Europe Electric Motor Market is Expected to Reach $22.32 Billion, by 2022

The global market is expected to garner $22.32 billion by 2022, registering a CAGR of 3.7% during the period 2016-2022. Germany accounted for the highest share in 2014, followed by France. Growing adoption of electric motors in various applications including industrial machinery, motor vehicles, heating ventilating and cooling (HVAC) equipment, aerospace & transportation, household appliances accelerate the growth of this market.

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By type, the European electric motor market is segmented into alternative current (AC) motors, direct current (DC) motors, and hermetic motors. The AC motor segment dominated the market with around 70% share in 2014 and is expected to continue its dominance during the forecast period. This segment is further sub-segmented into synchronous AC motors and induction motors.

Key findings of the study:

•The European electric motor market is likely to grow at a moderate rate in the future, owing to increasing demand for products equipped with electric motors.

•AC motors would lead the market throughout the analysis period, while hermetic motors segment would witness the highest growth during 2016 - 2022.

•The application of electric motors in heating ventilation and cooling (HVAC) equipment sector is anticipated to register the highest CAGR of 6.4% during the forecast period.

•Germany would remain the highest revenue-generating country in this market throughout 2014 - 2022.

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 legislation. 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.

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Dominating Market Players Profiled in the Report

•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.
•Johnson Electric Holdings Ltd.

These players consistently launch new products to enhance their existing portfolios and expand their customer base. In addition, strategic alliances and mergers & acquisitions provide growth opportunities for geographical expansion and a wider market reach.

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