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Electric Motors Market Dynamics, Forecast, Analysis and Supply Demand 2020 - 2026

Author : Ronak Bora | Published Date : 2020-08-27 

The electric motors market in transportation sector is poised to gain immense momentum over the approaching years owing to the ongoing technological advancements and rising consumer shift in the automotive industry towards electric vehicles. Electric motor is the electro-mechanical machine converting the electrical energy into mechanical energy. The working principle of electric motor is mainly dependent on the interplay of electric and magnetic field.

These motors contain far fewer moving parts as compared to conventional internal combustion engines, making them much more reliable as the number of potential fault points are reduced from approximately 2000 in ICE to about 20 in electric motors.

The electric motor is generally classified into two types, the AC and the DC motor. As an input, the AC motor takes alternating current while the DC motor takes in direct current. An electric motor plays an essential role in every sector of the industry, in transportation sector it is used in automotive, aerospace, and railways among others.

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With growing application scope, DC motors are now meeting an extensive range of capabilities. Currently automakers utilize three different kinds of electric motors in green cars, namely AC induction motor, brushed DC motor, and brushless DC (BLDC) motors. Among these, the BLDC motor is utilized in hybrid vehicles. Vehicle manufacturers generally prefer these motors over the others since their peak point efficiency is high and cooling of rotor is simpler.

As a result, green car manufacturers and entities such as NASA generally choose brushless DC motors owing to their rapid motor responses.

The electric motors market in transportation sector is segmented in terms of motor, end-use, and regional landscape.

With respect to motors, the electric motors market in transportation sector is classified into small DC motors for railways and aerospace applications, small DC motors for automotive, and traction motors. Among these, small DC motors for automotive is expected to grow with a CAGR more than 4.5% over the forecast timeframe. DC motors are extensively used in electric vehicles owing to their durability and energy efficiency. Some of the other features that makes adoption of small DC motors more feasible include low price, high reliability, speed control and speed variability, and high quality. These features will drive the demand for small DC motors in automotive industry.

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Small DC motors for railways and aerospace applications will witness sluggish growth with a CAGR of more than 2.5% over the projected time period.

In terms of end-use, the overall electric motors market in transportation sector is categorized into aftermarket and OEM. Aftermarket garnered a volume share of over 20% in 2019 and would likely register appreciable growth through the analysis period.

From a regional frame of reference, Middle East & Africa recorded a revenue around $1.1 billion in 2019 and is likely to witness remunerative growth. in fact, assessing the potential business opportunities in the region, in October of 2019 General Motors, the largest US car maker, announced that it would promote more of the company's EV product portfolio across Middle East and Africa.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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