Electric Motors for IC Engine Vehicles: Global Market Analysis & Forecast of Growth and Trends (2018-2023) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 22, 2018--The “Global Electric Motors for IC Engine Vehicle Market - Segmented By Type and By Application- Analysis of Growth, Trends and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
Global Electric motors for IC engine vehicle market was valued at USD 19.32 billion in 2017. As of 2017, AC motors occupy the highest market share, of about 86%, which amounted to about USD 16.76 billion.
Lesser Overall Ownership Cost of IC Engine Vehicle
The electric vehicles, as well as hybrids, are costly to manufacture as compared to conventional internal combustion engine vehicle. This is one of the key drivers for the electric motors used in IC engine vehicle market as the IC engine vehicles continue to post healthy growth rate amid onslaught of EVs and alternate fuel powered vehicles.
Although manufacturers are planning to increase their production of EVs by implementing the concept of economies of scale to reduce manufacturing costs, EVs face intense competition from IC engine vehicle regarding initial costs and the total cost of ownership.
The fall in fuel prices had a positive impact on the IC engine vehicle sales globally as the total cost of running and ownership came down significantly. This has led to an increase in demand for the electric motors used in the conventional fuel engine vehicles.
The increase in oil production in America had a major contribution in the fall of the global fuel prices. The supply of crude oil has intensively increased due to various factors like the new drilling plant in the Gulf of Mexico and the increased use of techniques like hydraulic fracturing, or “fracking”, which facilitates in the cost reduction of acquiring oil crudes. The fall in the prices of fuel would be a key factor driving the market.
Focus on R&D Through Technological Innovation
The automotive industry is known worldwide to be technically the most advanced and innovative. The automotive industry is one of the biggest private sector investors for research & development in North America and Europe. According to ACEA, it is estimated that the private investment is approximately about 20 billion in research (which is about 5% of the revenues in the European automotive industry than the European Union’s 3% annual target), and this makes the sector a major generator for innovation.
The automobile industry is highly dependent on the Environmental Protection Agency regulations, owing to the high emissions of the automotive units. The move by the EPA to raise the mile per gallons standards to 35.5 mpg by 2016 and then 54.5 mpg by 2025 has actually helped the electric motor market, as the auto industry concluded that the only way they can get to those mileage standards is through technological advancements.
The Canadian Automobile Association (CAA) stated that most auto stop/start systems incorporated in Canadian cars require the use of an additional battery pack and a more robust starter motor. The frequent restarts that are typically encountered in city traffic quickly drain a conventional 12-volt battery, which is designed to reduce the rate of frequent starts.
Some form of regenerative braking is typically employed in converting braking energy to electricity, which could be stored in the batteries for further usage. Depending on how a vehicle is operated on city or highway, an auto-stop/start system holds the potential to significantly reduce fuel consumption, in spite of adding weight from a more powerful starter and additional batteries thereby boosting the demand for electric motors.
In the light of all these events, the market for the electric motors used in the IC engine vehicle is expected to witness a positive growth with the increase in the number of vehicles on the road globally.
Key Topics Covered
2. Executive Summary
3. Market Overview
4. Market segmentation, By Vehicle type
4.1 Passenger Cars
4.2 Commercial Vehicles
5. Market segmentation, By Vehicle type
5.1 AC Motor
5.2 DC Motor
6. Market segmentation, By Supply
6.1 Below 24 V
7. Market segementation, by Application Type
7.1 ABS Motor
7.2 Door Lock Motor
7.3 Electric Power steering Brushed Motor
7.4 Electric Power steering Brushless Motor
7.5 Handbrake Motor
7.6 Oil Pump Motor
7.7 Power Lift Gate Motor
7.8 Power Window Motor
7.9 Radiator Fan Motor
7.10 Seat Motor (Seat & Headrest)
7.11 Sunroof Motor
7.12 Traction Motor
8. Regional Market Analysis
8.1 North America
8.4 South America
8.5 Middle East & Africa (MEA)
9. Competitive Landscape
10. Company Profiles
10.1 Hitachi Automotive Systems Ltd.
10.2 Denso Corporation
10.3 Delphi Automotive
10.4 Aisin Seiki
10.5 Valeo Group
10.6 Magneti Marelli
10.7 Johnson Electric Group
10.9 Continental AG
10.10 Mitsubishi Electric
10.11 Nidec Motors
For more information about this report visit https://www.researchandmarkets.com/research/lpk3gv/electric_motors?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181122005189/en/
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Related Topics:Motors,Engines and Engine Parts
INDUSTRY KEYWORD: MANUFACTURING AUTOMOTIVE MANUFACTURING ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE
SOURCE: Research and Markets
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PUB: 11/22/2018 06:39 AM/DISC: 11/22/2018 06:39 AM