Due to the increasing demand for electric vehicles, the global market for automotive electric motors for electric vehicles will expand in the future. Global automotive electric motors for the EV market are expected to increase over the forecast period owing to growing demand for alternative fuel vehicles such as EVs and regulations to lower their carbon footprint. The International Energy Agency (IEA) estimates that more than 1 billion electric vehicles were sold worldwide in 2019.
The automotive electric motor market for electric vehicles is expected to reach $169.1 billion by 2028, registering a CAGR of over 22.76% .
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Who are the prominent players in the global Material Spreaders market:
Tesla, BYD, Toyota, Nissan, Honda, Ford
The main product types covered are:
Hybrid Electric Vehicle (HEV)
Plug-in hybrid electric vehicle (PHEV)
Pure Electric Vehicle (PEV)
Market by Application :
Global Automotive Electric Motors for Electric Vehicle Market Overview:
Large investments in electric vehicles from major automakers such as Toyota, Honda, Tesla, General Motors and Ford are expected to drive the electric motor market in the near future. Additionally, the evolving partnerships between motor manufacturers and automakers are expected to expand electric motors for the electric vehicle market globally.
The motor market is expected to experience difficulties in procurement as rare earth metals used in permanent magnets for synchronous motors are exposed to export restrictions and supply risks.
Automotive Electric Motors for Electric Vehicle Market (Regional Production, Demand and Country Forecast) :
Middle East and Africa
Charging infrastructure :
Governments in various countries are encouraging the adoption of electric vehicles for commercial purposes to reduce greenhouse gas emissions. However, the lack of electric vehicle charging infrastructure is acting as an obstacle to the electric vehicle market. For example, the Indian government aims to have only electric vehicles on the roads by 2030. However, building a strong electric vehicle infrastructure is one of the key requirements to ensure electric vehicle adoption. Unfortunately, EV charging infrastructure in most developing countries is currently inadequate and not meeting the requirements, hindering the growth of the electric vehicle market. Also, while China is one of the largest markets for electric vehicles, the country is struggling to support an electric vehicle charging infrastructure sufficient to charge electric vehicles, which is expected to hamper the market. Therefore, the lack of charging infrastructure is limiting the growth of the EV market.
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Development of autonomous driving electric vehicle technology :
The electric vehicle market will be influenced by the recent trend of self-driving trucks. Top OEMs such as Tesla, Volvo, Vera, and Daimler have been developing self-driving electric vehicles for the market. Startups such as Waymo, Uber, Embark, Einride, TuSimple and Ike have also started developing self-driving electric vehicles. Tesla, for example, has announced plans to launch self-driving electric trucks by the end of 2022.
Waymo, for example, started testing self-driving trucks in January 2020. Similarly, TuSimple plans to operate autonomous driving routes between Pheonix and Tucson in Arizona and select locations in Texas. Also in May 2019, Einride began testing its driverless truck. In January 2019, Daimler announced a $570 million investment in self-driving electric vehicles. Therefore, autonomous driving technology will increase the demand for electric vehicles in the long term due to various advantages such as reduced risk of accidents, ease of use and presence of value-added features. This technology is expected to mature by the next 5-6 years of age. Therefore, the development of autonomous electric vehicle technology is an opportunity for market growth.
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