Electric Motors Market: Global Growth, Opportunities, Industry Analysis & Forecast to 2026
The electric motors market is set to grow from its current market value of more than USD 26.6 billion to over USD 22.7 billion Growing innovative product demand in transport and enforcement of severe government policies and regulations concerning the environment are some factors influencing the electric motors industry outlook for transportation sector. Government regulations stating the implementation of electric motorbikes and hybrid passenger cars will positively impact the European electric motors industry from transportation applications.
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The ongoing COVID-19 global pandemic has caused a setback to the electric motors industry and the decrease in the demand for motors can be reflected to the slowdown in the automotive manufacturing activities. Discussed below are some of the significant factors contributing to the electric motors market size for the transportation sector.
The electric motors market 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.
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 industry in transportation sector.
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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Some Point from Table of Contents:
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 market 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 industry in transportation sector revenue estimates and forecast by end-use, 2020 - 2026 (USD Million)
TABLE 13. Electric motors market in transportation sector volume estimates and forecast by region, 2016 – 2019 (Million units)
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