Global Electric Motors Market Overview
As per the newest report by Market Research Future (MRFR), the global electric motors market is anticipated to ascend at an impressive rate, garnering a 6.2% CAGR by 2023. Such growth in the market is driven significantly by snowballing demand for energy-efficient electric motors.
An electric motor is a device that works on the electric-magnetic induction principle for the conversion of electrical energy into mechanical energy. Electric motors have a wide scope of application in HVAC appliances, machine tools, compressors, domestic appliances, pumps, lathe machines, industrial fans, disk drives, automated robots, power tools, and electric cars. Electric motors are highly efficient and gain importance over standard motors owing to longer operating life, low maintenance, low energy consumption, and high endurance for fluctuating voltages.
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Further, an upsurge in concerns for the environment is causative of higher implementation of motors that provide energy efficiency, supplementing market growth. A surge in the utilization of electric motors in the rapidly burgeoning agricultural sector is also expected to foster market growth during the assessment period. rising use of electric motors in numerous industrial machinery and household applications is also anticipated to promote market growth. Furthermore, the flourishing automotive industry is creating impressive demand for electric motors, causing higher market growth.
Market Segmentation
The global electric motors market is studied for several segments for in-depth analysis. The market is segmented on the basis of type, output power, voltage, end-user, and region.
Based on type, the global electric motors market is segmented into AC motor, hermetic motor, and DC motor. Among these motors, the AC motors segment is likely to spearhead the global electric motors market during the forecast period. This dominant hold on the market can be accredited to the wide scope of application of the same in several end-user industries.
Based on voltage, the global electric motors market is segmented into Up to 1 kV, 1 kV–6.6 kV and Above 6.6 kV. The Up to 1 kV segment held the foremost share of the market at the beginning of the forecast period and is expected to grow at the fastest rate during such forecast period. This can be accredited to its extensive use in various industries as they are cost-effective and largely manufactured by local and prominent players.
Based on output power, the global electric motors market is segmented into Up to 1 hp and Above 1 hp. Among these up to 1 hp segment is expected to dominate the market through the review period, as just like it did at the beginning of the review period. These motors are used in numerous home appliances and other small electrical equipment which requires a lower output power range.
Based on end-user, the market for electric motors is segmented into residential, commercial, agriculture, transportation, and industrial. The residential sector held the largest share in the market in 2016 and is projected to grow at the fastest rate over the next five years. Attributable factors include rapid urbanization and proliferation in population. Also, a rise in the standard of living of consumers has provided further traction to the residential sector, hence, fostering market growth for electric motors.
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Regional Analysis
By region, the global electric motors market is segmented into Europe, Asia Pacific, North America, and Rest of the World (ROW).
Asia Pacific is estimated to spearhead the global electric motors market through the forecast period. Growth of this regional market can be attributed to the economic upsurge in the region advancements noted in the agricultural sector, and the expansion witnessed by the electrical appliances industry in the region.
Key Players
The global electric motors market report has included a profiling of several distinguished players including 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.).
Industry Update
Sept 2019: YASA recently announced the closing of USD 22.5 million in the funding round. YASA is a British manufacturer of the axial-flux electric motors and controllers.
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