IDTechEx forecast electric motors for electric vehicles will reach $42.7 billion in 2023
CAMBRIDGE, England--(BUSINESS WIRE)--
The market for electricmotors for electric vehicles will grow slightly faster than themarket for the vehicles themselves to reach $42.7 billion in 2023. Theunique report Electric Motors for Electric Vehicles 2013-2023:Forecasts, Technologies, Players written by technology analysts IDTechEx, helps the industry to refocusfrom cash traps to prosperity and looks at the very different needs andprofits per applicational sector.
Industrial and commercial electricvehicles on land are now particularly attractive to motormanufacturers. Analysts IDTechEx advises that they should be a priorityfor traction motor manufacturers because of robust margins in a secure,large and growing market. These vehicles are rarely bought by privateindividuals and they rarely depend on government subsidies and taxbreaks that can disappear. Like the vehicles in this sector, the motorshere are rarely bought on up-front price, the criteria beingcost-over-life, reliability and performance. Motor suppliers can enjoyimproved margins provided they supply what is needed – not theoversupplied commutator DC motors for example.
Almost all EVs in the industrial and commercial sector will have onetraction motor per vehicle. There will be 706,000 pure electricforklifts sold in 2020, almost all for indoor use where internalcombustion is usually illegal. There will be 750,000 other heavyindustrial vehicles and 110,000 electric buses. 377,000 light industrialand commercial electric vehicles - delivery vehicles and off-roadversions such as airport ground support equipment.
IDTechEx Chairman, Dr Peter Harrop comments, "The industrial andcommercial sector, that now drives such a high percentage of profits oftraction motor manufacturers, consists of heavy industrial vehicleswhich are mainly forklifts but with other sectors coming up fast -earthmoving, mining, agricultural and outdoor self-propelled electriccranes. Add to that buses and light electric vehicles including trucksand custom made taxis. Industrial companies buy the heavy electricvehicles, meaning heavy lifting or pushing, but government (includinglocal government), often purchases light electric commercial vehicles.Buses are boosted by the plan of the Chinese government to use andexport them in huge numbers.
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