The electric motors market is expected to gain traction in the transportation sector given to growing concerns over climatic change and carbon emissions. Numerous countries over the world are imposing strict policies and regulations to promote the adoption of sustainable transportation alternatives that have a minimum impact over the environment.
Shifting trends toward renewable energy alternatives coupled with increasing presence of electric motor manufacturers with large scale production capabilities could enhance business outlook over the forthcoming years. Global Market Insights, Inc., predicts that the electric motors market for transportation sector might cross USD 20 billion by the year 2026.
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Technological advancement has triggered a trend of product innovation, especially in the aerospace and automotive industries. Development of advanced motors that meet customer requirements could play a crucial role in deepening product penetration. Manufacturers have begun to shift their efforts towards developing and commercializing hybrid vehicle motors. Moreover, they are focusing on lowering the overall weight of these motors to increase efficiency of vehicles.
However, the COVID-19 pandemic has caused a steep drop in product consumption across the transport industry. The sector is considered as one of the most badly hit business areas during this pandemic and is currently experiencing a steep descent in growth. Analysts predict that COVID-19 might have a long-term impact on the travel behavior of people worldwide.
In terms of small electric motors, the industry is mainly bifurcated into motors for automotive, traction motors, and motors for industrial applications and consumer goods. Out of these, the traction motor segment is expected to generate sizable revenues while maintaining a CAGR of more than 6.5% by 2026. These motors are massively used in two-wheelers, ATVs and trains for a variety of applications. They offer features like low energy consumption, enhanced reliability, and superior efficiency.
Prominent industry players like Siemens, Hyosung, WEG, Robert Bosch, Regal Beloit, ABB, Buhler Motor Gmbh, Toshiba, General Electric, Allied Motion Technologies, and Shandong are constantly focusing on developing their product offering and production capacities to expand their market share.
Taking July 2020 for instance, Ziehl-Abegg SE announced to invest $18 million (16 million euros) to expand its production facilities at Kupferzell. The company intends to ramp up its production of high-quality electric motors to keep up with the increasing product demand.
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Meanwhile, in 2020, The City of Fort Worth announced plans to increase its investment in electric motor manufacturer, Linear Labs by signing a $68.9 million economic incentive package that will support the development of a new production facility. Commencements of such business strategies will have a positive impact on the electric motors market in the transportation sector.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1. Market definitions
1.2. Base estimates & working
1.2.1. North America
1.3. Forecast calculation
1.3.1. COVID-19 impact calculations on industry forecast
1.4. Data sources
188.8.131.52. Paid sources
184.108.40.206. Public sources
Chapter 2 Electric Motors Market Summary
2.1 Electric motors industry 3600 synopsis, 2016 – 2026
2.1.1 Business trends
2.1.2 Motor trends
2.1.3 End-use trends
2.1.4 Regional trends
Chapter 3 Electric Motors Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2026
3.2.1. COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.3 System integrators
3.3.4 Profit margin analysis
3.3.3. Value chain disruption analysis (COVID-19 impact)
3.3.5 Distribution channel analysis
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