Selbyville, Delaware, Sept. 04, 2019 (GLOBE NEWSWIRE) --
The rise in electric motors market share during the forecast period is influenced by increased demand for sustainable products owing to higher carbon footprints worldwide. Gradual shift towards the use of electric vehicles for replacing fossil fuel-based cars and trucks will transform the automotive sector. The rising need for electrification of vehicles with an aim to curb carbon emissions generated by automobiles will undoubtedly spur electric motors industry trends over the forecast period.
Burgeoning investments made by government authorities to control pollution levels will drive the electric vehicles market size. With rising disposable incomes, the automobile sector is witnessing an evolution with enhanced technological advancements and innovations in the sector boosting demand for electric motors worldwide. With several automobile giants such as Volkswagen, Hyundai, and Honda venturing into electric vehicle production, electric motors market is expected to witness exceeding consumption over the coming years.
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Small DC motors for consumer goods and industrial applications have provided widespread traction to global electric motors market size owing to technological advancements in consumer goods coupled with a shift towards sustainable appliance solutions. These motors are extensively used in fast-moving consumer appliances such as washing machines, ceiling fans, and industrial machinery. Higher starting torque, cost-efficiency, durability, and high performance will drive the product adoption and offer lucrative growth opportunities to the market players.
Small DC motors segment from consumer goods and industrial installations to be valued at USD 7 billion by 2024
In terms of end-use, the OEM sector represents increasing significance for the electric motors market, with increasing demand for the product across the automobile and consumer goods sectors steering the production of electric motors globally. The need to develop cost-effective yet sustainable forms of propulsion is accelerating the product penetration. Government and other regulatory bodies are offering tax – concessions and subsidies on auto components to promote trade, which is also adding impetus to the demand for OEM products.
Increasing competition between the industry players is leading to technological advancements and efficiency in the products, further augmenting the industry demand. Additionally, the aftermarket segment is likely to garner substantial revenues in the forthcoming years owing to rising need for upgradation, maintenance and replacement of products.
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There has been rising competition among key players and products are being available at different prices, for cost-effective products compliant with stringent regulatory norms, due to notable profit margins electric motors deliver. North America and Europe will showcase considerable demand for aftermarket products and positively compliment electric motors market outlook.
In terms of geographical expansion, Asia Pacific is expected to evolve as one of the most significant remuneration grounds for electric motors industry. APAC boasts of a strong automobile and industrial sector where increasing FDIs in have propelled the automobile industry through frequent R&D efforts and capacity expansion. APAC showcases a rising need for carbon emission control owing to the increasing urbanization that leads to a robust industrial segment.
Asia Pacific electric motors market share is anticipated to surpass USD 20 billion by 2024
With an aim to curb the emission levels, countries like India will witness a higher adoption of green vehicles and substantially endorse the production of electric vehicles. The government of India has undertaken several initiatives towards promoting the production and sale of greener vehicles. Evidently, with increasing demand for electric vehicles there will been a remarkable surge in the consumption of electric motors across the region.
Browse key industry insights spread across 390 pages with 384 market data tables & 31 figures & charts from the report, “Electric Motors Market By Motor (Traction Motors, Small DC Motors For Automotive, Small DC Motors For Consumer Goods & Industrial Applications), End Use (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-motors-market
Table of Contents (ToC) of the report:
Chapter 6 Electric Motors Market, By End-Use
6.1 Global market share by end-use, 2016 & 2024
6.2 OEM
6.2.1 Market estimates and forecast from OEM, 2013 – 2024, (Million units) (USD Million)
6.2.2 Market estimates and forecast from OEM by region, 2013 – 2024, (Million units) (USD Million)
6.3 Aftermarket
6.3.1 Market estimates and forecast from aftermarket, 2013 – 2024, (Million units) (USD Million)
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/electric-motors-market
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