The electric vehicles are increasingly being adopted in the last few years, owing to increasing prices of fuels, and declined costs of lithium batteries. In 2021, about 7 million units have been sold globally. This highlights the demand for E-motors needed for vehicles.
An E-motor for an electric vehicle converts the stored electrical energy in a battery to mechanical energy. Electric mobility on the back of technological improvements is expanding lucrative opportunities for the companies involved in manufacturing. These motors for EVs should have important attributes like simple design, high specific power, low maintenance cost, and robust control.
Over the optimistic years of the forecast, government regulations would be crucial in driving the market. Sales of electric motors will increase due to the fast global adoption of electric buses, especially in China.
Also, the global market will be significantly impacted in the next years by the decline in sales of conventional cars due to the long-term benefits associated with e-cars. The study’s objective is to assess the most recent dynamics and trends in the market on a global scale.
Regional Outlook
Policies in Europe and China will enhance the adoption of EVs and subsequently, augment the hefty growth in the global market. Also, the electrification of the transport system in Europe and North America is set to accelerate after 2020, with electric buses leading the way.
The sales will surge against the backdrop of tumbling battery costs and increasing scale in manufacturing. In Western Europe, the U.K. and Germany are expected to spearhead the market on the back of anticipated high sales of electric buses in the region.
Moreover, investments in ASEAN countries to increase the fleet of E-buses and surge in the adoption of electric cars will likely aid the growth in the market. In the foreseeable future, promising growth is foreseen across the world, with the U.S., China, and Europe being the key regions in the market.
Competitive Landscape
The industry is turning highly competitive as more automotive manufacturers are entering into EV production. The rise in sales of plug-in electric vehicles is attributed to a rise in manufacturers’ interest. While two of the top five best-selling EV models are made by Tesla the brand still faced tough competition from Asian brands last year in 2022.
