How are Increasing Sales of Electric Vehicles Driving Electric Motor Market?

In 2017, about 1 million electric cars were sold globally, with China emerging as the world’s largest electric car market, as approximately 580,000 electric cars were sold in the country in 2017. The requirement for electric vehicles is increasing due to the surging air pollution levels. In order to deal with this alarming situation, the governments of various countries are implementing strict rules and regulations and initiatives (subsidies).

For instance, the Chinese government allotted a subsidy of over $10,000 per vehicle in 2017, because of which the adoption of electric vehicles rose by 42% from 2016 in the country. An electric motor is a vital component of electric vehicles, and since the demand for electric vehicles is growing, the requirement for electric motors is also increasing.

In simple terms, an electric motor converts electric energy into mechanical energy, and can be powered by a direct current (DC) source or an alternate current (AC) source. The global electric motor market generated a revenue of $108.5 billion in 2017, and it is expected to reach $155.1 billion, witnessing a CAGR of 6.2%, in the near future.

Various applications of electric motors are transportation, household, motor vehicles, heating, ventilation, and air conditioning equipment, and industrial machinery. Among all the applications, the largest demand for electric motor was generated by motor vehicles due to the above-mentioned factor during 2013–2017.

Since the need for electric vehicles to deal with the rising pollution levels is only going to increase in the future, the application of motor vehicles will continue to create the highest demand for electric motors.