NEW YORK, Jan. 24, 2024 /PRNewswire/ — The global electric motors accessories market size is estimated to grow by USD 1.16 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.43% during the forecast period. The aftermarket segment will be significant during the forecast period. Factors including the growing consumer awareness about the maintenance and repair to extend the useful life of products such as vehicles, appliances, and water pumps are significantly contributing to the growth of this segment. This segment comprises the manufacture, remanufacture, distribution, redistribution, retail, resale, and installation of electric motor accessories.
More details on Market size and coverage with Historic and forecast opportunities (2017 to 2027). Download a Free Sample Report in minutes!
Which region is leading during the forecast period?
APAC is estimated to contribute 55% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
The report provides actionable insights and estimates the contribution of all regions to the growth. The sample report provides information on dynamics and gives data for Opportunity Transformation Growth & Capitalization
|
Scope |
|
|
Report Coverage |
Details |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.43% |
|
Market growth 2023-2027 |
USD 1160.06 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023 (%) |
4.93 |
What is the major driving factor?
Government subsidies and incentives for electric vehicles propel the growth. Initiatives by the US government to promote electric vehicle acceptance, coupled with stringent design and manufacturing requirements, drive the development of energy-efficient accessories. The expansion of industrial and construction sectors, along with a government focus on energy-efficient motors, contributes to high demand worldwide. Substantial investments by consumers and governments in electric vehicle adoption, as reflected in the International Energy Agency’s projections.
What are the leading trends and major challenges during the forecast period?
Increasing demand for HVAC systems is an emerging trend, while the limitations of power rating hamper the growth.
Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
Major Components and Accessories:
Electric Motors Accessories encompasses a range of crucial components such as Motor Controllers, Capacitors, Brushes, Bearings, and more. These accessories play vital roles in ensuring efficient motor performance, offering features like thermal protection, EMI filtering, and overload relay functionalities. The market thrives on innovations in components like Connectors, Gearboxes, and Servo Drives, contributing to the overall advancement of electric motors.
What are the key data covered in this report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the Market between 2023 and 2027
- Precise estimation of the size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of vendors
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ToC
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentation by Channel
7 Segmentation by End-users
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
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Website: www.technavio.com
SOURCE Technavio
