Selbyville, Delaware, April 26, 2022 (GLOBE NEWSWIRE) --
The electric motors market in transportation sector is expected to surpass USD 25 billion by 2028, as reported in a research study by Global Market Insights Inc. The increasing customer demand owing to advancements in customization is a major factor influencing the product demand.
The electric motors industry from the transportation application is majorly driven by the transition of products such as DC brushless motors and DC brushed motors. The transition is majorly observed in powertrain and automotive components such as hydraulic power steering is replaced by Electric Power Steering (EPS) in many new vehicles, which provide a better handling advantage. Government regulations and initiatives provide substantial opportunities for industry manufacturers. The product prices may remain competitive on account of investments by industry players to develop their efficiency in recent years.
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Small DC motors despite their compact design module are powerful enough to offer high-performance along with high efficiency. This makes them attractive in railways and aerospace applications. The high-quality motors have low noise, excellent control properties, long service life, and low electromagnetic interference.
The OEM application is predicted to exhibit a growth rate of nearly 5.5% from 2022 to 2028. OEM continues to dominate the electric motors market in transportation sector due to its rising demand in automotive applications. These applications include engine compressors, high-voltage cooling fan motors, etc.
North America electric motors market size for transportation sector is poised to register more than 6% gains through 2028 fueled by regular technological advancements in the region. Innovations in the region have replaced conventional products in the auto industry, thus augmenting the market revenue.
Some major findings of the electric motors market in transportation sector report include:
- The rising standard of living will stimulate the demand for automotive electric & mechanical components, which will result in the escalating sales of electric motors in the transportation industry.
- Traction motors are used for the propulsion of electric vehicles, two-wheelers, All-Terrain Vehicles (ATVs), and auto-rickshaws, forcing its CAGR to be over 8% through 2028.
- OEMs as end-user are producers of automobiles, trains & coaches, and aircraft. OEMs for electric motor manufacturers are the original manufacturers of the equipment that requires electric motors for its operation.
- The Middle East & Africa electric motors market is estimated to observe strong growth till 2028 led by increasing sales of ATVs. ATVs are widely used for desert sports and other recreational activities.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Electric motors industry 3600 synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Motor trends
2.1.4 End-use trends
Chapter 3 Electric Motors In Transportation Sector Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2018 – 2028
3.3 Industry ecosystem analysis
3.4 Pricing analysis
3.5 Cost structure analysis
3.6 Technology landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Adoption of electric motors in passenger cars and commercial vehicles
3.8.1.2 Favourable regulatory landscape for electric vehicles
3.8.2 Industry challenges and pitfalls
3.8.2.1 Operation and supply chain issues
3.8.2.2 Probability of product failure
3.9 Electric vehicle production statistics
3.10 Innovation & sustainability
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
3.14 Competitive landscape, 2021
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.
