The size of electric motors market was registered at USD 26.6 billion in the year 2019 and is anticipated to cross USD 22.7 billion by 2026. Between the period 2020-2026, the market is expected to register a CAGR of 4.6%.

The electric motors market in the transportation industry is anticipated to witness tremendous growth on account of rising implementation of supportive environmental norms. Technological advancement have paved the way for advanced electric motors designed specifically for the aerospace and automotive industries. Development of advanced and comprehensive motors that fulfil customer requirements could hugely benefit market outlook.

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Manufacturing firms in the transportation sector catering to the increasing demands of products and rising innovative enhancements in the automotive industrial products pertaining to customer requirements are driving the electric motors market sales for transportation sector. Varying industrial demands of electrical steel sheet used as the core of traction motors for hybrid electric vehicles is a factor affecting the product development.

Manufacturers are implementing several marketing strategies to improve product penetration by promoting hybrid vehicles to augment the overall electric motor industry sales. The ability to enhance the efficiency of the automobiles by lowering the gross weight will foster the expansion of electric motors market in transportation sector.

The electric motors industry in transportation sector can be bifurcated into traction motors, small motors for consumer goods and industrial applications, and small motors for automotive based on motors. Traction motors are extensively employed in two-wheelers, trains and ATV’s for superior efficiency, enhanced reliability and low energy consumption in multiple applications, and the segment is anticipated to achieve a CAGR of over 6.5% through 2026.

Small DC motors for vehicles include the motors utilized for antilock braking system (ABS), air suspension, vacuum pumps, cooling fans & blowers’ motion and forklift actuation. Additionally, small DC motors that are deployed in railway and aerospace applications include low voltage motor, high voltage motor, HVAC compressor motors and cooling motors. The specific use of the motors for various purposes will escalate the electric motors market forecast.

The COVID-19 epidemic has brought a steep decline in product sales across the transportation sector. According to reports, the transportation sector is one of the most badly hit sectors during this pandemic and is currently struggling to get back to its initial growth stage. Latest reports also suggest that countries like Canada and the U.S have observed a substantial drop in commercial transportation activities since the COVID-19 crisis, with Canada operating at 84% of its normal commercial transportation activity.  

In order to reduce the spread of COVID-19, federal authorities across the world are starting to impose stringent guidelines like frequent disinfecting of seats and social distancing during public transport. Such regulations could encourage people to opt mobility solutions, favoring businesses in electric motors market

Electric motors market in transportation sector is fragmented on end use into OEMs and aftermarket. On comparison, OEMs largely influence the electric motor industry and are anticipated to hold 80% of the total global market share in the fore coming years for their extensive use in various applications like traction motors in manufacturing of electric vehicles and use of high-voltage cooling fan motor and HVAC compressors.

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Data Tables

TABLE 1.  Electric motors industry 360⁰ synopsis, 2016 – 2026

TABLE 2.  Electric motors market in transportation sector estimates and forecast, 2016 – 2019, (Million units) (USD Million)

TABLE 3.  Electric motors industry in transportation sector estimates and forecast, 2020 - 2026, (Million units) (USD Million)

TABLE 4.  Comparison of motor by type

TABLE 5.  Electric motors industry in transportation sector volume estimates and forecast by motors, 2016 – 2019 (Million units)

TABLE 6.  Electric motors industry in transportation sector volume estimates and forecast by motors, 2020 - 2026 (Million units)

TABLE 7.  Electric motors industry in transportation sector revenue estimates and forecast by motors, 2016 – 2019 (USD Million)

TABLE 8.  Electric motors industry in transportation sector revenue estimates and forecast by motors, 2020 - 2026 (USD Million)

TABLE 9.  Electric motors industry in transportation sector volume estimates and forecast by end-use, 2016 – 2019 (Million units)

TABLE 10. Electric motors industry in transportation sector volume estimates and forecast by end-use, 2020 - 2026 (Million units)

TABLE 11. Electric motors industry in transportation sector revenue estimates and forecast by end-use, 2016 – 2019 (USD Million)

TABLE 12. Electric motors market in transportation sector revenue estimates and forecast by end-use, 2020 - 2026 (USD Million)

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