Electric Motors Market size for Transportation Sector worth $20bn by 2026
Published Date: July 1, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
Electric Motors Market size for Transportation Sector is set to exceed USD 20 billion by 2026, according to a new research report by Global Market Insights, Inc.
Substantial growth in electric vehicle production across the world will positively impact the electric motors market growth for transportation sector. Electric motors find major application in ABS systems for pump actuation. Owing to this, they are designed for both commercial and passenger vehicles. Since vacuum pump is required for proper functioning of braking system, the manufacturers are focusing on enhancing the efficiency of electric motors used in these systems.
High usage of these motors in transport applications including automotive, aerospace & railways will strengthen the product penetration
Rapid industrialization across the globe will contribute to the usage of DC motors as a part of the hydraulic actuation system will escalate the product penetration. DC motors have gained prominence over the past few years owing to their high usage in numerous applications. They are preferred to AC motors owing to various benefits such as large installed base, low-cost of operation, efficient & simple design, full torque at zero speed, higher motor power density, lesser inertia, and easy maintenance & service.
Stringent regulations have positively impacted the product quality. For instance, March 9, 2015 onwards, many single and three-phase electric motors, between one-fourth and 3 horsepower, shipped to the U.S. or as a part of another equipment must cater to new, more stringent energy efficiency standards imposed by the U.S. Department of energy (DOE). All supporting trends is anticipated to bolster the electric motors market revenue for transportation sector.
High acceptance of electric motors from varied applications including consumer goods and industrial applications will further support the industry growth. However, operation and supply chain issues coupled with chance in product failure will act as a challenge for the industry growth.
Small DC motors for railways and aerospace applications is projected to witness an elevated growth rate
Get more details on this report - Request Free Sample PDF
The growing demand from modern devices with precise operation requirement as per application will propel the industry share. DC motors are widely used in applications requiring superior performance at low speed with enhanced efficiency. Small DC motors for railways and aerospace applications garnered more than 20% revenue share within the electric motors market for transportation sector in 2019. These electric motors are widely used for dissipating heat from radiators and used in the cooling system for IC engines. Products offering low noise along with variable power as per the requirements will further enhance the overall market demand. Fans used in railway coaches, particularly in Asia, make use of high-voltage DC motor for its application. The supply of the product is made through successful tenders offered by the government. High-speed applications along with resistance to the temperature are the prime factors positively influencing the market demand.
Browse key industry insights spread across 250 pages with 384 market data tables & 31 figures & charts from the report, “Electric Motors Market for Transportation Sector By Motor (Traction Motors, Small DC Motors For Automotive [Air Suspension Motors, ABS Motors, Vacuum Pump Motors, Fork Lift Actuation Motors, Cooling Fans & Blowers Motors], Small DC Motors For Railways And Aerospace Applications [High Voltage Motor, Low Voltage Motor, Cooling Motor, HVAC Compressor Motors]), By End Use (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Product demand in the aftermarkets is likely to swell with a heavy growth rate in the coming years
Aftermarket product accounts for comparatively smaller share but is expected to witness a robust CAGR of over 5% during the forecast timeframe. Increasing number of vehicles is the key factors boosting the overall market growth. The strong demand for the products from domestic and international markets owing to competitively priced products along with maintaining standards will further support the market demand.
North America electric motors market for transportation sector will grow rapidly due to the presence of matured end-use industries
The rising standard of living will stimulate the demand for vehicles and goods containing electric motors that will result in escalating the sales of both the OEMs and aftermarket products in North America. The region has well-defined stringent regulations for the use of electric motor maintaining the efficiency according to the given application. The industry growth will be fueled by the increasing individual income levels, healthy economic growth, manufacturing output, continued industrialization investments and innovations in the automobile sector.
The major competitors available in the electric motors market for transportation sector are Robert Bosch, ABB, WEG, Siemens, Regal Beloit, Toshiba, Allied Motion Technologies, Shandong, Hyosung, Buhler Motor Gmbh, General Electric, etc.