The global electric motor market is majorly driven by rising automobile productions globally coupled with increase adoption of electric vehicles. Moreover, increasing application of induction motors and electric motors are replacing gas turbines in big industrial plants. This is also expected to support the growth of the market.
Global Electric Motor Market is expected to reach $173 billion by 2024 from $105 billion in 2016, growing at a CAGR of 5.7% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 6.0% and 5.9%, respectively, during the forecast period.
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Some of the major drivers of global electric motor market are growing automobile productions globally coupled with increase adoption of electric vehicles. Furthermore, increasing application of induction motors and electric motors are replacing gas turbines in big industrial plants.
Output power, type, application and geography are the major segments of the global electric motor market. Output power segment includes FHP and IHP.
Type segment comprises AC motor, DC motor and hermetic motor. AC motor accounted for the major market share followed by DC motors in the year 2016.
Additionally, application segment includes motor vehicle, machinery, HVAC equipment, household appliances, aerospace and commercial. Motor vehicles and HVAC equipment accounted the largest market share in 2016.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the geographical sub segment of global electric motor market. Asia Pacific is anticipated to grow at a fastest CAGR over the forecast period 2016 – 2024.
The growth is attributed to rapid growth in urbanization, and increasing construction of mega cities & metro railways.
Major players operating in the global electric motor market are Baldor Electric Company, Electric SE, Siemens AG, Denso Corporation, Kirloskar Electric Company, Bosch Group, Rockwell Automation, Toshiba International Corporation, General Electric Company and ABB Ltd, among others.
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Scope of Electric Motor Market
Output Power Segments
- AC Motor
- DC Motor
- Hermetic Motor
- Motor Vehicle
- HVAC Equipment
- Household Appliances
- North America
- United Kingdom
- South Korea
- South America
- Middle East
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