Electric Motors Market Share from OEM accounted for over 80% of the revenue till 2024

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Electric Motors Market in North America to grow
at 7.5 CAGR with 378 million units by 2024
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Key Insights from 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.
• 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.

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Continued...

• 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.
• 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.
• 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.

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

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Major Companies in Electric Motors Market

• WEG
• Nidec Corporation
• ABB
• Toshiba
• Robert Bosch
• Regal Beloit
• Allied Motion Technologies
• General Electric
• Shandong

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Industry Coverage

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Regional Insights in Electric Motors Market

• 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.

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