Growing Demand from Automobile Industry Driving the Demand for Electric Motors
London, Mar 12, 2018: There has been an increase in demand for electric motors from the automobile industry due to increased production of electric vehicles. Electric vehicles do not pollute the environment and do not require fuel. Hence, their demand is rising, which is driving the growth of the global electric motors market.
SpendEdge’s latest procurement research report on the global electric motors market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report is a part of the heavy industry, also offers detailed insights into the key market developments, supply chain management, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.
“The automobile industry being one of the major end-users of electric motors holds nearly 30%–35% of the global electric motors market. In the automobile industry, electric vehicles, which include hybrid vehicles, are the major application for electric motors. The growth of the automobile industry is directly contributing to the market growth of the electric motors market.” – Bhuvaneshwari Udayakumar, heavy industry expert at SpendEdge.
Buyers often encounter difficulty in assessing the suppliers based on the likely maintenance cost during the on-boarding of suppliers. During the analysis of the LCC of electric motors, maintenance cost is an important factor considered in the evaluation process. However, during real-time operation, due to fluctuations of parameters such as load and current in the operating environment that alter the power and performance of electric motors, the life of electric motors is affected. As a result, buyers face procurement challenge in assessing expected maintenance cost during procurement.
Need more insights on this report?
- Supply markets, growth drivers, trends, and imminent restraints
- Key suppliers and assessment of their capabilities
- Procurement best practices
- Negotiation strategies and cost-saving opportunities
- Pricing models and category innovations
- For a comprehensive, detailed list, view our full report
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