Global Electric Motors Market to cross $36 Mn by 2024

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Global Electric Motors Market Size to cross 36
Bn by 2024 Global Market Insights Inc.
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Industry Overview

• Electric Motors Market to surpass USD 36 billion
  by 2024 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.
• 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.
• 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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• Electric motors market from small DC motors for
  automotive is anticipated to capture highest
  revenue share surpassing USD 26 billion over the
  next eight years owing to their high usage in
  automobiles over past years. Chassis and
  powertrain applications possess the highest
  applications for DC motors. The prominent
  mechanical applications including transmission
  actuation, engine cooling systems, and power
  steering are continuously becoming electrically
  driven, thus fostering the demand for these
  electric motors till 2024.
• Traction motors are poised to grow at highest
  CAGR of over 9 and generate the demand of
  approximately 11 million units. Rising production
  of electric vehicles will primarily stimulate the
  segments growth.

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U.S. Electric Motors Market, By Motor, 2016
2024, (USD Million)

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• Asia Pacific is anticipated to dominate the
  electric motors market surpassing USD 20 billion
  over the next eight years. Rising automobile
  production across the region will primarily drive
  the industry growth. The automotive industry in
  the region focuses on achieving reduced
  environmental contaminants and better fuel
  economy. High adoption rate of green vehicles is
  credited to government initiatives taken in
  various countries such as providing subsidies and
  incentives
• North America electric motors market is poised to
  grow at 7.5 CAGR and generate a demand of over
  378 million units over the forecast timeframe.
  High acceptance of electric motors in commercial
  and passenger cars 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.

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