Electric motors market from 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 industry.
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.
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As per estimates, OEMs will hold more than 80% of the overall electric motors market share by 2024, driven by a favorable regulatory spectrum, especially across the economies of India and China, the governments of which have mandated vehicle electrification.
The global electric motors market 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. Propelled by the necessity to accomplish excellent stability control and high grade working methodology, experts forecast electric motors market size to exceed 2 billion units in 2024, in terms of volume.
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.
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
Glimpse of Table of Content (ToC): –
Chapter 4. Business Expansion Opportunities in Electric Motor Market
4.1. Entry Strategies
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
126.96.36.199. Joint Venturing
188.8.131.52. Contract manufacturing
184.108.40.206. Fully owned manufacturing facilities
220.127.116.11. Turnkey contracts
18.104.22.168. 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
22.214.171.124. Region wise Marketing Strategies:
4.3.2. Investment & control
4.4. Regional expansion opportunities
4.4.1. North America electric motor industry outlook
126.96.36.199. Potential customers
188.8.131.52. Consumer buying behavior
4.4.2. South America electric motor industry outlook
184.108.40.206. Potential customers
220.127.116.11. Consumer buying behavior
4.4.3. Asia Pacific electric motors outlook
18.104.22.168. Potential customers
22.214.171.124. Consumer buying behavior
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