Global Automotive Induction Motor Market size was valued US$ XX Mn. in 2019 and the total revenue is expected to grow about 13% from 2020 to 2027, reaching nearly US$ XX Mn.
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Global Automotive Induction Motor Market: Overview
Automotive Induction Motor is used in electric vehicle to generate driving torque to run the vehicle. This inductive motor working principle is to create magnetic field through alternating supply this will create rotary force. The Induction motor has two parts one is stator and one is rotor. The stator winding is induced with alternating current generate electromotive force and the rotor induce driving current into rotor winding. This interaction of current and electromagnetic force leads the rotor to rotate. Nowadays, automotive industry is in phase of adoption of constant development of electric vehicle technical advancement. Electric vehicle market is growing with increasing production of electric vehicle, thus driving the Global Automotive Induction Motor Market.
Global Automotive Induction Motor Market: Key Players
Toyota Motors launched its hybrid electric vehicle in passenger vehicle segment named Corolla and Levin in 2019. This electric vehicle is hybrid type, Toyota is also interested to invest in China for production of battery and inverter.
Tesla US car manufacturer is the foremost manufacturer in electric vehicle and electric motor. Tesla manufactures electric vehicle and their technology development.
BMW Germany vehicle manufacturer operates two segments of vehicle, automotive and motorbike. BMW will launch its many hybrid as well as full electric vehicle line up as X5, 330e, 530e and Mini Countryman, targeted to launch 25 such vehicle at the end of 2025.
Global Automotive Induction Motor Market: Drivers
Automotive safety and road safety norms are getting severe owing to stringent rules application over automotive industry with involvement of active and passive system of safety. Installation of ABS and ECS is mandatory in every vehicle and it created huge demand for electric vehicle market.
Motors provide high density of power and more reliability in performance of vehicle ABS, EHC and brake assist motor. This system in installed in all vehicles including hybrid and electric vehicle braking system.
Increasing Pollution control rules and globally trend towards use of clean fuel is the main motive force for use of electric vehicle, results in market growth of Global Automotive Induction Motor.
The induction motor can generate high torque and uniform speed with capability to run for a longer time. Induction motor needs low maintenance and this motor can be built in various sizes as per need.
Global Automotive Induction Motor Market: Regional Overview
The Global Automotive Induction Motor Market is segmented into various region such as North America, Europe, Middle East Africa, South America, and Asia Pacific. Asia pacific Region is the leader in manufacturing of inductive motors, also major market for Plug in Hybrid Electric Vehicle. Inductive motor is forecasted to show growth owing to the countries like Japan and China. India and South Korea are also planning to take initiatives to implement rules on reduction of greenhouse gas emissions, these will surge the growth of electric vehicle, which result in increasing sales of Inductive Motors. Government is also taking initiative to improve growth by use of renewable energy, by reducing taxes on electric vehicle and on manufacturing industries working in production of electric vehicle parts and components by giving tax relaxations. Owing to this factor Asia Pacific region is forecasted as the major market for Automotive Induction Motor.
Europe is significant market for growth of Induction motor, and it is expected to be positively growing region in adoption of electric vehicle in the forecasted period. Europe has good infrastructure for electric vehicle and this technology is also getting popular. Middle East and Africa will be the least growing market for Automotive Inductive Motor.
Global Automotive Induction Motor Market: Segmentation
The Global Automotive Induction Motor Market is segmented by Product Type (AC Motor, DC Motor), End User (Passenger Vehicle, Commercial Vehicles), Sales Channel (OEM, Aftermarket), and Region (North America, Europe, Middle East Africa, South America, Asia Pacific).
The MMR report will provide an accurate prediction of the contribution of the various segments to the growth of the Automotive Induction Motor market size. By end-user, the Passenger Vehicle segment was valued at US$ XX Mn in 2020 and is expected to reach US$ XX Mn by 2027 at a CAGR of XX% during the forecast period.
The report also helps in understanding Automotive Induction Motor Market dynamics, structure by analyzing the market segments and projects the Automotive Induction Motor Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Automotive Induction Motor Market make the report investor’s guide.
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Scope of the Automotive Induction Motor Market: Inquire before buying
Automotive Induction Motor Market, by Product Type
• AC Motor
• DC Motor
Automotive Induction Motor Market, by End User
• Passenger Vehicles
• Commercial Vehicles
Automotive Induction Motor Market, by Sales Channel
Automotive Induction Motor Market, by Region
• Asia Pacific
• North America
• South America
• Middle East Africa
Key players operating in Automotive Induction Motor Market
• WEG Electric Corp
• ABB Ltd
• Emerson Electric Co
• Nidec Motor Corporation
• Siemens AG
• Tesla Inc
• ARC Systems
• Ramco Electric Motos
• Rockwell Automation
• Regal Beloit
• Johnson Electric
• Allied Motion Technologies
• Faulhaber Group
• General Electric
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