Market Size of Electric Motors For IC Engine Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Electric Motors for IC Engine Vehicle Market Analysis
The global electric motors for IC engine vehicle market is anticipated to register a CAGR of over4% during the forecast period (2020– 2025).
- The demand for electric motors for IC engine vehicles is continually growing, as consumersaround the worldare 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. Manyelectric 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 worldand 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. Moreover,the less or limited requirement of mechanical moving parts andmotors in EVs has proved to be a key restraining factor for the electric motors for the IC engine vehicle market.
