Electric Motors Market to hit the coveted 36-billion-dollar frontier by 2024
However, operational & supply chain issues coupled with probability of product failure may hamper the electric motors market growth over the forecast timeframe.
Selbyville, United States – June 28, 2019 /MarketersMedia/ —
The Electric Motors Market is set to grow from its current market value of more than $21 billion to over $36 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
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.
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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 market 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.
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.
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.
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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.
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.
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
Glimpse of Table of Content (ToC)
Chapter 4 Business Expansion Opportunities in Electric Motor Market
4.1 Entry Strategies
4.1.1 Introduction
4.1.2 Electric power steering motors
4.1.3 Window lift motors
4.1.4 Tailgate motors
4.1.5 Throttle control motors
4.1.6 Cooling pump motors
4.1.7 AdBlue pumping motors
4.1.8 Key insights
4.1.8.1 Franchising
4.1.8.2 Exporting
4.1.8.3 Licensing
4.1.8.4 Joint Venturing
4.1.8.5 Contract manufacturing
4.1.8.6 M&A
4.1.8.7 Fully owned manufacturing facilities
4.1.8.8 Turnkey contracts
4.1.8.9 Counter trades
4.2 Market analysis for Lucas TVS
4.2.1 Market Penetration
4.2.2 Product Development
4.2.3 Market Development
4.2.4 Product Diversification
4.3 Business expansion focus points
4.3.1 Marketing
4.3.1.1 Region wise Marketing Strategies:
4.3.2 Investment & control
4.3.3 Sourcing
4.4 Regional expansion opportunities
4.4.1 North America electric motor industry outlook
4.4.1.1 Potential customers
4.4.1.2 Consumer buying behavior
4.4.1.3 Vendors
4.4.1.4 Distributors
4.4.1.5 Integrators
4.4.2 South America electric motor industry outlook
4.4.2.1 Potential customers
4.4.2.2 Consumer buying behavior
4.4.2.3 Vendors
4.4.2.4 Distributors
4.4.2.5 Integrators
4.4.3 Asia Pacific electric motors outlook
4.4.3.1 Potential customers
4.4.3.2 Consumer buying behavior
4.4.3.3 Vendors
4.4.3.4 Distributors
4.4.3.5 Integrators
Browse Full TOC @ https://www.gminsights.com/toc/detail/electric-motors-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Website: https://www.gminsights.com/pressrelease/electric-motors-market
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