WELLESLEY, Mass., Aug. 29, 2018 (GLOBE NEWSWIRE) -- Due to miniaturization in engine technologies, passing regulations for drone usage from the FAA (Federal Aviation Association) and the emergence of battery-powered plug-ins for automobiles, the global market for electric motors is advancing, according to a new report from BCC Research.
In 2017, the global market for electronic motors for drones and vehicles was worth $2.1 billion. BCC Research estimates that it will be valued at $9.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 15.9%, according to the report Electric Motors for Drones and Electric Vehicles: Global Markets and Technologies Through 2023.
Alongside the advances within passenger vehicles, electric motors can also be found in scooters and buses, as well as various niche products. Industrial electric vehicles (EVs) remain a significant market. State-of-the art batteries have enabled a growing niche market for trucks, buses, small electric scooters and Segway-type vehicles.
Research Highlights
- North America is the largest market for electric motors in terms of projected monetary value ($3.6 billion by 2023). Europe followed in second, being valued at $3.0 billion.
- The electric vehicle market is being driven by regulatory and economic initiatives to reduce usage of carbon-dioxide-producing internal combustion engines.
- At $522.0 million in 2017, the Asia-Pacific region is the fastest-growing adopter of electric motors for drones and electric vehicles. It will have a CAGR of 15.8% by 2023.
“Though electric vehicles have been commercially available for more than 100 years, the advent of hybrid electric vehicles in recent years ushered in an era of battery-powered plug-ins that could be recharged by the vehicle’s internal combustion engine as well as a battery charger plugged into utility electric power,” said Michael Sullivan, BCC Research senior editor and author of this report. “These trends demonstrated the practicality of electric motors and are paving the way for electric-only automobiles and self-driving or autonomous vehicles. Although these vehicles will not be predominant within the five-year scope of this report, they will eventually become a large (or possibly the largest) user of electric motors.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.