What's Driving the Electric Motor Market Growth? Key Players are ABB, Adlee Powertronic Co. Ltd., Allied Motion,AMETEK, Baldor Electric Company, Robert Bosch GmbH, Bühler Motor GmbH, Denso

Given the significant role these electromechanical devices play during the conversion of electric energy into mechanical energy, electric motor market players are distinctly emphasizing on developing products compatibility with microcontroller and microprocessors that are used in the steering, throttle, and braking technologies. Shifting focus toward achieving better stability and working, is further expected to leave a rendering impact on electric motors industry. Industry experts further anticipate DC motors to catapult remarkable proceeds, given the high usage of these motors in chassis and powertrain applications.

The fact that the electric car models are significantly turning the prominent mechanical systems including engine cooling systems, power steering, and transmission actuation into electric drives will generate magnificent demand for electric motor market in the ensuing years. As per research, electric motors industry, from the small DC motors used in the automotive sectors, is likely to capitalize highest revenue share exceeding USD 26 billion by 2024.

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Having debuted in an era dominated by IoT and connected technologies, electric vehicles have a pivotal role to play in the growth of electric motor market. The vast expanse that EVs have covered in the recent years is quite evident from the numerous developments underlining the global automotive space, and the fact that these robotized beauties have captured a major share of the vehicle business across numerous geographies. For instance, in 2014, the number of new registrations for EVs in UK exceeded 14,500, while the number nearly doubled in 2015, pegged at a value more than 28,000.

The prominence of these products in the EV business sphere is vividly coherent. As per statistics recorded by the U.S. Office of Energy Efficiency and Renewable Energy, electric motors are responsible for nearly 70% of the total power usage by manufacturers in the United States, and literally 25% of the national power usage. In this regard, the U.S. Department of Energy (DOE) has granted a funding of close to USD 25 million to the Marathon Motors division of the Regal Beloit Corporation, a well-acclaimed player in electric motor market.

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Considering the regional trends, the exponentially rising demand for plug-in vehicles across North America has positively impacted the regional electric motor market outlook. Presence of several automobile manufacturing companies along with vast aftermarket is expected to open up a slew of opportunities for the regional business in the ensuing years. As per the estimates, North America is expected to generate a demand of over 378 million units over the coming seven years and attain a CAGR of 7.5% over 2017-2024.

Moreover, in the coming seven years Asia Pacific is also anticipated to be one of the strong emerging grounds for electric motor market expansion. Growing automobile production facilities and favorable government initiatives are expected to be the prime drivers fueling regional electric motors market, which as per reports, is estimated to surpass USD 20 billion by 2024.

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