Global Electric Motors for IC Engine Vehicle Market 2019 By Trends, Business Opportunities, Key Manufacturers, Revenue, Future Projections and Forecast 2024

Global Electric Motors for IC Engine Vehicle Market has been thoroughly analyzed in the report for an inclusive understanding. The report includes several sections that offer indicative market insights. In the report, readers will come across analysis of market dynamics.

Global Electric Motors for IC Engine Vehicle Market 2019-2024:
The global electric motors for IC engine vehicle market was valued at USD 20.42 billion in 2018 and is anticipated to register a CAGR of about 4.02% during the forecast period (2019 – 2024).
- The demand for electric motors for IC engine vehicles is continually growing, as consumers, around the globe, are willing to pay extra for in-car technologies such as sunroof, electrically operated ORVMs (outer rear view mirror), electrically powered seats, powered tailgate, and power windows. A large number of electric motors ranging from 100W to 5KW are used for these features.
- There has been a major thrust in the safety systems used in vehicles, with safety systems being mandated by various governments around the globe and ratified by automotive manufacturers in recent times. As a result, advanced safety systems such as ABS (anti-lock braking system) and traction control are no longer limited to premium vehicles.
- The growing market for electric and hybrid vehicles is a major restraint for the internal combustion engine vehicle market. This along with the less or limited requirement of mechanical moving parts as well as motors in EVs has proved to be a key restraining factor for the electric motors for IC engine vehicle market.

This study presents the Electric Motors for IC Engine Vehicle production, revenue, market share and growth rate for each key company, and also covers the breakdown data by regions, type and applications.

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Scope of the Global Electric Motors for IC Engine Vehicle Market Report:
The global electric motors for IC engine vehicle market have been segmented by vehicle type, motor type, supply type, application type, and geography.

Key Market Trends:
Passenger Car - Driving the Electric Motor Demand for IC Engine Vehicle
The passenger car dominates the electric motor for IC engine vehicle market over the commercial vehicle, as the buying power of people is growing and they are willing to invest in safety features of the vehicle, which are proportionally driving the electric motor market.

The governments around the world are implementing new regulations regarding enhancing the vehicle performance, passenger safety and vehicle emissions. For instance, 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.

Asia-Pacific Dominating the Electric Motors for IC Engine Vehicle Market:
Asia-pacific is registering strong growth in vehicle sales, which makes the region the largest market of electric motor for IC engine vehicles. The region was followed by Europe and North America respectively.

The demand for electric motor in the European region is growing due to the vehicle efficiency and fuel economy regulations implemented by the European Union. For instance, the European Union (EU) adopted minimum efficiency regulations for electric motors in European Commission Regulation No. 640/2009 of 22 July 2009, which implemented Directive 2005/32/EC, with regard to Eco?design requirements for electric motors. The use of electric vehicles is expected to exceed the use of conventional gasoline or diesel engines in the region, which is anticipated to hinder the growth of the market.

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Competitive Landscape of Global Electric Motors for IC Engine Vehicle Market:
The global electric motor for IC Engine Vehicle is a consolidated market, with few major players, such as Nidec Corporation, Denso Corporation, Mitsubishi Electric Corporation, Robert Bosch, and among others. The major players are primarily focusing on, making acquisitions, joint ventures and partnerships, and launching new product lines. For instance,
- Denso Corporation collaborated with Toyota Motor Corporation in 2016 and developed a new motor stator for high-speed traction motors with innovative coil winding technique and is about 20% lighter than the motor used in the previous PRIUS models. Denso has major customers in Japan and North America, compared to Europe and Asia.
- In 2017, Nidec Corporation invested in renew production line equipment in Asian and German factories, which manufacture motors and modules for automotive products. The company’s main strategy is to integrate its motors with the related technologies of the acquired companies, to offer complete system products to the customers at an optimum combination, downsizing, and cost reduction features across the globe.

Others include players, like Continental AG, Magneti Marelli SpA, Mitsuba Corporation, Valeo Group, and many local manufacturers holding a significant share in the global electric motors for IC engine vehicles market. The local manufacturers majorly cater to aftermarket demand, compared to OEM demand.

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