The report categorizes the global electric vehicle motor market by power rating which includes mid-power rating motors, high-power rating motors, and low-power rating motors. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing sales of electric vehicles
Most of the government bodies across the world are taking several initiatives to promote the sales of EVs. Unlike the ICE-powered vehicles, EVs significantly reduce the air pollution as they do not emit harmful pollutants, such as particulates, carbon monoxide, hydrocarbons, and volatile organic compounds. The factors driving the demand for EVs are various benefits and perks provided by the governments, increased awareness to curb the emission of greenhouse gas, stringent carbon emission norms like reducing the average CO2 emission emitted by the fleets of OEMs, increase in participation from the foreign as well as the regional players for the development of EVs, and increased buyers' intent to adopt EVs.
According to a senior analyst at Technavio for automotive electronics research, “Government bodies across all regions are creating awareness to Go Green and are incentivizing the purchase and sale of greener technology, which has very less impact on the environment. The increased demand for EVs will eventually lead to increase in demand for EV motors.”
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Market trend: OEMs focusing on connected EVs
The adoption rate of EVs by end-users is mainly restricted due to range anxiety. Many OEMs have started developing connectivity module, which will be a standard unit in EVs, to alleviate the problem shortly. The connected EVs will have the following range anxiety solutions, which will alert the user and access real-time information about the available charging stations, enable online battery charging, and provide navigation-based assistance.
Market challenge: high cost of batteries used in EVs
The high price of the battery in the EVs is a big barrier to their wider adoption. Although the battery prices had significantly declined by nearly 80% since 2010, the battery cost in the EV still constitutes a significant portion of the total EV cost. Most of the OEMs are dependent on the subsidy provided by the government bodies to produce an EV.
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