Molecular motors transduce chemical energy obtained from hydrolizing ATP into mechanical work exerted against an external force. We calculate their efficiency at maximum power output for two simple generic models and show that the qualitative behaviour depends crucially on the position of the transition state. Specifically, we find a transition state near the initial state (sometimes characterized as a power stroke) to be most favorable with respect to both high power output and high efficiency at maximum power. In this regime, driving the motor further out of equilibrium by applying higher chemical potential differences can even, counter-intuitively, increase the efficiency.