Electric Motors Market volume share is anticipated to surpass 2 billion units by 2024. High penetration of electromobility is likely to boost the industry. Major industry participants are from the automobile field focusing on increasing electric vehicle production which will drive the product demand. For instance, Honda aims to electrify two-third of its automobile production by 2030.
OEMs of electric motors market will hold 80% revenue share till 2024. Rising importance of DC motors in industrial, consumer, and automobile applications will drive the industry growth. Industry participants focus on developing cost-effective solutions to gain competitive edge. Moreover, tax cuts and reduction in excise duties for auto parts will boost trading activities thereby accelerating product demand.
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Aftermarket will pose a CAGR of over 8% owing to high demand from international and domestic markets. This can be attributed to the factors such as regulatory compliance and price competitiveness. Shifting trend towards precise and noiseless operation of the products are estimated to escalate the electric motors market growth.
Small DC motors for automobiles is expected to be valued at USD 26 billion by 2024. Extensive usage in auto industry such as electric power systems and cooling systems will fuel the industry. Traction motors will depict exponential growth over the forecast timeframe due to increasing electrification in vehicles.
Several governments are mandating rules to minimize carbon footprint in the environment. Government aims for 95 g CO2/km cap and are estimated to be stricter beyond 2020. Fulfilling these targets require electrification of vehicles which in turn will strengthen product adoption rate. However, supply chain and operational challenges along with probability of product failure may hinder the electric motors industry growth rate over the study period.
Changing trend of adopting solar powered consumer goods due to their numerous benefits is observed as an opportunity for the players. These beneficiary factors include low power consumption and high efficiency. Moreover, government initiatives promote the electric motors market growth. For instance, the U.S. DoE is investing heavily in development of solar powered products.
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Research activities are carried out for enhancement of energy efficiency in the product. For instance, the U.S. DoE invested USD 25 million for 13 R&D projects which aims at technological advancements in electric motors. These advancements will offer improved product features for multiple applications.
Small DC motors for consumer goods and industrial applications will exhibit a growth rate of 5% over the projected timeline. This is attributed to its high acceptance from consumer electronic goods and industrial machinery. Provision of benefits include efficiency, high performance, and outstanding control thereby contributing significantly in industry growth.
Asia Pacific electric motors market is expected to hold 55% industry share by 2024. Increasing vehicle production across the region will enhance industry growth. Focus of auto industry to enhance fuel economy and reduce carbon emissions has resulted in employment of green automobiles in several countries. Additionally, regional regulatory landscape will further boost the industry. For instance, Indian government has mandated electrification of vehicles by 2030 which in turn has forced auto producers to manufacture them.
Rising product deployment in passenger and commercial vehicles will drive the North America industry over the study period. MEA will pose a CAGR of over 3% from 2017 to 2024. Increasing ATVs sales coupled with changing trend towards hybrid automobiles will aid in the industry growth.
Nidec Corporation, WEG, Toshiba, Robert Bosch, and ABB are among the prominent industry participants in electric motors market. Other players are Allied Motion Technologies, Shandong, General Electric, and Regal Beloit.
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