Electric Motors Market size to exceed $36bn by 2024
Published Date: October 27, 2017 Author: Global Market Insights, Inc.
Electric Motors Market size is estimated to surpass USD 36 billion by 2024; according to a new research report by Global Market Insights, Inc.
Global electric motor shipments are expected to cross 2 billion units till 2024. High adoption of electric vehicles will primarily drive the industry growth till 2024. Major players from automotive sector are focusing at increasing their electric vehicle production which in turn drive industry demand. For instance, Honda plans to electrify two-third of its vehicle production by 2030. Similarly, Volkswagen aims at accomplishing over 2 million vehicle sales by 2025. These continuous efforts by the OEMs will lead to increased electric motors demand, thus fostering the industry growth.
Various governments have mandated several targets regarding reduction of CO2 emissions. These targets aim for 95 g CO2/km cap by 2020 and are anticipated to become more stringent beyond 2020. Fulfilling these targets require complete vehicle electrification, strengthening the product penetration over the forecast timeframe. However, operational & supply chain issues coupled with probability of product failure may hamper the electric motors market growth over the forecast timeframe.
Shifting focus towards solar powered consumer goods owing to their benefits is witnessed as an opportunity for industry participants. These benefits include high efficiency and low power consumption. Additionally, government initiatives to promote their usage will support the electric motors demand. For instance, US Department of Energy is investing heavily on the development of superior solar powered products.
Extensive R&D activities are carried out for energy efficiency enhancement in electric motors. For instance, the U.S. Department of Energy (DOE) announced an investment of approximately USD 25 million for 13 R&D projects, targeting technological advancements in electric motors. These advancements will induce immense potential and will provide enhance product features for different applications.
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:
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.
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.
Asia Pacific is anticipated to capture approximately 55% of the electric motors 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. Moreover, favorable regulatory landscape in the region regarding vehicle electrification will further propel the industry growth. For instance, Indian government has mandated vehicle electrification by 2030 and is forcing automobile OEMs for early planning of the same.
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.
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.
Mergers and acquisitions are among the key strategies adopted by the industry participants to strengthen their foothold. For instance, in February 2017, Nidec Corporation acquired Emerson Electric Co. for diversification of its product line and enhancing its visibility in the industry.
Joint venture is other strategy considered by the industry participants to gain competitive edge. For instance, in July 2011, Bosch and Daimler joined hands to produce over 1 million electric motors by 2020.
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:
Electric Motors Market by Motor
- DC Motor
- Traction Motors
- Small DC motors for automotive
- Air suspension motors
- ABS motors
- Vacuum pump motors
- Forklift actuation motors
- Cooling fans & blower’s motors
- Small DC motors for consumer goods & industrial applications
- High voltage railway coach fan motor
- Domestic ceiling fan motor for solar system
- High voltage cooling fan motor
- Motor for refrigerator compressor
Electric Motors Market by End use
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa