Electric Motors Market Report 2022: Regional outlook & Industry Statistics Till 2026

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 c to promote the adoption of sustainable transportation alternatives that have a minimum impact over the environment.

Shifting trends toward renewable energy alternatives coupled with increasing presence of electric motor manufacturers with large scale production capabilities could enhance business outlook over the forthcoming years. The electric motors market for transportation sector might cross USD 20 billion by the year 2026.

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Manufacturing firms in the transportation sector catering to the increasing demands of products and rising innovative enhancements in the automotive industrial products pertaining to customer requirements are driving the electric motors market sales for transportation sector. Varying industrial demands of electrical steel sheet used as the core of traction motors for hybrid electric vehicles is a factor affecting the product development.

Manufacturers are implementing several marketing strategies to improve product penetration by promoting hybrid vehicles to augment the overall electric motor industry sales. The ability to enhance the efficiency of the automobiles by lowering the gross weight will foster the expansion of electric motors market in transportation sector.

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.

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. 

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.

The OEMs are automobile, railways, aircraft or other equipment manufacturers utilizing electric motors in their products. The electric motors aftermarket segment in the transport sector can be recognized as a dominant and secondary area for distinct applications of manufacturing, distribution, and installations of the product. Both the OEMs and aftermarket segments are predicted to considerably impact the overall industry growth value.

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 industry 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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