Press release
Electric Motor Market Trends Report 2024 By Key Players Siemens, ABB, Emerson, General Electric
Electric Motor Market
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Small DC motors for automotive is anticipated to hold highest market share crossing USD 26 billion over the forecast timeframe. Extensive usage in automobile industry, especially in the key mechanical applications such as cooling systems and electric power steering (EPS) will support the electric motor market growth. Traction motors will showcase exponential growth till 2024 owing to rising electric vehicle production across the globe. Additionally, they are used as a major component in varied application areas including industrial & electrical devices, propelling the product penetration.
Industry Growth drivers:
• Adaptation of electric motors in passenger cars and commercial vehicles.
• Increasing penetration of electric motors in consumer goods
• Rising adoption of electric vehicles
• Favourable regulatory landscape
• Electric motors demand in green vehicles
• Increasing sales of hybrid vehicles
• High usage in varied applications
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
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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 electric motor market growth.
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 electric motor market growth till 2024.
OEMs will account for over 80% revenue share in electric motor 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.
Browse Report Summery @ https://www.gminsights.com/industry-analysis/electric-motors-market
Asia Pacific is anticipated to capture approximately 55% of the electric motor 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.
WEG, Nidec Corporation, ABB, Toshiba, and Robert Bosch are among the prominent players in electric motor market. Other notable players include Regal Beloit, Allied Motion Technologies, General Electric, Shandong, and Hyosung.
About Global Market Insights:
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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Corporate Sales, USA
Global Market Insights, Inc.
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