Electric Motors Market for Aftermarket is poised to grow rapidly at over 8% CAGR owing to high demand from local and international markets.

Sellbyville, DE -- (SBWire) -- 01/31/2019 --Electric Motors Market is projected to cross 2 billion units with USD 36 billion by 2024. Small DC motors for automotive is anticipated to hold highest market share crossing USD 26 billion over the forecast timeframe. Extensive usage in automobile industry, especially in the key mechanical applications such as cooling systems and electric power steering (EPS) will support the industry growth. Traction motors will showcase exponential growth till 2024 owing to rising electric vehicle production across the globe.

Aftermarket is poised to grow rapidly at over 8% CAGR owing to high demand from local and international markets. This can be credited to the factors such as price competitiveness and regulatory compliance. Higher profit margins along with shifting trends toward the noiseless and precise operation of the products are expected to further fuel the industry growth till 2024.

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The rising demand for electric vehicles across the globe have bestowed plethora of M&As, joint ventures, and R&D activities in the industry. Citing some noteworthy instances, in 2011, Bosch and Daimler collaborated as equals to establish a new venture EM-motive GMBH, that would enhance its production capabilities to manufacture electric motors. Reportedly, now the joint venture is a prime distributor of electric motors to OEMs manufacturing e-vehicles and also for the automotive aftermarket. Statistics claim the joint entity to manufacture more that 1 million electric motors by 2020, which not to mention, will have a remarkable impact on electric motors industry share. WEG's acquisition of Katt Hessen GmbH, is another example bearing testimony to the growing M&A strategies that has helped the company to strengthen its position in progressing electric motors industry.

Considering the regional trends, the exponentially rising demand for plug-in vehicles across North America has positively impacted the regional electric motors industry 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 motors 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.

Automotive companies have been vying with one another to increase vehicle production, thereby providing a lucrative avenue for electric motors industry expansion from OEMs. Quoting an example, the renowned automotive giant, Volkswagen, apparently aims to sell more than 2 million electric car sales by 2025. Recently in 2017, Nidec acquired the electric motors and power generation business unit from Emerson Electric Co., with an intention to expand its product pipeline. In effect, the numerous efforts undertaken by OEMs to consolidate their presence in electric motors market is likely to help augment the product penetration across diversified geographies.

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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. Specifically characterized by the massive demand for EVs across the globe, in conjunction with the presence of a strong regulatory landscape, electric motors industry 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.

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