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Global electric motors market size from OEMs will witness over 5.5% CAGR through 2028 as they manufacture the original spare parts. This ensures that the quality of the product remains intact and reduces the chances of customers receiving counterfeit vehicle parts. In addition, partnerships between OEMs and vehicle manufacturing companies will strengthen a customer’s confidence in their products.
For example, in October 2021, BorgWarner announced its partnership with a German OEM to supply its HVH250 (High Voltage Hairpin) electric motors that will power heavy-duty commercial truck models. Such collaborations will positively impact the sale of electric motors through OEMs.
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Global electric motors market share in transportation sector will increase due to the large-scale electrification of commercial and non-commercial vehicles. Moreover, the increasing applications of these motors in a wide range of sectors will favor their demand.
The growth map of electric motors market in transportation sector will remain exponential due to the rising sale of electric vehicles. Electric car sales are skyrocketing due to the tax incentives offered by governments in developed and developing economies. For instance, in 2020, Norway had the highest percentage of electric cars out of the total new car sales in the world, with 75% of sales being plug-in EVs.
One of the major reasons for such high numbers is the tax benefits offered by the Norwegian government. Road tax exemptions, reduction in the purchase price, toll exemptions, and reduction of parking fees by nearly 50% have encouraged people to buy EVs.
This scenario will increase the installation of traction motors in electric vehicles as they are easier to maintain, do not generate harmful emissions, produce lower noise, and offer high reliability in their functioning. Global electric motors market size in transportation sector will cross a valuation of USD 25 billion by 2028.
The travel & tourism sector of Europe is one of the major contributors to the region’s economic growth and development. Although the COVID-19 pandemic put a sudden stop to all the domestic and international travels, the World Travel & Tourism Council (WTTC) has estimated that the overall contributions of the travel & tourism sector to the European economy in 2022 will witness a YoY growth of around 38%, which is an increase of EUR 439 billion.
With the region gradually lifting the pandemic restrictions, the travel and tourism sector will see unprecedented rise in its revenue margins due to a notable surge in the number of hotel accommodations and overseas travel.
This factor will propel the deployment of electric HVAC compressor motors in air conditioners and mini bar refrigerators. With this, the demand for electric motors will surge in the travel & tourism industry, given that they are used to power hot and cold-water storage systems as well.
Small DC motors will capture a major share of global electric motors market for transportation sector by 2028. These motors are widely used in the railway sector as they supply sufficient power to help the trains travel long distances. One of the best qualities of a DC motor is that it provides high torque and great control on speed.
The COVID-19 pandemic had a severe impact on the functioning of the railway sector as restrictions enforced by governments reduced inter-state and inter-city travels. For instance, rail passenger journeys in Great Britain dropped by nearly 78% during the pandemic era. Moreover, the region saw an 8.6% decrease in the movement of goods through railways.
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Some Point from Table of Contents:
Data Tables
TABLE 1. Electric motors industry 3600 synopsis, 2018 – 2028
TABLE 2. Electric motors market in transportation sector estimates and forecast, 2018 – 2021, (Million units) (USD Million)
TABLE 3. Electric motors industry in transportation sector estimates and forecast, 2022 - 2028, (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, 2018 – 2021 (Million units)
TABLE 6. Electric motors industry in transportation sector volume estimates and forecast, by motors, 2022– 2028 (Million units)
TABLE 7. Electric motors market in transportation sector revenue estimates and forecast, by motors, 2018 – 2021 (USD Million)
TABLE 8. Electric motors market in transportation sector revenue estimates and forecast, by motors, 2022– 2028 (USD Million)
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