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.
Rising product deployment in passenger and commercial vehicles will drive the North America industry over the study period. MEA will pose a CAGR of over 3% from 2017 to 2024. Increasing ATVs sales coupled with changing trend towards hybrid automobiles will aid in the industry growth.
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Automotive companies have been vying with one another to increase vehicle production, thereby providing a lucrative avenue for electric motors market expansion from OEMs. Quoting an example, the renowned automotive giant, Volkswagen, apparently aims to sell more than 2 million electric car sales by 2025. Recently in 2017, Nidec acquired the electric motors and power generation business unit from Emerson Electric Co., with an intention to expand its product pipeline. In effect, the numerous efforts undertaken by OEMs to consolidate their presence in electric motors market is likely to help augment the product penetration across diversified geographies.
What Information does this report contain?
- Historical data coverage:2013 to 2016; Growth Projections: 2017 to 2024.
- Expert analysis:industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
- 6-7 year performance forecasts:major segments covering applications, top products and geographies.
- Competitive landscape reporting:market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
The competitive hierarchy of global electric motors market is inclusive of top shots such as ABB, Nidec Corporation, Toshiba, Robert Bosch, WEG, and Siemens. One of the principal reasons the growth of this business sphere can be credited to is the mammoth investments by these firms on R&D programs. Specifically characterized by the massive demand for EVs across the globe, in conjunction with the presence of a strong regulatory landscape, electric motors industry size has been projected to surpass a valuation of USD 36 billion by 2024. Not to mention, electric motors market outlook has faced a transformative change in recent times, owing to the adoption of high-tech components and technologies in the product manufacturing mechanism.
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.
Browse key industry insights spread across 390 pages with 384 market data tables & 31 figures & charts from the report, “Electric Motors Market” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/electric-motors-market
Major Table of Content: –
Chapter 1 Methodology & Scope
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry Insights and validation
1.1.4 Scope, definitions, & forecast parameters
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Electric motors industry 3600 synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Product trends
2.1.3 End-use trends
2.1.4 Regional trends
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/electric-motors-market
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