Electric Motors for IC Engine Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Electric Motors for IC Engine Vehicle Industry Overview

The global electric motor for IC engine vehicle is a consolidated market, with few major players, such asNidec Corporation, Denso Corporation, Mitsubishi Electric Corporation, and Robert Bosch. The major players are primarily focusing onmaking acquisitions, joint venturesand partnerships, and launching new product lines. For instance:

• Denso Corporation collaborated with Toyota Motor Corporation, in 2016, and developed a new motor stator for high-speed traction motors with innovative coil winding technique, whichis about 20% lighter than the motor used in the previous PRIUS models. Denso has major customers in Japan and North America, when compared to Europe and Asia.
• In 2017, Nidec Corporation invested in renewig production line equipment in Asian and German factories, which manufacture motors and modules for automotive products. The company’s main strategy is to integrate its motors with the related technologies of the acquired companies, to offer complete system products to the customers at an optimum combination, downsizing, and cost reduction features across the globe.
• Others include players, like Continental AG, MagnetiMarelli SpA, Mitsuba Corporation, Valeo Group, and many local manufacturers holding a significant share in the global electric motors for IC engine vehicles market. The local manufacturers majorly caterto aftermarket demand instead of theOEM demand.