Market Research Report
Electric Motors Market in Transportation Sector By Motor, By End-use, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028
|Electric Motors Market in Transportation Sector By Motor, By End-use, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028|
Published: April 18, 2022
Global Market Insights Inc.
Content info: 300 Pages
Delivery time: 2-3 business days
The electric motors market in transportation sector is poised to record lucrative growth through 2028 due to constant product developments coupled with stringent government polices and regulations in transportation sector that support initiatives such as clean energy, improved air quality and reduction in GHG gases.
The recent years have witnessed significant penetration of automation and robotics across a vast number of industries encompassing automotive, railways, aerospace and others. The electric motors market is transitioning towards high and premium energy-efficient electric motors as well as experiencing an upsurge in consumer awareness pertaining to advantages of these motors.
Additionally, governments and industry players have been advancing the implementation of electric scooters and bikes, along with hybrid passenger cars, which has bolstered product adoption. Moreover, rapid urbanization as well as improving technological landscape have increased the demand for electric motors in the residential and commercial sectors.
Furthermore, market players have been investing in latest technologies and designing innovative products to make products used in the industrial, vehicle, and household applications more powerful and efficient, thereby fostering business outlook. For instance, in April 2021, Nidec Corporation, a key manufacturer of electric motors, announced that its latest 100kW EAxle model, dubbed Ni100Ex, was integrated into an electric vehicle, the recently launched Aion Y by GAC Aion, a Chinese EV marque of automotive giant GAC Group.
The electric motors market in transportation sector has been classified in terms of motor, end-use, and region. Based on motor, the market has been divided into small DC motors for railways and aerospace applications, traction motors, and small DC motors for automotive.
Among these, the small DC motors for automotive segment is estimated to witness a CAGR of around 6% through the assessment timeframe. Increased application of these motors in EVs for retracting, positioning, and extending electrically powered side window is stipulated to propel the growth of the segment. The small DC motors for railways and aerospace applications segment is primed to record a sluggish growth at a CAGR of approximately 4% over the analysis timespan.
With reference to end-use, the electric motors market in transportation sector has been segmented into OEM and aftermarket. In 2021, the aftermarket segment garnered a volume share of over 20% and is speculated to witness considerable growth over 2022-2028. The proliferation of e-commerce platforms for small electric motors is foreseen to positively influence segmental growth throug the sturdy timeframe.
From the regional standpoint, the Latin America electric motors market in transportation sector is projected to attain a revenue share of over 4.5% in the overall industry by 2028. Meanwhile, the Middle East and Africa electric motors market in transportation sector was valued at more than USD 650 million in 2021 and is forecast to amass substantial gains between 2022 and 2028.