Electric Motors Market segmentation in small DC motors for automotive highest revenue share surpassing USD 26 billion by 2024

Electric Motors Market Share from OEM accounted
for over 80% of the revenue till 2024: Global Market
Insights, Inc.
The Latest Research Report on “Electric Motors Market”, Global electric motor
shipments are expected to cross 2 billion units till 2024. High adoption of electric
vehicles will primarily drive the industry growth till 2024. Major players from
automotive sector are focusing at increasing their electric vehicle production which in
turn drive industry demand. For instance, Honda plans to electrify two-third of its
vehicle production by 2030. Similarly, Volkswagen aims at accomplishing over 2
million vehicle sales by 2025. These continuous efforts by the OEMs will lead to
increased electric motors demand, thus fostering the industry growth. Electric Motors
Market size is estimated to surpass USD 36 billion by 2024; according to a new
research report by Global Market Insights, Inc.
Various governments have mandated several targets regarding reduction of CO2
emissions. These targets aim for 95 g CO2/km cap by 2020 and are anticipated to
become more stringent beyond 2020. Fulfilling these targets require complete
vehicle electrification, strengthening the product penetration over the forecast
timeframe. However, operational & supply chain issues coupled with probability of
product failure may hamper the electric motors market growth over the forecast
timeframe.
Shifting focus towards solar powered consumer goods owing to their benefits is
witnessed as an opportunity for industry participants. These benefits include high
efficiency and low power consumption. Additionally, government initiatives to
promote their usage will support the electric motors demand. For instance, US
Department of Energy is investing heavily on the development of superior solar
powered products.
Extensive R&D activities are carried out for energy efficiency enhancement in
electric motors. For instance, the U.S. Department of Energy (DOE) announced an
investment of approximately USD 25 million for 13 R&D projects, targeting
technological advancements in electric motors. These advancements will induce
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immense potential and will provide enhance product features for different
applications.
Small DC motors for automotive is anticipated to hold highest market share crossing
USD 26 billion over the forecast timeframe. Extensive usage in automobile industry,
especially in the key mechanical applications such as cooling systems and electric
power steering (EPS) will support the industry growth. Traction motors will showcase
exponential growth till 2024 owing to rising electric vehicle production across the
globe. Additionally, they are used as a major component in varied application areas
including industrial & electrical devices, propelling the product penetration.
U.S. Electric Motors Market, By Motor, 2016 & 2024, (USD Million)
Browse key industry insights spread across 390 pages with 384 market data tables &
31 figures & charts from the report, “Electric Motors Market Size By Motor
(Traction Motors, Small DC motors For automotive, Small DC motors For
Consumer Goods & Industrial Applications), By End Use (OEM, Aftermarket)
Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK,
France, Russia, Italy, Poland, Spain, China, Japan, India, South Korea,
Australia, Vietnam, Brazil, Mexico, Columbia, Argentina, KSA, UAE, South
Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast,
2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-motors-market
Small DC motors for consumer goods & industrial applications will account for a
considerable revenue share and grow at over 5% from 2017 to 2024. This can be
credited to their high acceptance from industrial machinery and consumer
electronics. Provision of benefits such as high performance, efficiency and
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outstanding control properties will contribute significantly towards the industry
growth.
OEMs will account for over 80% revenue share in electric motors market till 2024.
Increasing prominence of DC motors in consumer, industrial, and automotive
applications will support the high revenue generation. Industry players are
continuously focusing on the development of cost effective solutions to gain
competitive edge. Additionally, reduction in taxes and excise duties for auto
components boosting trade will escalate the demand for OEM products over the
coming years.
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Aftermarket is poised to grow rapidly at over 8% CAGR owing to high demand from
local and international markets. This can be credited to the factors such as price
competitiveness and regulatory compliance. Higher profit margins along with shifting
trends toward the noiseless and precise operation of the products are expected to
further fuel the industry growth till 2024.
Asia Pacific is anticipated to capture approximately 55% of the electric motors
market share over the forecast timeframe. Substantial automobile production across
the region will mainly drive the regional growth. Focus of automobile industry
towards emission reduction and fuel economy enhancement has resulted in
implementation of green vehicles in various countries. Moreover, favorable
regulatory landscape in the region regarding vehicle electrification will further propel
the industry growth. For instance, Indian government has mandated vehicle
electrification by 2030 and is forcing automobile OEMs for early planning of the
same.
Rising deployment in commercial & passenger vehicles will spur the North America
electric motors market over the forecast timeframe. Latin America will grow
significantly owing to rising trading activities and availability of cheap labor. MEA will
grow at over 3% CAGR from 2017 to 2024. Increasing sales of all-terrain vehicles
(ATVs) along with shifting trend towards hybrid vehicles will support the regional
growth.
WEG, Nidec Corporation, ABB, Toshiba, and Robert Bosch are among the
prominent players in electric motors market. Other notable players include Regal
Beloit, Allied Motion Technologies, General Electric, Shandong, and Hyosung.
Mergers and acquisitions are among the key strategies adopted by the industry
participants to strengthen their foothold. For instance, in February 2017, Nidec
Corporation acquired Emerson Electric Co. for diversification of its product line and
enhancing its visibility in the industry.
Joint venture is other strategy considered by the industry participants to gain
competitive edge. For instance, in July 2011, Bosch and Daimler joined hands to
produce over 1 million electric motors by 2020.
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