The electric motors market in the transportation industry is anticipated to witness tremendous growth due to rising implementation of supportive environmental norms. Technological advancement has paved the way for advanced electric motors designed specifically for the aerospace and automotive industries. Development of advanced and comprehensive motors that fulfill customer requirements could hugely benefit market outlook.
Manufacturers have begun to shift their efforts towards developing and commercializing hybrid vehicles and are focusing on lowering overall weight of these motors to further improve efficiency. Growing inclination toward greener mobility solutions along with increasing presence of large scale electric motor manufacturers fixated on meeting the demand for e-motors could massively benefit business outlook. Based on these factors, Global Market Insights suggests that the electric motors market for transportation sector could reach $ 20 billion by the year 2026.
The COVID-19 epidemic has brought a steep decline in product sales across the transportation sector. According to reports, the transportation sector is one of the most badly hit sectors during this pandemic and is currently struggling to get back to its initial growth stage. Latest reports also suggest that countries like Canada and the U.S have observed a substantial drop in commercial transportation activities since the COVID-19 crisis, with Canada operating at 84% of its normal commercial transportation activity.
In order to reduce the spread of COVID-19, federal authorities across the world are starting to impose stringent guidelines like frequent disinfecting of seats and social distancing during public transport. Such regulations could encourage people to opt for mobility solutions, favoring businesses in electric motors industry.
Small electric traction motors are widely used in two-wheelers, ATVs and trains for a variety of applications. These motors are preferred owing to features like low energy consumption, enhanced reliability, and superior efficiency. Forecasters claim that the segment could generate sizable revenue while maintaining a CAGR of more than 6.5% by 2026.
Companies operating in the electric motor industry are constantly focusing on developing their product offering and production capacities to expand their market presence. Taking August 2020 for instance, Yamaha revealed that it is planning to build and design high output electric motors that would be more compact and lightweight. The company intends to launch a range of motors starting from 35 kW to 200 kW.
Currently companies like Siemens, Hyosung, WEG, Robert Bosch, Regal Beloit, ABB, Buhler Motor, Toshiba, General Electric, Allied Motion Technologies, and Shandong are leading the electric motor industry landscape with their pioneering product lineup.
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Saipriya Iyer holds a rich experience portfolio of more than five years in the content creation domain. Equipped with substantial expertise across the business, technology, and finance domains, Saipriya currently pens down insightful articles that combine her knowledge of software technology and electronics.