Electric Motors Market in Transportation Sector By Motor (Traction Motors, Small DC Motors For Automotive [Air Suspension Motors, ABS Motors, Vacuum Pump Motors, Fork Lift Actuation Motors, Cooling Fans & Blower’s Motors], Small DC Motors For Railways And Aerospace Applications [High Voltage Motor, Low Voltage Motor, Cooling Motor, HVAC Compressor Motors]), By End-use (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028

Industry Trends

Electric Motors Market size in transportation sector exceeded USD 17.6 billion in 2021 and will exhibit around 5.9% CAGR from 2022 to 2028. The industry shipments are predicted to cross 1,619.9 million units by 2028. The growing demand is attributed to the increase in vehicle upgrades and favorable economic conditions along with benefits such as long life, low maintenance requirements, and automated control.
 

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Stringent government regulations and policies in concern with the environment provide a positive prospect to the market. Various economies are taking initiatives to reduce CO2 emissions from vehicles by adopting electric vehicles, thus positively impacting the business growth. The product is a vital component in motor vehicles and automotive Heating, Ventilating & Air Conditioning (HVAC) equipment. Electric motors are relatively smaller, lighter & cheaper and majorly used in vehicle equipment.
 

The electric motors market demand is shifting toward premium and high energy-efficient electric motors coupled with increasing awareness of their advantages and obligatory regulations to use energy-efficient electric motors.
 

Technological advancements in electric motors that are created to power passenger vehicles and in-wheels motors to offer better torque to each wheel, are boosting the market demand. Industry players are investing in new technologies and developing innovative products that would make vehicles, industrial & household products more efficient and powerful than before.
 

The portability limitation may hamper industry statistics through 2028. Large electric motors are not easily movable. In the case of smaller motors, they are movable; however, they require a constant electricity supply, which may restrict the portability of the product after a certain distance. Moreover, the COVID-19 spread in 2020 also negatively impacted the market, which has substantially hit the electric motor & transport sectors.
 

Small DC motors in automotive applications to garner dominant revenue share

Small DC motors for automotive are expected to capture nearly 70% of the electric motors market by 2028 due to increasing use in electric vehicles for positioning, retracting, and extending electrically powered side windows. Continuous product development to increase its performance and lower the cost is enhancing the segment growth. Additionally, these motors provide benefits such as noiseless operation, higher speed range, and faster dynamic response.
 

DC motors are used in multiple speed control applications such as motor vehicles and industrial machinery. The faster & efficient application powered by electric motors increases the production & quality and improves the overall machine performance, thus driving the segment growth.
 

OEMs to lead the end-user segment

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The electric motors market from OEM segment is poised to generate over USD 20 billion revenue by 2028. The increasing disposable income combined with rising economic conditions is offering potential opportunities for OEMs. The rising production of various types of vehicles and trains will upsurge the demand for electric motors across the globe. Moreover, automobile manufacturers are upgrading their vehicle features with the support of an electric motor, thus propelling the business expansion.
 

The increasing number of authorized and independent repair centers for automotive product maintenance & replacement will further stimulate the product demand. Growing e-commerce platforms for small electric motors are positively influencing the aftermarket share.
 

Asia Pacific to dominate the market

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Asia Pacific electric motors market is set to reach about 900 million units demand by 2028 on account of growing vehicle sales coupled with increasing consumer preference for advanced electronic vehicles. Economies including China, India & Japan are ahead in the production of vehicles and significantly contribute to the market value.
 

Major companies in the market are Nidec Corporation, ABB, Siemens, WEG, Robert Bosch, and Toshiba. Other prominent players include Allied Motion Technologies, Regal Beloit, Hyosung, General Electric, Shandong, and Buhler Motor GmbH. Participants are adopting various strategies, such as mergers, joint ventures, and product developments, to increase their revenue.
 

This market research report on electric motors for transportation sector includes in-depth coverage of the industry with estimates & forecast in terms of revenue in Million units and USD Million from 2018 to 2028 for the following segments:

Market, By Motor

• Traction motors
• Small DC motors for automotive
  • Air suspension motors
  • ABS motors
  • Vacuum pump motors
  • Forklift actuation motors
  • Cooling fans & blower motors
• Small DC motors for railways and aerospace applications
  • High voltage motor
  • Low voltage motor
  • Cooling motor
  • HVAC compressor motors

Market, By End-use

• OEM
• Aftermarket

The above information is provided on a regional & country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Poland
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Vietnam
• Latin America
  • Brazil
  • Mexico
  • Columbia
  • Argentina
• MEA
  • Saudi Arabia
  • UAE
  • South Africa