Electric Motors Market - Overall Industry Size, Competitor Analysis & Forecast to 2027
Electric motors are devices used for converting electrical energy into mechanical energy. These motors have advantages of low maintenance, high efficiency, and long operating life. The global electric motors market report by Market Research Future (MRFR) covers the scope of the device amid the rise of electrification of all automobiles and other appliances for the period of 2017 to 2023 (forecast period). The COVID-19 outbreak and its implications are covered broadly in the report replete with growth engines and challenges for the aforementioned period.
The global electric motors market is expected to expand at 6.2% CAGR during the forecast period. Rising production of electric vehicles, environmental awareness of electric motors, and subsidies provided to electric equipment and vehicles can bolster the market demand significantly. Investments in the agriculture sector and consumption of food by the growing population reflect the changing consumer sentiment and huge potential of the market.
The huge demand for energy-efficient motors amid rising electricity prices and strict consumption standards can favor the market greatly. Environmental benefits of electric motors and greenhouse effects can drive the consumer inclination towards electric vehicles and influence the market sales. Recently, the Volkswagen Group has commenced production of electric motors in China for its new-generation of electric vehicles. The motor will be used in the company’s proprietary MEB technology made for development of EVs.
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Based on type the market is segmented into DC motor, AC motor, and hermetic motor. Among these, AC motors is projected to dominate the global electric motors market throughout the forecast period. This can be attributed to its wide application in all end-use sectors. Its light weight and adoption of electric motors by the automotive sector can bode well for the segment and drive the global electric motors market.
Based on voltage, the market is segmented into Up to 1 kV, 1 kV–6.6 kV, and above 6.6 kV. Up to 1 kV dominated the market in 2016 and is projected to be the fastest-growing operation segment for electric motors. Up to 1 kV motors are extensively used for small-scale applications. They are cost-effective and largely manufactured by local and prominent players.
Based on the output power, the market is segmented into Up to 1 hp and Above 1 hp. The former dominated the market in 2016 and is projected to be the fastest-growing output power over the next five years. Up to 1 hp electric motors are extensively used in numerous home appliances and other small electrical equipment. The low output power range makes them ideal and certification by reputed state agencies make them highly lucrative in small applications.
Based on end-use, the market is segmented into residential, commercial, industrial, agriculture, and transportation. Residential sector dominated the market in 2016 and is projected to be the fastest-growing end-use over the next five years. The rapid urbanization, growing population, and rise in standards of living have led to residential sector boom in the electric motor market.
The Asia Pacific region accounted for the largest share of the electric motors market in 2016, wherein China, Japan, India and prominent Southeast Asian countries contributed largely towards the market growth. The economic upsurge, large-scale industrialization & commercialization, and advancements in the agricultural sector in North America and Europe regions has created a huge demand for electrical devices culminating in growing demand for electric motors across the region. The high dependability of industrial, commercial, residential, automotive and agricultural sectors on highly efficient electric motors for smooth operations can create opportunities for the market.
Europe and North America can record high sales of electric motors owing to applications in electric cars, HVAC units, and industrial components.
Emerson Electric Co., Nidec Corporation, Allied Motion Technologies, Inc., ABB Ltd., Ametek, Inc., Robert Bosch GmbH, Siemens AG, Denso Corporation, and General Electric Company are key players in the global electric motors market.
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