Electric drive motors sale is expected to reach 3.7 million units by 2020 from 1.5 million units sold in 2013, according to the report from Navigant Research.
The electric vehicles (EV) being used currently are the customized conventional vehicles that have been enhanced from the internal combustion engine, the report revealed.
Automobile manufacturers replace the conventional powertrains with electric drivetrains in the existing vehicle designs in order to using existing components and chassis that will save their time to market the vehicles.
According to the report, the replacement has economic benefits for automotive manufacturers with production facilities but lacks the prospective to use the electric drive efficiently.
Navigant Research senior research analyst David Alexander said the market for electric drive motors is set for steady rather than spectacular growth over the next few years.
"Only a breakthrough in the cost and performance of battery packs is likely to cause a significant increase in electric vehicle sales but as volumes increase, there will be plenty of scope for cost reductions in motors and controllers, as well," Alexander said.
