LONDON--(EON: Enhanced Online News)--Technavio market research analysts forecast the global electric vehicle motor market to grow at a CAGR of close to 23% during the forecast period, according to their latest report.
“The adoption of new materials and new bundle packaging solutions can reduce the cost of the electric motor, to cater to the growing HEVs and full EVs market”
The market study covers the present scenario and growth prospects of the global electric vehicle (EV) motor market for 2017-2021. It also presents the vendor landscape and a corresponding detailed analysis of the four prominent vendors operating in the market and outlines the challenges faced by vendors and the market at large and provides a forecast of the key emerging trends.
According to Neelam Barua, a lead analyst at Technavio for automotive electronics research, “The adoption of green vehicles is increasing globally due to the implementation of stringent regulations regarding environmental protection, reducing emissions, and enhancing fuel efficiency. The global EV market is expected to account for a share of more than 16% of the global vehicle market in 2021, which is likely to drive the growth of the global EV motor market during the forecast period.”
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Technavio automotive analysts highlight the following three market drivers that are contributing to the growth of the global electric vehicle motor market:
- Stringent government regulations to boost growth
- Decline in cost of electric motor
- Rising demand for improved driving range of EVs
Stringent government regulations to boost growth
Countries globally have implemented stringent emission norms to lower GHG emissions, to reduce the causes of global warming. Automakers need to develop zero emission vehicles or nearly zero-emission vehicles to meet emission standards that are becoming more stringent. These regulations have led to an increased focus on EVs, thereby driving the market growth during the forecast period.
Tax incentives and subsidies for EV manufacturers and end-users are the other drivers that are fostering the market growth. China, Japan, the US, and countries in Europe have policies most favorable to the growth of the EV market.
Decline in cost of electric motor
The average price of the motor is expected to decline during the forecast period owing to the factors such as the adoption of new materials and bundle and packaging solutions. The new bundle packaging solutions integrate the inverter-starter system and inverter-converter module with the electric motor unit to reduce the size and weight of the total power module, thereby reducing the cost.
“The adoption of new materials and new bundle packaging solutions can reduce the cost of the electric motor, to cater to the growing HEVs and full EVs market,” says Neelam.
Rising demand for improved driving range of EVs
Unlike a conventional internal combustion engine (ICE) vehicle, the range and emission levels in EVs depend on their electric powertrain control systems. Motors play a major role in controlling the electric powertrain. Improvements in electric vehicle motor technology are helping to improve the driving range, which augurs well for the growth of the market.
Improved driving range in EVs will encourage more people to adopt EVs. For instance, the 2013 Nissan Leaf had a range of 84 miles while the 2016 Leaf comes with a range of 107 miles. This range improvement is attributed to improvement in both power electronics and battery rating.
Browse Related Reports:
- Global Electric Vehicle Market 2016-2020
- Global Hybrid Electric Vehicle Market 2016-2020
- Global Micro Electric Vehicle Market 2016-2020
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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