Electric Motors Market: Global Analysis, Industry Demand and Regional Forecast to 2026
The Electric Motors Market is poised to grow at more than 4.6% CAGR through 2026. 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 industry 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.
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.
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.
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.
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.
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.
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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 market 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)
TABLE 11. Electric motors market in transportation sector revenue estimates and forecast by end-use, 2016 – 2019 (USD Million)
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