Electric Vehicle Motor Controller (EVM) Market: Introduction
According to the report, the global electric vehicle motor controller (EVM) market is expected to surpass US$3.6 billion by 2031, growing at a CAGR of 14.93% during the forecast period. A trend in the global Electric Vehicle Motor Controller (EVM) market is the introduction of Vehicle-to-Grid or V2G storage and charging system. This system is an innovative concept that emerges from the wireless charging system or WCS technology, and the latest trend in this technology is the inductive inversion process where the charged vehicle feeds into the grid. This power is then used to run office buildings or additional facilities during peak hours, reducing electricity demand for national grids. These factors are likely to drive the market for electric vehicle motor controllers.
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Electric Vehicle Motor Controller (EVM) Market Expansion
Electric vehicle mobility has now become a necessity of the times, as global pollution has reached a certain precarious level. Increased awareness of environmental safety among people all over the world is driving automakers to produce environmentally friendly and cost-efficient electric vehicles, which in turn is driving the electric vehicle motor controller (EVM) market across the world.
Governments are currently enacting strict safety regulations against diesel and gasoline vehicles, which is a major reason for consumer preference for electric mobility over conventional ICE vehicles. Thus, the stringency of emission standards alongside the encroachment of hybridization promotes the mobility of electrification to lessen the impact of harmful exhaust gases on the environment.
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The governments of India and Brazil plan to initiate a ban on diesel vehicles within the next 10 years, as the majority of CO2 emissions are caused by diesel engines. The UK has launched its Road to Zero plan campaign to cut vehicle emissions and expects the sale of hybrid or electric cars to account for half of total car sales in the country by 2025. Governments of various countries are supporting and facilitating the rapid commercialization of Zero Emission Vehicles (ZEVs), which is expected to propel the Electric Vehicle Motor Controllers (EVM) market across the globe.
In terms of power output, the 21-40 KW segment dominated the global Electric Vehicle Motor Controller (EVM) market, in terms of revenue, in 2020 as governments around the world launched initiatives and attractive programs to facilitate the adoption of electric vehicles. . The control of an electric vehicle is variable over time; for example, the operating parameters of electric vehicles and road conditions vary. Therefore, the controller should be aimed at making the system adaptive and robust. This is achieved by developing the system on both dynamic and steady-state performance. This, in turn, is expected to propel the 21-40 KW segment over the forecast period.
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In terms of application, the electric vehicle motor controller (EVM) market has been categorized into full hybrid electric vehicle, mild hybrid electric vehicle, plug-in hybrid electric vehicle, and pure electric vehicle. In terms of revenue, the global electric vehicle motor controller (EVM) market was dominated by the full hybrid electric vehicle segment in 2020. Increased awareness about the environmental impact of harmful emissions from internal combustion engine vehicles, Competitive price range, coupled with new investments from the manufacturer, make EV batteries more technologically advanced are expected to shift trends towards electric vehicles among consumers. This, in turn, leads the segment to account for a significant share of the market.
Impact of COVID-19 on the Electric Vehicle Motor (EVM) Controller Market
The recent COVID-19 outbreak has hampered a majority of businesses around the world due to the enforced lockdown, which has forced people to stay at home. Forced lockdown led to lower vehicle sales; subsequently, contracting the global electric vehicle motor (EVM) controller market. However, the global electric vehicle motor (EVM) controller market is expected to grow from 2021, owing to the economic measures taken by governments to recover from the financial losses caused by the forced cessation of business activities during the pandemic. of COVID-19 in 2020.
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Electric Vehicle Motor Controller (EVM) Market Regional Analysis
The global Electric Vehicle Motor Controllers (EVM) market has been segregated into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia-Pacific accounted for a major share of the global electric vehicle motor controller (EVM) market. High production rates and increasing sales of hybrid vehicles in Japan coupled with increasing sales of electric vehicles in China are the major factors propelling the market in the region. In addition, initiatives by governments of many countries in the region towards the adoption of low-emission electric vehicles are expected to further fuel the market in the region.
China, in Asia-Pacific, is one of the world’s leading countries in terms of electric vehicle production. The majority of automakers in Asia-Pacific have turned to electric vehicles. This, in turn, is expected to contribute to the large share held by the region in the Electric Vehicle Motor Controllers (EVM) market by the end of the forecast period.
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