Press release
Electric Motors Market (Nidec Corporation, ABB, WEG, Siemens, Toshiba, Robert Bosch, Allied Motion Technologies, Hyosung, Regal Beloit, Shandong, General Electric, Bulher Motor) Forecast To 2024
Electric Motors Market
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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.
Industry Growth drivers:
1 North America
1.1 Adaptation of electric motors in passenger cars and commercial vehicles.
1.2 Increasing penetration of electric motors in consumer goods
2 Europe
2.1 Rising adoption of electric vehicles
2.2 Favourable regulatory landscape
3 Asia Pacific
3.1 Electric motors demand in green vehicles
3.2 Increasing sales of hybrid vehicles
4 Latin America
4.1 High usage in varied applications
5 Middle East & Africa
5.1 Growth of electronics industry
Small DC motors for consumer goods & industrial applications will account for a considerable revenue share and grow at over 5% from 2017 to 2024. This can be credited to their high acceptance from industrial machinery and consumer electronics. Provision of benefits such as high performance, efficiency and outstanding control properties will contribute significantly towards the industry growth.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. ABB
2. Adlee Powertronic Co., Ltd.
3. Allied Motion, Inc.
4. AMETEK, Inc.
5. Baldor Electric Company
6. Robert Bosch GmbH
7. Bühler Motor GmbH
8. Denso Corporation
9. Dongjin Vietnam
10. ebm-papst
11. Emerson Electric Co.
12. FAULHABER Group
13. Fuji Electric Co., Ltd.
14. General Electric
15. Johnson Electric
16. Lucas TVS
17. Maxon Motor AG
18. Siemens AG
19. WEG
20. YASA Limited
21. Zytek Automotive/Continental Engineering Services
Electric Motors Market by Motor
• DC Motor
• Traction Motors
• Small DC motors for automotive
• Air suspension motors
• ABS motors
• Vacuum pump motors
• Forklift actuation motors
• Cooling fans & blower’s motors
• Small DC motors for consumer goods & industrial applications
• High voltage railway coach fan motor
• Domestic ceiling fan motor for solar system
• High voltage cooling fan motor
• Motor for refrigerator compressor
OEMs will account for over 80% revenue share in electric motors market till 2024. Increasing prominence of DC motors in consumer, industrial, and automotive applications will support the high revenue generation. Industry players are continuously focusing on the development of cost effective solutions to gain competitive edge. Additionally, reduction in taxes and excise duties for auto components boosting trade will escalate the demand for OEM products over the coming years.
Aftermarket is poised to grow rapidly at over 8% CAGR owing to high demand from local and international markets. This can be credited to the factors such as price competitiveness and regulatory compliance. Higher profit margins along with shifting trends toward the noiseless and precise operation of the products are expected to further fuel the industry growth till 2024.
Asia Pacific is anticipated to capture approximately 55% of the electric motors market share over the forecast timeframe. Substantial automobile production across the region will mainly drive the regional growth. Focus of automobile industry towards emission reduction and fuel economy enhancement has resulted in implementation of green vehicles in various countries. Moreover, favorable regulatory landscape in the region regarding vehicle electrification will further propel the industry growth. For instance, Indian government has mandated vehicle electrification by 2030 and is forcing automobile OEMs for early planning of the same.
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Rising deployment in commercial & passenger vehicles will spur the North America electric motors market over the forecast timeframe. Latin America will grow significantly owing to rising trading activities and availability of cheap labor. MEA will grow at over 3% CAGR from 2017 to 2024. Increasing sales of all-terrain vehicles (ATVs) along with shifting trend towards hybrid vehicles will support the regional growth.
WEG, Nidec Corporation, ABB, Toshiba, and Robert Bosch are among the prominent players in electric motors market. Other notable players include Regal Beloit, Allied Motion Technologies, General Electric, Shandong, and Hyosung.
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Global Market Insights, Inc.
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