Global electric vehicle motor market to grow at a CAGR of 20.79% during the period 2018-2022.
One of the major drivers for this market is the increasing sales of electric vehicles. EVs. Unlike the ICE-powered vehicles, the 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.
The latest trend gaining momentum in the market is 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.
Further, the report states that one of the major factors hindering the growth of this market is the 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. As of 2016, the projected pack cost of a battery was around $227/kWh, which means that a 60-kWh battery (excluding additional systems like high voltage wiring, emotors, inverters and on-board chargers) in an EV will be around $13,620.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.