Home > Automotive > Automotive Parts > Transmission and Drivetrain > Electric Motors Market

Electric Motors Market in Transportation Sector By Motor (Traction Motors, Small DC Motors For Automotive, Small DC Motors For Railways And Aerospace Applications), By End-use (OEM, Aftermarket) & Forecast, 2023 - 2032

  • Report ID: GMI2144
  • Published Date: Dec 2022
  • Report Format: PDF

Electric Motors Market Size

Electric Motors Market size in Transportation Sector surpassed USD 18 billion in 2022 and is anticipated to register over 5.5% CAGR from 2023 to 2032. This is a result of the increasing government efforts to boost EV production and curb environmental hazards.
 

Electric Motors Market size in Transportation Sector

As global automakers are shifting toward eco-friendly mobility options, the deployment of electric motors as electric vehicle engines is set to accelerate. Over the years, governments have gained increasing awareness of the environmental impact of transportation and joined hands with other authorities on various fronts, including the reduction of carbon dioxide emissions. Citing an instance, in May 2019, major economies across the globe came together to develop multi-government policies to accelerate EV adoption. Stringent government mandates and regulations have also been imposed as part of global zero-carbon targets, thereby proliferating electric motor installation in automobiles.
 

Apart from motor vehicles, the machine is a vital component in automotive HVAC equipment, considering its lightweight, small-sized, and cost-effective attributes. However, the utilization of a low load factor and a high HP motor is associated with higher expenses per hour. Additionally, battery crises and supply chain disruptions may likely stall EV production and consequently limit the use of electric motors. Despite these challenges, increased funding programs to supercharge battery manufacturing for EV applications are likely to fuel product demand over the estimated timeline.
 

Electric Motors Market Analysis

Electric Motors Market In Transportation Sector, By Motor

Based on the motor, the electric motors market in transportation sector from small DC motors for automotive segment will exceed USD 22 billion by 2032. This motor is adopted for retracting, positioning, and extending electrically powered side windows, among other electric vehicle applications. Product demand is likely to remain strong, due to continued innovation to improve performance and costs. Key features also include high-speed range, noiseless operation, and faster dynamic response, leading to the widespread usage of small DC motors in the automotive industry.
 

Small DC motors for automotive segment is further segregated into cooling fans & blower motors, forklift actuation motors, vacuum pump motors, ABS motors, and air suspension motors categories. The ABS motors segment will depict a 6% CAGR through 2032, owing to their use as an alternative to conventional friction braking systems. These motors also ensure a superior braking performance and can save energy, thereby contributing to their development for EV applications.
 

Electric Motors Market In Transportation Sector, By End-use

The electric motors market size in transportation sector from the OEM end-use segment is expected to reach USD 25 billion by 2032, given the rising disposable income and improving economic conditions. Over the years, automobile manufacturers have been targeting to upgrade vehicle features through the deployment of advanced electric motors. Furthermore, the high emphasis on the production of different types of cars and railway vehicles will create lucrative opportunities for OEMs to design electric motors.
 

Electric Motors Market In Transportation Sector, By Region

Regionally speaking, the North America electric motors market value in transportation sector is slated to exhibit a 5.5% CAGR till 2032, owing to the rise in living standards and healthy economic conditions is one of the prominent reasons driving electric motor development. Strict regulations have also been imposed to limit carbon emissions, encouraging manufacturers to integrate electric motors into their products. Additionally, with the increasing individual income levels, manufacturing output, and automobile innovations, product consumption is likely to further surge across the North American region.
 

Electric Motors Market Share

Some of the leading companies operating in the market include:

  • ABB
  • Allied Motion Inc
  • Robert Bosch GmbH
  • Baldor Electric Company
  • Bühler Motor GmbH
  • Dongjin Vietnam
  • Denso Corporation
  • Emerson Electric Co
  • Fuji Electric Co., Ltd
  • Johnson Electric
  • General Electric
  • Lucas TVS
  • Siemens AG
  • Maxon Motor AG
  • WEG
  • Zytek Automotive/Continental Engineering Services
  • YASA Limited.

These companies are emphasizing business expansions, collaborations, and other strategies to reinforce their presence in the global market.
 

Impact of COVID-19 Pandemic

The COVID-19 pandemic has asserted an adverse impact on industry verticals, including the automotive sector, since its onset in early 2020. In the initial months of the outbreak, most auto manufacturing facilities were shut down, creating a ripple effect on labor and supply. These challenges may have hindered the demand for high- and low-voltage motors for EV applications. However, EV adoption has been witnessing a revival in recent years. Based on IEA data, in 2021, electric car sales reached 6.6 million, indicating a 3-fold increase from two years earlier, and consequently generating growth opportunities for the industry over the forecast period.
 

This electric motors market in transportation sector market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million units and revenue in USD million from 2018 to 2032 for the following segments:

Click here to Buy Section of this Report


Market, By Motor

  • Traction motors
  • Small DC motors for automotive
    • Air suspension motors
    • ABS motors
    • Vacuum pump motors
    • Forklift 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

Market, By End-Use

  • OEM
  • Aftermarket

The above information has been provided for the following regions and countries:

  • 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
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

 

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market surpassed USD 18 billion in 2022 and is anticipated to register over 5.5% CAGR through 2023-2032, due to government efforts to boost EV production and curb environmental hazards.

The OEM end-use segment is expected to be over USD 25 billion by 2032, given the rising disposable income and improving economic conditions.

North America industry share to exhibit over 5.5% CAGR through 2023-2032, owing to the rise in living standards and escalating vehicle sales.

Some of the prominent players functioning in the market include ABB, Allied Motion, Inc., Robert Bosch GmbH, Denso Corporation, Emerson Electric Co., Fuji Electric Co., Ltd., and YASA Limited, among others.

Electric Motors Market Scope

Buy Now


Premium Report Details

  • Base Year: 2022
  • Companies covered: 21
  • Tables & Figures: 414
  • Countries covered: 19
  • Pages: 300
 Download PDF