Rise in Adoption of Electric Automobiles to Drive Global Electric Motors Market

Posted by sagark on March 4th, 2020

Electric Motors Market Overview

Electric Motors for Automotive are defined as devices embedded in the automotive and working on the electromagnetic induction principle by ensuring the conversion of electrical energy into mechanical energy. Market Research Future (MRFR) has published a research report about the global Electric Motors for Automotive market that evaluates enlargement for this market with 8% CAGR between 2017 and 2023. Analyzing the market structure, this report evaluates the future growth potential of the market and assays the scenario of the key players in the market. It also covers the competitive developments such as joint ventures, new product developments, mergers and acquisitions, research and developments (R & D) in the market.

The key factors that drive the market growth include increasing adoption of electric vehicles across the globe and benefits facilitated by electric motors embedded in the automotive. Such benefits include longer operating life, low consumption of energy, and low maintenance for the fluctuating voltages. The electric motors can be integrated with controls and gearing that make it more suitable for automotive use.

Segmental Analysis

The global Electric Motors Market is segmented on the basis of installation position and by function. By installation position, the market for Electric Motors is segmented into body motors, chassis motors, and powertrain motors. By function, the market has been segmented into small sized Electric Motors, automotive starters, and alternators.

Regional Analysis

The global Electric Motors Market Size is regionally segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). According to the report published by Market Research Future, the Asia Pacific is estimated to dominate the Electric Motors Market Size during the forecast period. Exponential growth in the Asia Pacific can be accredited to the burgeoning manufacturing industries including the manufacturing industry in the region, increasing emphasis on the adoption of energy efficient electric motors in various automobiles and the constant upgrades within the automobile manufacturing sector. Some of the major economies contributing to profitable growth in the Asia Pacific include China, India, and Japan.

North America and Europe are experiencing high awareness of the use of energy efficient Electric Motors, contributing to significant market growth in the regions. Further, the lower cost of purchasing and maintenance are is driving substantial growth in the Electric Motors Market Size during the forecast period. In North America, countries like the U.S and Canada are estimated to garner major growth. Whereas, in Europe, countries including France, Germany, Spain, and the United Kingdom are anticipated to showcase proliferation in market growth.

Key Players

The report has profiled some of the key players in the global Electric Motors Market Size including Bosch GmbH (Germany), Chengdu Huachuan Electric Parts Co. Ltd. (China), Chongqing Bright Industry Group Co. Ltd.(China), Hubei Shendian Auto Motor Co. Ltd. (China), Jinzhou Halla Electrical Equipment Co. Ltd. (China), Johnson Electric International AG (Hong Kong), Mitsubishi Electric Corporation (Japan), Shanghai Valeo Automotive Electrical Systems Co. Ltd. (China), Shanghai Valeo Automotive Motor & Wiper Systems Co. Ltd.(China), and Taizhou ValeoWenling Automotive Systems Co. Ltd. (China).

Industry Update

February 2019: Yasa has announced its engagement in a long-term innovation agreement with a global original equipment manufacturer. The partnership will focus on the development of custom electric motor and controller solutions of the OEMs high-performance hybrid and pure electric vehicles. Yasa is a world’s leading axial-flux and controllers manufacturer.

February 2019: Amazon has led an investment round of 700 million in the electric vehicle startup Rivian, elevating the startup to unicorn status by driving its value to over a billion dollars. Rivian Automotive is a Michigan based startup producing the world’s first electric adventure vehicles.

Get Full Report @ https://www.marketresearchfuture.com/reports/automotive-electric-motors-market-2917