, ‘Global Electric Vehicle Motor Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive On-board Power Inverter Market 2017-2021
- Global Electric Vehicle Market 2016-2020
- Global Hybrid Electric Vehicle Market 2016-2020
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