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 Report, published by Variant Market Research, forecast that the global 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.
Electric motor is a device driven by the magnetic force that transforms electric energy into mechanical energy. Automotive electric motor market is boosted by its widespread variety of uses and are found in hair dryers, cars, clocks, fans, drills, fridges, water pumps, washing machine, DVD players.
Furthermore, industrial electric motor market driven by its use in industrial equipment including extruders, mills, robots, and fork-lift trucks.
The growing electric motor market trend include substituting gas turbines with electric motors in large industrial plants which will favor the electric motor market size.
Growing applications of electric motors to drive the global electric motor market
The global electric motor market growth is driven by factors such as growing automobile production globally, energy effective electric motors, growing applications of electronic motors and induction motors substituting gas turbines in various industrial plants. Though, variation in the price of electronics in developing economies and scarcity of raw material may hamper the market growth.
Fast urbanization and commercialization, many on-going construction projects of metro rails & mega cities in emerging economies like India and Saudi Arabia would provide several growth opportunities over the upcoming years. Moreover, emerging markets like Zimbabwe and Ethiopia would provide lucrative opportunities for major market players.
The global electric motor market analysis by type, output power, application and geography is given in this report. Output power segment includes IHP and FHP.
Type segment contains AC motor, hermetic motor, and DC motor. Furthermore, application segment comprises motor vehicle, household appliances, machinery, HVAC equipment, aerospace and commercial.
Based on geography, the global electric motor market is categorized into North America, Europe, Asia-Pacific and Rest of the World (RoW).
AC motor accounted for the largest market share in the type segment
In the year 2016, AC motor held the major market share in the type segment, followed by DC motors, due to general accessibility of AC power.
Motor vehicles accounted for the largest market share in the application segment
In the application segment, motor vehicles held the major market share in 2016, followed by HVAC equipment, due to increasing disposable income, and growing demand for mid-sized and luxury vehicles.
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
Electric motor market forecast that Asia Pacific is anticipated to grow at a fastest CAGR of 6.0%, during the forecast period, followed by Europe, due to fast growth in urbanization, and growing construction of metro railways & mega cities in counties such as Australia & Philippines. Asia Pacific held the major market share followed by Europe in the year 2016.
Major players have used various strategies to increase electric motor market share and global presence. The major players operating in the market are Toshiba International Corporation, Schneider Electric SE, Baldor Electric Company, Siemens AG, Kirloskar Electric Company, Denso Corporation, Bosch Group, General Electric Company, ABB Ltd., and Rockwell Automation, among others.
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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