Global electric motors are expected to record remarkable growth due to the increased adoption of electric vehicles across the globe. A large number of automobile players are innovating and developing smart and energy-efficient industrial motors.
General Overview And Growth Factors In The Industrial Motors Market
Continuous efforts and strategic planning by the Original Equipment Manufacturer (OEMs) are expected to boost the industry demand for industrial motors. This is also supported by a rise in the deployment of commercial and passenger vehicles. The automobile industry is making huge investments to cater to harsh pollution standards.
Regulations aimed at curbing CO2 emissions will impact the industry growth positively as more and more industrial motors with sustainable combustion systems are being designed and manufactured. OEMs are driven to cut down on their fleet emissions in order to meet the challenges of ICE (Internal Combustion Engine) optimization. This will require electrification of the untapped markets for industrial motors in order to strengthen product penetration. Consumers across the globe are preferring solar power in their consumer goods. This is promoting growth in the green industrial motors market in developing regions of India, China, and Bangladesh. Rampant supply chains globalization in the past few years has driven industry participants to manage the supply chain operations effectively.
According to the United Nations Conference on Trade and Development (UNCTAD), the major players in the industrial motors market are aiming to expand their geographical reach, especially into emerging economies.
Challenges In The Evolution Of The Industrial Motors Market
As an emerging challenge, operational and supply chain issues are expected to limit the rapid growth of industrial motors. Issues such as product delivery mismanagement or difference in expectations of manufacturers and customers regarding service quality are being identified as few restraining factors. The current and future challenge for them includes rising complexities in supply chain networks. The factors associated with supply chain globalization such as cost and aftersales competition, geopolitical hindrances in the delivery and supply, and the size of the company must be closely analyzed and studied to improve market sales.
Upcoming Technological Advancements Is Driving the Industrial Motors Market
There is a high degree of investments made in the research and development in the vehicular market which is driving the product sales of industrial motors which are more sophisticated and consumer-friendly in nature. Industry players are making advancements in producing products which are compatible with microprocessors as well as a microcontroller. This gets employed in brakes, throttles as well as steering technologies. An aggressive shift towards more planned stability control is also expected to further induce immense potential to the industry size. An increase in the significance of DC (Direct Current) motors in industrial as well as consumer goods are directly impacting the expansion of the motors market. The market players are improving the end-use performance coupled with consistent efforts to market the cost-effectiveness of the product.