Electric Motors Market Size To Expand at a Notable CAGR Of 6.2% During 2018 - 2023

Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Electric Motors Market

Overview:

The global demand for electric motors market is expected to grow at a CAGR of 6.2%, accelerating over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in a comprehensive study. Electric motors are key components in various durable goods, HVAC applications, compressors, machine tools, electric cars, power tools, and automated robots. They are used in diverse industrial processes. The shift towards highly efficient, extended operating life, low energy consumption, low maintenance, and high endurance for fluctuating voltage motors have been the prime drive behind the growth of the global electric motors market. Contrary to traditional motors, electric motors negate the mechanical commutator used in their traditional counterparts. The application of electric motors has been increasing at a rapid pace across diverse industry verticals for automotive, residential and agricultural purposes. Electric motors are being progressively used in hybrid/electric vehicles and the rise in automotive production generates considerable demand for electric motors market. Sizeable advances in the electric motor application in aerospace and transportation sector are also likely to augment the growth of the market. Heightened use of electric motors in agricultural activities is also a key factor in stimulating the growth of the global electric motor market. Other factors contributing to the growth of the market are an expansion of the durable goods manufacturing along with increasing affordability of consumers to spend on consumer durables, household appliances, and automobiles are expected to fuel the growth of the market over the forecast period. However, despite the popularity of electric motors and relative maturity of the electric motor technology, the adoption and knowledge level of electric motors is still low among end users who might constrain the growth of the market. Market growth might also be constrained somewhat by higher quality electric motors which have more extended durability and increased rewinding of older industrial electric motors which is expected to limit the aftermarket demand for electric motors.

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Segmentation

The global electric motors market has been segmented based on type, voltage, output power, and end use.

By type, the global electric motors market has been segmented into AC motor, DC motor, and Hermetic motor. The AC motors segment is the largest segment, the growth of which can be attributed to its wide application across diverse end-use industries.

By voltage, the global electric motors market has been segmented into 1 kV, 1 kV–6.6 kV and Above 6.6 kV. The Up to 1 kV segment dominated the market in 2016 and is expected to be the fastest growing segment as well. Being cost effective Up to 1 kV motors are extensively manufactured by local and international players.

By output power, the global electric motors market has been segmented into Up to 1 hp and Above 1 hp. The Up to 1 hp segment is the largest as well as the fastest growing segment. The Up to 1 hp motors finds large scale application in numerous home appliances as well as in small-scale electrical applications.

By end use, the global electric motors market has been segmented into industrial, commercial, residential, agriculture and transportation.

Regional Analysis

By region, the global electric motors market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

APAC is the leading market for electric motors. The growth of the market can be attributed to the economic upsurge in the region, advancement in the agricultural sector, expansion of the electrical appliances industry in the region.

Diversification of the agricultural industry in both North America and Europe has opened up avenues for the growth of the electric motors market in these regions. Growth in the industrial, commercial, residential, and automotive sector in these regions reflect positively on the growth of the electric motors market.

Competitive Landscape

Ametek, Inc. (U.S.), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), Nidec Corporation (Japan), Allied Motion Technologies, Inc. (U.S.), General Electric Company (U.S.), Denso Corporation (Japan), Toshiba International Corporation (U.S.), Emerson Electric Co. (U.S.), WEG S.A. (Brazil), Rockwell Automation (U.S.), Siemens AG (Germany), Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong Kong), and ARC Systems, Inc. (U.S.) are the key players in the global electric motors market.

Industry Updates

In January 2019, Panasonic, a global supplier of automotive battery entered the US e-bike market with its own electric motors and batteries.