Global Electric Motors Market Size to surpass $36bn by 2024

Electric Motors Market size is anticipated to surpass USD 36 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

Increasing usage of electric motor in vehicles, home appliances, and industrial machinery for better performance and ease of use are propelling the electric motors market growth over the forecast timeframe. Rising implementation of electric motors in industrial and commercial products owing to its benefits such as faster, efficient, and convenient operations along with automated control, low initial cost and low maintenance requirements are driving the market share.


 

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Supportive government regulations and initiatives are boosting the electric motors market share over the forecast timeframe. For instance, in May 2019, the world’s major economies are coming together and developing multi-government policy dedicated to accelerating the adoption of electric vehicle globally. The government has initiated various program under this policy such as [email protected] Campaign and Global EV Pilot City Program.
 

U.S. Electric Motors Market, By Motor, 2016 & 2024, (USD Million)
Electric Motors Market

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Additionally, major countries are committed to increase their share of electric vehicles in public & government transportation. For instance, in November 2016, eight major economies including Canada, France, China, Japan, Norway, the UK, Sweden, and the U.S. signed government fleet declaration to increase the application of electric vehicles in government fleets. These factors are boosting the electric motors market demand over the study timeframe.
 

The recent development and innovation in electric motor technology such as speed control with variable frequency drive (VFD) to achieve greater proficiency is promoting the electric motors market revenue. The manufacturers are producing high efficiency electric motors using copper windings in stator coils, copper bars in the rotor, and High-tech electrical steel which lead to significant drops in energy use, thereby providing significant savings in cost and offer high performance.
 

The automotive manufacturers are upgrading their products using electric motors for improving the product performance and efficiency. For instance, in June 2019, Hyundai Motor Company initiated the development of electric cars with electric motors inside the wheels which offers better turning capabilities and reduce the overall vehicle weight.

 

Browse key industry insights spread across 390 pages with 384 market data tables & 31 figures & charts from the report, “Electric Motors Market Size By Motor (Traction Motors, Small DC Motors For Automotive, Small DC Motors For Consumer Goods & Industrial Applications), By End Use (OEM, Aftermarket), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Italy, Poland, Spain, China, Japan, India, South Korea, Australia, Vietnam, Brazil, Mexico, Columbia, Argentina, KSA, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-motors-market
 

Improving lifestyle and growing urbanization is supporting the electric motors market growth over the forecast timeframe. The rapidly increasing use of modern household appliances such as refrigerator, air conditioner, vacuum cleaner, microwave oven, hairdryer and heating, ventilation, and air conditioning units in various electronic products are boosting the penetration of electric motors in the consumer sector.
 

Rising demand for electric motors is attributed to the rapidly expanding electrical mobility. Various economies are adopting electric vehicles to reduce CO2 emissions and maintain environmental balance. Increasing sales of plug in electric vehicles that consist of electromechanically driven powertrain and chassis system are expected to further drive the electric motors market size. The small brushless DC motors offers various advantages such as longer life, lower noise, smaller size, and high efficiency are boosting the market growth.
 

The increasing digitization of channels and interfaces are providing strong growth opportunities for the electric motors aftermarket. Rising e-commerce platforms for small electric motors and its components are positively driving the aftermarket segment growth. The growing number of authorized and individual service centers for home appliances, electronic devices, and vehicles are driving the electric motor aftermarket growth over the forecast period.
 

Asia Pacific will showcase substantial growth in the electric motors market share owing to the increasing production of vehicles and rising demand for smart household appliances. The growing consumer awareness and changing lifestyle are increasing the demand for the household appliances in the region. Additionally, the expansion of vehicle manufacturing facilities and increasing production capacity by manufacturers in India and China will further propel the product penetration in automotive applications over the forecast timeframe. For instance, in July 2018, Hyundai Motor India Ltd announced the expansion of its production capacity in India.
 

Key manufacturers in the electric motors market are ABB, Nidec Corporation, Siemens, WEG, Robert Bosch, and Toshiba. Other notable players include Hyosung, Allied Motion Technologies, Shandong, Regal Beloit, Bulher Motor Gmbh, and General Electric. Industry players are adopting various strategies such as joint ventures, contracts, and new product development to achieve high market share and gain competitive edge. For instance, in April 2016, Siemens and Valeo established a joint venture for developing high voltage powertrains. Siemens is responsible for supplying electric motors under E-Car Powertrain Systems Business unit. This strategy enabled the company to expand their business and gain high market share.
 

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The electric motors market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million units and revenue in USD million from 2013 to 2024, for the following segments:

By Motor

  • Traction Motors
  • Small DC motors for Automotive
  • Small DC motors for Consumer Goods & Industrial Applications

By End-use

  • OEM
  • Aftermarket

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Poland
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Vietnam
  • Latin America
    • Brazil
    • Mexico
    • Columbia
    • Argentina
  • Middle East & Africa
    • KSA
    • UAE
    • South Africa

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