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The electric motors for IC engine vehicles market share is expected to increase by 419.26 million units from 2021 to 2026, at a CAGR of 4.51%.
This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by vehicle type (passenger car, commercial vehicle, and two-wheeler) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The market report also offers information on several market vendors, including AMETEK Inc., Arc Systems Inc., BorgWarner Inc., Brook Crompton Group, Brose Fahrzeugteile SE and Co. KG, Continental AG, Delphi Technologies Plc, DENSO Corp., Emerson Electric Co., Energica Motor Co. Inc., Hitachi Ltd., Johnson Electric Holdings Ltd., Marelli Holdings Co. Ltd., Mazda Motor Corp., Mitsuba Corp., Mitsubishi Electric Corp., Nidec ASI SpA, Regal Rexnord Corp., Robert Bosch GmbH, and Valeo SA among others.
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The growing adoption of power window systems is notably driving the market growth, although factors such as stringent fuel emission and fuel efficiency regulations affect demand for internal combustion engine (ICE) vehicles, which may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the electric motors for the IC engine vehicles industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Electric Motors for IC Engine Vehicles Market Driver
The growing adoption of power window systems is one of the key drivers supporting the market growth. The demand for safety and occupant convenience is a key driver fostering the adoption of advanced automobile safety systems. Nowadays, safety and convenience features are not limited to premium vehicles but are also provided in mid-level and entry-level vehicles. This is fostering the adoption of automobile safety systems, such as power window systems, and subsequently, fostering the demand for automotive power window motors. However, the penetration of the power window system is not only limited to the passenger car segment but also increasing in the commercial vehicle segment. Such increasing penetration of power window systems will drive market growth during the forecast period.
Key Electric Motors for IC Engine Vehicles Market Trend
Automakers involved in the production of in-house electric motors is one of the key market trends contributing to the market growth. For instance, automakers such as Tesla are producing their unique technology motors and providing them to other automakers, such as Daimler and Toyota. Daimler uses the induction motors and electric powertrain supplied by Tesla in its Mercedes Benz B class e drive. Such production is growing because though motors and other power electronics are given to OEMs by tier-1 suppliers and have the same performance, developing their motor through R&D allows them to build standalone goods in automotive markets. This realization by automakers to create competitive EVs has started the trend of in-house R&D and manufacturing of electric powertrain, especially electric motors. This, in turn, will contribute to the market growth during the forecast period.
Key Electric Motors for IC Engine Vehicles Market Challenge
Stringent fuel emission and fuel efficiency regulations affect demand for internal combustion engine (ICE) vehicles, which is hampering the market growth. Primarily, governments across the world are implementing stringent emission norms to reduce greenhouse gas (GHG) emissions from vehicles and control global warming to some extent. For instance, in June 2022, European Union confirmed its ban on ICEV in the continent. The ban insisted automakers cut emissions by 90% by 2035. As regulations aiming at reducing carbon dioxide, nitrous oxide, and other hydrocarbon emissions are very stringent, automakers are focusing on developing zero-emission vehicles (ZEVs) or vehicles that emit negligible emissions. On the other hand, as ICEVs continue to account for the majority of global automobile production, unfavourable disruptions in the ICEV industry are negatively impacting the growth of the market. Such regulations are expected to hamper the growth of the market in the coming years.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the electric motors for the IC engine vehicles market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as product differentiation, product portfolio, quality, and reliability to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offer in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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58% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for electric motors for IC engine vehicles in APAC. Market growth in this region will be slower than the growth of the market in Middle East and Africa.
Increasing adoption of power window systems in commercial vehicles will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had a negative impact on the regional market. However, the lifting of COVID-19-related lockdown restrictions, the resumption of operations in the automotive industry, and the initiation of large-scale COVID-19 vaccination drive positively impacted the growth of the regional market in 2021. This, in turn, is expected to continue during the forecast period as well.
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The market share growth by the passenger car segment will be significant during the forecast period. The growing sales of passenger cars, especially the entry-level segment, act as a driver for the market. In addition, the growth in the demand for larger utility vehicles, such as sport-utility vehicles (SUVs), crossovers, and multipurpose vehicles (MPVs), are further supplementing the growth of the market. Moreover, the increasing number of functionalities and areas of application of electric motors for ICEV is fueling the growth of the segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.
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Electric Motors for IC Engine Vehicles Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 4.51% |
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Market growth 2022-2026 |
419.26 mn units |
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Market structure |
Fragmented |
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YoY growth (%) |
4.94 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 58% |
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Key consumer countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AMETEK Inc., Arc Systems Inc., BorgWarner Inc., Brook Crompton Group, Brose Fahrzeugteile SE and Co. KG, Continental AG, Delphi Technologies Plc, DENSO Corp., Emerson Electric Co., Energica Motor Co. Inc., Hitachi Ltd., Johnson Electric Holdings Ltd., Marelli Holdings Co. Ltd., Mazda Motor Corp., Mitsuba Corp., Mitsubishi Electric Corp., Nidec ASI SpA, Regal Rexnord Corp., Robert Bosch GmbH, and Valeo SA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Vehicle Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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