- In March 2023, A. Hitachi Astemo announced the merger of its subsidiary, Hitachi Astemo Electric Motor Systems, to strengthen its electric powertrain strategy. Additionally, by October 2024, the company reported a 31% reduction in CO₂ emissions at its factories and offices compared to FY2010 levels, aligning with its goal to achieve carbon neutrality by FY2030.
- In February 2024, Bosch reached a preliminary agreement with the U.S. government for up to $225 million in subsidies to produce silicon carbide power semiconductors in California, crucial for electric vehicles. However, in November 2024, Bosch announced plans to cut up to 5,500 jobs in its automotive division due to challenges in the transition to electric vehicles.
- In September 2023, Continental expanded its aftermarket product range, introducing components tailored for electric vehicles, including brake systems compatible with Euro 7 standards and sensors for driver assistance systems.
- In July 2023, BorgWarner continues its "Charging Forward" initiative, focusing on electrification and sustainable mobility solutions, including investments in EV technologies and charging infrastructure.
- In January 2024, Mitsubishi Electric announced a ¥10 billion investment to construct a new facility for assembling and inspecting power semiconductor modules in Fukuoka Prefecture, Japan, aiming to enhance production capabilities for electric vehicle components.
Frequently Asked Questions
The global electric engine market is experiencing robust growth as industries and transportation sectors accelerate their shift toward electrification. This trend is driven by increasing regulatory pressure to reduce carbon emissions, rising fuel costs, and growing consumer demand for sustainable solutions. Electric engines are being rapidly adopted in automotive, aerospace, marine, and industrial applications, replacing traditional combustion engines and enabling cleaner, more efficient operations.
The global shift toward sustainability and stringent emission regulations is accelerating the adoption of electric engines across automotive, aerospace, marine, and industrial sectors.
The production of electric engines requires advanced materials such as rare earth magnets, copper, and high-grade steel, which are subject to price volatility and supply chain disruptions.
