Electric Vehicle Motor Controller Market REPORT OVERVIEW
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global electric vehicle motor controller market size was USD 7730.9 million in 2021 and market to touch USD 268797.55 million by 2031 at CAGR 42.6% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the global electric vehicle motor controller market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The heat dissipation module, power semiconductor module, control module, drive module, and thin film capacitor make up most of the motor controller. The control module also comprises a control chip and power circuit board. IGBT1 module is mostly used in power semiconductor modules. The motor controller, a crucial signal and energy transmission component in new energy vehicles, on the one hand receives data from the vehicle controller and control mechanisms (brake pedal, accelerator pedal, gear shifting mechanism) to control the motor's work, and on the other hand transforms the electric energy in the battery into the electric energy that powers the motor.
COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market
The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.
LATEST TRENDS
"Growth of the market in recent years"
The motor controller integrated circuit regulates the voltage and current of the driving motor and can make it operate in accordance with the preset direction, speed, Angle, and response time to control the new energy vehicle's starting and stopping state, advance and retreat speed, climbing strength, and other driving states. In comparison to sales data in 2020, 8.97 million EVs were sold globally in 2021. All vehicle categories, such as trucks, commercial vehicles, trucks, and propulsion kinds, are included in the volume. The Engine Control Unit (ECU) of the car and the charging station can share information, such as charging data, through the use of an electric vehicle motor communication controller component.
Electric Vehicle Motor Controller Market SEGMENTATION
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- By Type
Based on type the global electric vehicle motor controller market is classified as permanent magnet synchronous motor controller, asynchronous motor controller.
- By Application
Based on application the global electric vehicle motor controller market is classified as passenger vehicles, commercial vehicles.
DRIVING FACTORS
"The Utilization as a Catalyst to Boost the Market Growth "
Long-term market growth is anticipated as a result of government initiatives in numerous nations that are investing heavily in electric mobility projects. This will present an opportunity for producers of electric vehicle motor controllers as governments are enticing automakers and consumers to create and adopt electric vehicles. Sales of the parts used in electric vehicles, such as motor communication controllers, are anticipated to climb along with the demand for electric vehicles. The increasing demand for electric vehicles around the world is providing manufacturers in the electric vehicle motor (EVM) controller market with potential growth possibilities in the next years.
"Extensive Application in Laundering Process to Multiply the Production and Market Growth"
In order to increase the efficiency of electric vehicles, high-level controllers are used. In developing nations, numerous laws on vehicle efficiency are in place. High-level controller implementation has been driven by rising automobile emissions in various nations. This element has a considerable impact on the market for electric car motor controllers. Market expansion is more likely to be supported by increased efforts made by market participants to minimize greenhouse gas emissions. To draw customers from all over the world, automakers are utilizing the technology to create low-emissive electric automobiles. The market for motor controllers for electric vehicles is expanding as a result of this factor.
RESTRAINING FACTORS
"Several Challenges Associated with the Local Irritation to Restrain the Market"
The wireless charging system, or WCS technology, has given rise to the novel V2G storage and charging system. EVM controller technological breakthroughs are generating lucrative income streams for market participants. The global electric vehicle motor (EVM) controller market will be driven by the rising demand for fully electric automobiles in the coming years. The advent of strict fuel laws and tax breaks also aids in the expansion of the EVM controller industry.The need for electric vehicle motor (EVM) controllers is primarily being driven by the growing trend of electrification or hybridization of automobiles, government incentives for electric vehicle adoption, and strict regulatory pressure to employ internal combustion engines.
Electric Vehicle Motor Controller Market REGIONAL INSIGHTS
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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"
In the next years, Asia Pacific is anticipated to hold a significant market share for electric vehicle motor (EVM) controllers. The Asia Pacific electric vehicle motor (EVM) controller market is being driven by the rising acceptance and popularity of electric vehicles in India, China, and Japan. In Japan, increased hybrid car sales and rising production rates both contribute to the market's expansion. Additionally, growing government spending on promoting and assisting low-emission electric vehicles is anticipated to boost market expansion in the area. One of the market leaders in the creation of electric automobiles is China. During the anticipated period, this factor is anticipated to support the expansion of the market for electric vehicle motor (EVM) controllers.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.
List of Market Players Profiled
- Tesla (US)
- BYD (China)
- Broad-Ocean (China)
- Inovance Automotive (China)
- Bosch (Germany)
- MEGMEET (China)
- Denso (Japan)
- JEE (China)
- CHANGAN (China)
- DAJUN TECH (China)
- UAES (China)
- Shenzhen V&T Technologies (China)
- Shenzhen Greatland (China)
- HITACHI (Japan)
- Tianjin Santroll (China)
REPORT COVERAGE
The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 7730.9 Million in 2021 |
Market Size Value By |
US$ 268797.55 Million by 2031 |
Growth Rate |
CAGR of 42.6% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What CAGR is the Electric Vehicle Motor Controller market expected to exhibit by 2031?
The Electric Vehicle Motor Controller market is expected to exhibit a CAGR of 42.6% by 2031.
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Which are the driving factors of the Electric Vehicle Motor Controller market?
In order to increase the efficiency of electric vehicles, high-level controllers are used. In developing nations, numerous laws on vehicle efficiency are in place.
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Which are the key players functioning in the Electric Vehicle Motor Controller market?
Tesla, BYD, Broad-Ocean, Inovance Automotive, Bosch, MEGMEET, Denso, JEE, CHANGAN, DAJUN TECH, UAES, Shenzhen V&T Technologies, Shenzhen Greatland, HITACHI, Tianjin Santroll are the key players functioning in the Electric Vehicle Motor Controller market.
