Electric Motors Market by industry growth, forecast to 2024

Feb 25, 2020 (AmericaNewsHour) -- Given the significant role these electromechanical devices play during the conversion of electric energy into mechanical energy, electric motors 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 motors market in the ensuing years.
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.
Analysts deem the stringent regulations toward curbing CO2 emissions to be a pivotal factor influencing the electric car makers to phase out conventional IC engines and embrace electrification. Reports claim that the emission generated by electric vehicles is less than half the CO2 released by fossil fuel vehicles of same weight and performance standards. One of the boldest commitments toward bringing forth zero-emission versions of vehicles has been taken by Volvo Cars. Reportedly, the company will go 100% electric from 2019. Volkswagen was another major in the electric motors industry, who plans to attain a sales target of 2 to 3 million electric cars by 2025.
The company is offering around 80 new electric vehicles spanning all its sub-brands and groups which include Audi, Bugatti, Bentley and the home brand. Experts further predict the attractive governmental and promotional activities focusing on decarbonizing transportation to accelerate the adoption rate of these vehicles. For instance, the Indian government initiative to mandate vehicle electrification by 2030 is further compelling the automobile OEMs to gear up for the same. Estimates claim electric motors market from OEM to account for more than 80% of revenue share by 2024.
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 motors market. The intent of the benevolent gesture was apparently to enable the firm to develop high quality, high standard, and exceptionally innovative electric motors, in a bid to save energy and raise the overall competitive factor among electric motors industry players in the United States.

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