Press release
Electric Motors Market 2024 By Top Key Players WEG % Siemens % Johnson Electric % General Electric % Emerson % Denso % ABB % Baldor Electric Company % AMETEK
Electric Motors
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.
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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 industry 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.
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• ABB
• Adlee Powertronic Co., Ltd.
• Allied Motion, Inc.
• AMETEK, Inc.
• Baldor Electric Company
• Robert Bosch GmbH
• Bühler Motor GmbH
• Denso Corporation
• Dongjin Vietnam
• ebm-papst
• Emerson
• FAULHABER Group
• Fuji Electric Co., Ltd.
• General Electric
• Johnson Electric
• Lucas TVS
• Maxon Motor AG
• Siemens AG
• WEG
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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.
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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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