Press release
Electric Motors Market Report: Trends, Forecast and Competitive Analysis 2017-2024
Aftermarket will pose a CAGR of over 8% owing to high demand from international and domestic markets. This can be attributed to the factors such as regulatory compliance and price competitiveness. Shifting trend towards precise and noiseless operation of the products are estimated to escalate the electric motors market growth.
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Global electric motors volume share is anticipated to surpass 2 billion units by 2024. High penetration of electromobility is likely to boost the industry. Major industry participants are from the automobile field focusing on increasing electric vehicle production which will drive the product demand. For instance, Honda aims to electrify two-third of its automobile production by 2030.
Several governments are mandating rules to minimize carbon footprint in the environment. Government aims for 95 g CO2/km cap and are estimated to be stricter beyond 2020. Fulfilling these targets require electrification of vehicles which in turn will strengthen product adoption rate. However, supply chain and operational challenges along with probability of product failure may hinder the electric motors industry growth rate over the study period.
Changing trend of adopting solar powered consumer goods due to their numerous benefits is observed as an opportunity for the players. These beneficiary factors include low power consumption and high efficiency. Moreover, government initiatives promote the electric motors market growth. For instance, the U.S. DoE is investing heavily in development of solar powered products.
Research activities are carried out for enhancement of energy efficiency in the product. For instance, the U.S. DoE invested USD 25 million for 13 R&D projects which aims at technological advancements in electric motors. These advancements will offer improved product features for multiple applications.
Small DC motors for automobiles is expected to be valued at USD 26 billion by 2024. Extensive usage in auto industry such as electric power systems and cooling systems will fuel the industry. Traction motors will depict exponential growth over the forecast timeframe due to increasing electrification in vehicles.
Small DC motors for consumer goods and industrial applications will exhibit a growth rate of 5% over the projected timeline. This is attributed to its high acceptance from consumer electronic goods and industrial machinery. Provision of benefits include efficiency, high performance, and outstanding control thereby contributing significantly in industry growth.
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Asia Pacific electric motors market is expected to hold 55% industry share by 2024. Increasing vehicle production across the region will enhance industry growth. Focus of auto industry to enhance fuel economy and reduce carbon emissions has resulted in employment of green automobiles in several countries. Additionally, regional regulatory landscape will further boost the industry. For instance, Indian government has mandated electrification of vehicles by 2030 which in turn has forced auto producers to manufacture them.
Rising product deployment in passenger and commercial vehicles will drive the North America industry over the study period. MEA will pose a CAGR of over 3% from 2017 to 2024. Increasing ATVs sales coupled with changing trend towards hybrid automobiles will aid in the industry growth.
Nidec Corporation, WEG, Toshiba, Robert Bosch, and ABB are among the prominent industry participants in electric motors market. Other players are Allied Motion Technologies, Shandong, General Electric, and Regal Beloit.
Industry players focus on mergers and acquisitions to strengthen their foothold. For instance, in 2017, Nidec acquired motors, drives, and electric power business of Emerson to diversify its product line.
Chapter 5 Electric Motors Market, By Motor
5.1 Electric motors market share by motor, 2016 & 2024
5.2 Traction Motor
5.2.1 Market estimates and forecast from traction motor, 2013 – 2024, (Million units) (USD Million)
5.2.2 Market estimates and forecast from traction motor by region, 2013 – 2024, (Million units) (USD Million)
5.3 Small DC motors for automotive
5.3.1 Market estimates and forecast from small DC motors for automotive, 2013 – 2024, (Million units) (USD Million)
5.3.2 Market estimates and forecast from small DC motors for automotive by region, 2013 – 2024, (Million units) (USD Million)
5.3.3 Air suspension motors
5.3.3.1 Market estimates and forecast from air suspension motors, 2013 – 2024, (Million units) (USD Million)
5.3.3.2 Market estimates and forecast from air suspension motors by region, 2013 – 2024, (Million units) (USD Million)
5.3.4 ABS motors
5.3.4.1 Market estimates and forecast from ABS motors, 2013 – 2024, (Million units) (USD Million)
5.3.4.2 Market estimates and forecast from ABS motors by region, 2013 – 2024, (Million units) (USD Million)
5.3.5 Vacuum pump motors
5.3.5.1 Market estimates and forecast from vacuum pump motors, 2013 – 2024, (Million units) (USD Million)
5.3.5.2 Market estimates and forecast from vacuum pump motors by region, 2013 – 2024, (Million units) (USD Million)
5.3.6 Fork lift actuation motors
5.3.6.1 Market estimates and forecast from fork lift actuation motors, 2013 – 2024, (Million units) (USD Million)
5.3.6.2 Market estimates and forecast from fork lift actuation motors by region, 2013 – 2024, (Million units) (USD Million)
5.3.7 Cooling fans & blower’s motors
5.3.7.1 Market estimates and forecast from cooling fans & blower’s motors, 2013 – 2024, (Million units) (USD Million)
5.3.7.2 Market estimates and forecast from cooling fans & blower’s motors by region, 2013 – 2024, (Million units) (USD Million)
5.4 Small DC motors for consumer goods & industrial applications
5.4.1 Market estimates and forecast from small DC motors for consumer goods & industrial applications, 2013 – 2024, (Million units) (USD Million)
5.4.2 Market estimates and forecast from small DC motors for consumer goods & industrial applications by region, 2013 – 2024, (Million units) (USD Million)
5.4.3 High voltage railway coach fan motor
5.4.3.1 Market estimates and forecast from high voltage railway coach fan motor, 2013 – 2024, (Million units) (USD Million)
5.4.3.2 Market estimates and forecast from high voltage railway coach fan motor by region, 2013 – 2024, (Million units) (USD Million)
5.4.4 Domestic ceiling fan motor for solar system
5.4.4.1 Market estimates and forecast from domestic ceiling fan motor for solar system, 2013 – 2024, (Million units) (USD Million)
5.4.4.2 Market estimates and forecast from domestic ceiling fan motor for solar system by region, 2013 – 2024, (Million units) (USD Million)
5.4.5 High voltage cooling fan motor
5.4.5.1 Market estimates and forecast from high voltage cooling fan motor, 2013 – 2024, (Million units) (USD Million)
5.4.5.2 Market estimates and forecast from high voltage cooling fan motor by region, 2013 – 2024, (Million units) (USD Million)
5.4.6 Motor for refrigerator compressor
5.4.6.1 Market estimates and forecast from motor for refrigerator compressor, 2013 – 2024, (Million units) (USD Million)
5.4.6.2 Market estimates and forecast from motor for refrigerator compressor by region, 2013 – 2024, (Million units) (USD Million)
Chapter 6 Electric Motors Market, By End-Use
6.1 Electric motors market share by end-use, 2016 & 2024
6.2 OEM
6.2.1 Market estimates and forecast from OEM, 2013 – 2024, (Million units) (USD Million)
6.2.2 Market estimates and forecast from OEM by region, 2013 – 2024, (Million units) (USD Million)
6.3 Aftermarket
6.3.1 Market estimates and forecast from aftermarket, 2013 – 2024, (Million units) (USD Million)
6.3.2 Market estimates and forecast from aftermarket by region, 2013 – 2024, (Million units) (USD Million)
Browse Full TOC @ https://www.gminsights.com/toc/detail/electric-motors-market
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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