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As more automakers adopt EVs, the market for electric car motors has changed dramatically. Due to the focus on manageability and minimizing fossil fuel byproducts, interest in electric vehicles (EVs) has moved and the automotive electric motors business has grown. These motors control electric power steering, cooling, and most critically, engine architecture in electric cars. Electric motors for cars are in high demand as more countries tighten pollution restrictions and give incentives to enhance electric flexibility.
Continuous battery progress drives market considerations. Due to battery energy thickness and efficiency improvements, electric cars may go farther per charge. To power automobiles, stronger, more efficient electric motors are needed. The car industry's R&D investment in electric motor visibility has improved engine design and materials. Market competition is driving efficiency, providing carmakers a variety of electric engine alternatives.
The price of electric automobiles and their components, including electric motors, also affects market variables. Since electric motors and batteries are cheaper with time, more people can afford electric automobiles. These parts are cheaper due to scale economies, technology, and assembly capacity investments. Thus, car electric motors manufacturers are competing to offer clever and effective execution solutions.
Market variables are affected by the worldwide greening movement. To promote electric car sales, governments are offering tax benefits, refunds, and stricter pollution regulations. These strategy measures encourage consumers and manufacturers to use electric adaptability, which boosts car electric motor interest. The electric car market is growing as consumers seek greener options due to climate change and sustainability concerns.
Market factors including charging infrastructure limitations provide challenges for automotive electric motors. Electric car customers' range anxiety issues must be addressed with a strong charging infrastructure. The industry must overcome this hurdle to widely embrace electric vehicles, even while politicians and secret agencies are expanding the charging network.
Technological advances, economic considerations, strategic reasons, and the worldwide commitment to practical transportation define the Automotive Electric Motors Market. Productive, economically astute, and high-performing electric motors may be in demand as the car sector shocks. Established enterprises and new entrepreneurs can capitalize on the automobile electric motors market's expansion and competition.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022 to 2030 |
Automotive Electric Motors Market Highlights:
Automotive Electric Motors Market Scenario
Automotive electric motors market is expected to grow USD 1,760 million at a CAGR of around 5.9 % during the period 2022 to 2030. Automotive Electric motors are devices embedded in the automotive which works on the electro-magnetic induction principle by ensuring conversion of electrical energy into mechanical energy. The Automotive electric motors market is majorly driven by the increasing adoption of electric vehicles across the globe. The electric motors embedded in the automotive facilitate certain benefits to automotive which include longer operating life, low maintenance for the fluctuating voltages and the low consumption of energy. The electric motors are capable of being integrated with controls and gearing which make it more suitable for use in automotive.
Key Players:
The key players of Automotive electric motors market are
- Robert 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),
- Taizhou ValeoWenling Automotive Systems Co., Ltd. (China)
- others.
Automotive Electric Motors Industry Developments
Tata Motors, the largest commercial vehicle manufacturer in India, introduced the all-new Ace EV 1000 today, bolstering its e-cargo mobility solutions (May 2024). This zero-emission mini-truck, designed to revolutionize last-mile mobility, features an increased rated burden of 1 tonne and a certified range of 161 kilometers on a single charge. The Ace EV is designed with significant customer input in mind, and the forthcoming iteration will cater to the changing demands of numerous industries, including FMCG, beverages, paints & lubricants, LPG, and dairy.
The Ace EV, which is backed by more than 150 Electric Vehicle Support Centres nationwide, features a fleet edge telematics system, robust aggregates, and an advanced battery management system for the highest reliability in its class. The Ace EV provides customers with a comprehensive e-cargo mobility solution by leveraging the immense capabilities of the Tata UniEVerse, collaborating with relevant Tata Group companies, and partnering with the nation's foremost financiers. It will be offered for sale at all Tata Motors commercial vehicle dealerships nationwide, featuring adaptable cargo platforms.
BYD introduced the e-Platform 3.0 Evo in May 2024, an enhanced iteration of its battery electric vehicle (BEV) model platform. The Sea Lion 07 EV, the inaugural model to utilize the new platform, was also introduced at the same time. The e-Platform 3.0 Evo is distinguished by its enhanced charging and powertrain performance, as well as its superior level of integration. Integration is enhanced on the upgraded BEV platform by a 12-in-1 electric propulsion system, as opposed to the e-Platform 3.0's 8-in-1. The maximum speed of the motors supported by the e-Platform 3.0 Evo is 23,000 rpm, which BYD claims is the highest of those currently in production. The Sea Lion 07 EV, a fully electric SUV introduced by BYD at the event, is the initial iteration built upon the e-Platform 3.0 Evo. Its purpose is to rival the Tesla Model Y. Sea Lion is a new product line that will eventually comprise BYD's Ocean-array SUV model range; its inaugural model is the Sea Lion 07 EV.
Market Segmentation:
The report for automotive electric motors market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.Regional Analysis:
Asia-Pacific is expected to dominate the automotive electric motors market owing to the boom in the manufacturing industries including the automotive manufacturers in the region. The constant up gradation of automobile manufacturing sector and the increasing emphasis of adoption of energy efficient electric motors in various automotive in the region is expected to contribute to the growth of the automotive electric motors market in the region. Developed nations such as North America and Europe are becoming aware for the use of efficient electric motors in the automotive and have increased adoption of electric motors owing to increased energy efficiency and the low cost.
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