Electric motors are an integral part of electric vehicles as they provide propulsion. The different types of electric motors used in electric vehicles include DC motors and AC motors. Electric motors offer reduced environmental impact, better driving experience, lower maintenance costs and reduced reliance on imported fossil fuels.

Market key trends:

One of the major trends driving the growth of the electric motors for Global Electric Vehicle Market Size is the increasing demand for electric vehicles. Various factors such as high fuel prices, stringent emission norms, government incentives and subsidies for electric vehicles and increasing environmental concerns are propelling the demand for electric vehicles. As electric vehicles are equipped with electric motors for propulsion, the increasing demand for electric vehicles will directly impact the growth of the electric motors market. Additionally, the development of efficient and higher power density electric motors is also fueling the market growth. Manufacturers are focusing on developing lightweight yet powerful permanent magnet and induction motors for electric vehicles to enhance vehicle performance.

Porter’s Analysis

Threat of new entrants: The threat is moderate due to high capital requirements for manufacturing plants and R&D. Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute materials. Threat of new substitutes: The threat is high due to technological advancements in alternate powertrains like battery technologies. Competitive rivalry: Intense due to presence of global automotive giants.

SWOT Analysis

Strength: Growing focus on emission reduction and increased vehicle efficiency. Weakness: High production costs and lack of standardization. Opportunity: Rising demand for electric vehicles and supportive government policies and incentives. Threats: Range limitation of EVs and lack of charging infrastructure.

Read Our More Blogs : https://www.zupyak.com/p/3938034/t/autonomous-driving-is-fastest-growing-segment-fueling-the-growth-of-electric-motors-for-electric-vehicle-market