Electric Motors Market Business Revenue, Future Scope, Market Trends, Key Players And Forecast To 2023

Electric Motors Market Overview

Electric Motorss are devices that are embedded in an automotive and work on electromagnetic induction principle by converting electrical energy into mechanical energy. The global Electric Motors Market Size is expected to garner an 8% CAGR during the assessment period, according to the latest report published by Market Research Future. Factors contributing to such growth in the global Electric Motors Market Size include an exponential rise in the adoption of electric vehicles, increasing awareness towards carbon emissions, as well as, encouraging government policies for adoption electric motors in latest automobiles.

Furthermore, other factors that are causing traction in global Electric Motors market growth include technological advancements in the electric motors and the advent of better insulation materials. Also, a longer life span of the product, improved operational efficiency, and a higher tolerance towards fluctuating voltages are anticipated to showcase substantial growth in the global Electric Motors Market Size.

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With a rise in the costs of electricity, the market is projected to showcase inflated demand for energy efficient motor systems. Further, stringent manufacturing and design standards to improve such efficiency are anticipated to drive significant growth by obligating manufacturers to invent energy efficient electric motor systems. Additionally, rising adoption of a lifestyle that aids an environment-friendly is driving notable demand for automobiles using electric motors.

Prominent 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.

Segmental Analysis

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

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