Electric Motors Market: Growth Analysis & Forecast Report | 2021-2026
Global electric motors market is anticipated to depict a CAGR of 4.6% through 2026, having recorded a valuation of USD 26.6 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 22.7 billion.
Technological advancement has triggered a trend of product innovation, especially in the aerospace and automotive industries. Development of advanced motors that meet customer requirements could play a crucial role in deepening product penetration. Manufacturers have begun to shift their efforts towards developing and commercializing hybrid vehicle motors. Moreover, they are focusing on lowering the overall weight of these motors to increase efficiency of vehicles.
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The electric motors market is expected to gain traction in the transportation sector given to growing concerns over climatic change and carbon emissions. Numerous countries over the world are imposing strict policies and regulations to promote the adoption of sustainable transportation alternatives that have a minimum impact over the environment.
In terms of small electric motors, the industry is mainly bifurcated into motors for automotive, traction motors, and motors for industrial applications and consumer goods. Out of these, the traction motor segment is expected to generate sizable revenues while maintaining a CAGR of more than 6.5% by 2026. These motors are massively used in two-wheelers, ATVs and trains for a variety of applications. They offer features like low energy consumption, enhanced reliability, and superior efficiency.
Taking July 2020 for instance, Ziehl-Abegg SE announced to invest $18 million (16 million euros) to expand its production facilities at Kupferzell. The company intends to ramp up its production of high-quality electric motors to keep up with the increasing product demand.
Meanwhile, in 2020, The City of Fort Worth announced plans to increase its investment in electric motor manufacturer, Linear Labs by signing a $68.9 million economic incentive package that will support the development of a new production facility. Commencements of such business strategies will have a positive impact on the electric motors market in the transportation sector.
However, the COVID-19 pandemic has caused a steep drop in product consumption across the transport industry. The sector is considered as one of the most badly hit business areas during this pandemic and is currently experiencing a steep descent in growth. Analysts predict that COVID-19 might have a long-term impact on the travel behavior of people worldwide.
Prominent industry players like Siemens, Hyosung, WEG, Robert Bosch, Regal Beloit, ABB, Buhler Motor Gmbh, Toshiba, General Electric, Allied Motion Technologies, and Shandong are constantly focusing on developing their product offering and production capacities to expand their market share.
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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 market in transportation sector estimates and forecast, 2020 - 2026, (Million units) (USD Million)
TABLE 4. Comparison of motor by type
TABLE 5. Electric motors market 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 market 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)
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