Electric Motors Market size in transportation sector is set to reach USD 31 billion by 2032, according to a new research report by Global Market Insights Inc.
Rapid advancement in power electronics and control techniques will drive electric motor demand in transportation sector. Product innovation has created several opportunities for electric machine development in automotive applications. There has also been a steady shift toward zero-emission vehicles, in an effort to address air pollution concerns. Based on the U.S. Department of Energy report, in 2021, 608,000 light-duty plug-in electric vehicles were sold. Since electric motors are a core element replacing internal combustion engines in EVs, the growing emphasis on mitigating environmental hazards will boost product consumption.
Rising aerospace & rail freight operations will fuel use of high-performance small DC HVAC motor
The electric motors market in transportation sector from the small DC motors for railways and aerospace applications segment is projected to record nearly 4% CAGR through 2032. Enhanced efficiency at high and low-speed applications and temperature resistance are key attributes bolstering small DC motor adoption. This motor is used extensively to meet the precise operational requirements of modern railway devices. Additionally, it is gaining traction in railway fans and cooling motors of IC engines, due to low noise and variable power delivery. These superior performances will accelerate product deployment in aerospace and railway devices.
In terms of motor, the electric motors market in transportation sector from the HVAC compressor segment is anticipated to surpass USD 1.5 billion by 2032, given the gradual recovery of aerospace operations from the impact of the COVID-19 pandemic. In developing nations, government bodies have set targets to develop new airports, boosting HVAC requirements. Furthermore, the increased funding to modernize rail freight infrastructure will stimulate the adoption of HVAC compressor motors in the transportation sector.
Demand for cost-effective products to foster electric motor aftermarket sales
Based on the end-use, the aftermarket segment is slated to register over 6% gains through 2032, owing to the growing vehicle parc and high-profit margins. There has also been a shifting focus toward precise and noiseless operation of vehicle products. Moreover, in international and domestic markets, the demand for competitively priced solutions of high standards has surged. These automotive trends are expected to bolster the sales of electric motors through aftermarket distribution channels.
Browse key industry insights spread across 300 pages with 384 market data tables & 31 figures & charts from the report, “Electric Motors Market in 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 & Blower’s 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), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Increase in EV funding & production to amplify electric motor development in APAC
Asia Pacific electric motors market value in transportation sector is poised to cross more than USD 17 billion by 2032, on account of the rise in funding programs to drive car sales. For example, in June 2022, BMW invested USD 2.24 billion to accelerate EV production, creating lucrative prospects for electric motor developers in China. In addition, the preference for advanced electronics-powered vehicles has risen. The report says that these factors, alongside the increase in vehicle production, will add impetus to the industry expansion.
Strategic business expansions to expedite industry dynamics
Key participants operating in the electric motors industry in transportation sector are Adlee Powertronic Co., Ltd., AMETEK, Inc., Dongjin Vietnam, Denso Corporation, ebm-papst, FAULHABER Group, Johnson Electric, General Electric, Lucas TVS, Siemens AG, Maxon Motor AG, WEG, Zytek Automotive/Continental Engineering Services, and YASA Limited. These firms are incorporating strategies such as business expansion and advanced product launches to strengthen their presence in the global market.
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