The report provides an overview of the Europe market, with special reference to the market trends, market structure, driving factors, challenges in the industry, scope, and opportunities in the electric motor market.
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Europe Electric Motor Market is expected to garner $22.32 billion by 2022, registering a CAGR of 3.7% during the forecast period 2016-2022. The electric motor market is at a mature stage but has the potential to grow further at a moderate rate over the forecast period.
The market has witnessed tremendous technological advancements in the past few years.
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Electric motor-enabled equipment works on the principal that electrical energy is converted into mechanical energy or kinetic energy.
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These motors find application in industrial fans, compressors, pumps, lathe machines, machine tools, domestic appliances, heating ventilating and air conditioning applications, disk drives, power tools, electric cars, and automated robots. Electric motors are also known as premium efficiency motors that offer several benefits over conventional electric motors, such as longer operating life, low energy consumption, low maintenance cost, and high tolerance for fluctuating voltages.
Comparatively, the price of electric motors is higher compared to conventional electric motors. But low energy consumption is one of the major factors responsible for the wide-spread adoption of electric motors in the region.
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Europe has been one of the prominent regions in the adoption of electric vehicles, led by the high environmental awareness among the consumers and the supportive government legislations. The growing demand of electric cars in the region has in turn created growth opportunities for key players offering electric motors as these cars are equipped with electric motors.
Prominent players offering electric cars are focused towards introducing advanced and affordable electric cars in Europe in the near future. For instance, in early 2016, General Motors, a global automotive company, announced a plan to launch electric cars, namely, the Opel Ampera-e in Europe by 2017.
Key companies profiled are Ametek Inc., Siemens AG, Baldor Electric, Allied Motion Technologies Inc., ARC Systems Inc., Asmo Co Ltd, Brook Crompton UK Limited, Franklin Electric Co. Inc., Rockwell Automation, Inc., and Johnson Electric Holdings Ltd.
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