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.
How OEMs will exploit the potential of electric motors market
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.
Of late, consumers have been depicting an inclination toward high quality components, which has propelled the demand for luxury vehicles. In consequence, this has enabled OEMs partaking in electric motors market share to manufacture products as per consumer requirements, endowed with technological advancements and cost-effectiveness to boot. Furthermore, DC motors have also encountered increasing prominence across the consumer goods and industrials sectors, which has only served to expand the application spectrum of electric motors industry. Subsequently, the rising demand for quality products, increasing competitiveness, and growing requirement for electric cars are slated to massively impel electric motors market size from OEMs. In fact, as per estimates, OEMs will hold more than 80% of the overall electric motors industry share by 2024, driven by a favorable regulatory spectrum, especially across the economies of India and China, the governments of which have mandated vehicle electrification.
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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 motors 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. In consequence, this has had a major impact on electric motors industry, given the significant role this electromechanical device plays during the conversion of electrical energy into mechanical energy. As per estimates, electric motors market size stood at USD 21 billion in 2016.
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.