Global Electric Motor Market Growth, Trends, and Opportunities Analysis by 2023 | Industry Players Analyzed ABB Group,ARC Systems Inc., Asmo Co. Ltd., Brook Crompton UK Ltd, Dr. Fritz Faulhaber GMBH, Emerson Electric
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The electric motor market is currently in its mature stage; however, it is expected to grow at a considerable rate in the years to come. Electric motors are incorporated 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.
The increase in need for energy-efficient motors; rise in demand for electric motors especially in agriculture and industrial sectors; increase in awareness about electric and green vehicles among customers; and government funding for developing efficient electric motors are some of the key factors projected to drive the growth in global electric motor market size during the forecast period.
By type, the AC motor segment dominated the market in 2014 with around 70% market revenue share. Furthermore, the segment is projected to continue its dominance throughout the forecast period, owing to the increase in adoption of AC motors in industrial applications.
By output power, in terms of value, the fractional horsepower (FHP) output segment, dominated the market in 2014 and is projected to continue its dominance by 2022 with around 90% value share. However, in terms of unit share, the integral horsepower segment dominated the electric motor market in 2014 with around 78%-unit share.
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By voltage, the 60V & above segment generated the highest revenue, which accounted for around 63% share in 2014. Rapid urbanization, industrialization, and process automation are some of the key factors that accelerated the segment growth.
By application, in terms of revenue, the motor vehicle segment is projected to expand at the highest CAGR of around 4.2% owing to the increase in adoption of electric vehicles across the globe.
By speed, the low-speed electric motor (less than 1,000 RPM) segment generated the highest revenue followed by the medium speed electric motor (1,001 RPM-25,000 RPM) segment with around 59% and 21%, respectively in 2014.
Dominating Market Players Profiled in this Study:
•ARC Systems, Inc.
•Asmo Co. Ltd.
•Brook Crompton UK Ltd
•Dr. Fritz Faulhaber GMBH
•Maxon Motors AG
•Regal Beloit Corporation
•Rockwell Automation, Inc.
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The government of various countries offer financial incentives to consumers for purchasing plug-in electric and green vehicles to promote the use of energy-efficient vehicles and low carbon emission vehicles. In January 2013, the Indian Government provided subsidies upto $2,209.6 for plug-in cars and $736.5 for two-wheelers. Therefore, the sale of electric vehicles in India is expected to reach 7 million by 2020.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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