Electric Motors Market: Drivers, Restraints and Key Dynamics
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The global electric motor market is expected to grow at a CAGR of 4.7%, in terms of value, during the forecast period. The electric motor market was valued at US$ 92.0 Bn in 2017 and is projected to grow significantly to reach US$ 145.8 Bn by 2027. In terms of volume, the global electric motor market stood at 3,972,087 units in 2017 and is expected to increase to 5,728,638 units in 2027. In terms of volume, the global electric motor market is anticipated to expand at a CAGR 3.7% during the forecast period.
In this report, FMI has segmented the global electric motor market on the basis of product type, power output, application, end-user and region. By product type, the electric motor market is sub-segmented into AC motor and DC motor. Due to the rising demand from HVAC and household appliances, the AC motor sub-segment of the global electric motor market accounted for more than 74% market share in 2017. In addition, due to growing digitization in various industry verticals, the DC motor sub-segment is estimated to register a high CAGR of 4.5% during the forecast period. Furthermore, in terms of volume, the DC motor sub segment is projected to expand at a CAGR of 3.6% during the forecast period in the global electric motor market.
Furthermore, on the basis of applications, the global electric motor market is sub-segmented into pumps, fans, compressor, general machinery, centrifugal machinery, grinders, extruders and others. The pump sub-segment is expected to account for a high market share, the segment accounted for a market share of 20.6% in 2012 and is expected to reach 22.6% by end of the forecast period, gaining 200 basis points between 2012 and 2027. In addition to this, in terms of CAGR and market attractiveness index, the fans, pumps and compressor segments are expected to emerge as the most attractive segments over the forecast period.
Based on end-use, the electric motor market is sub-segmented into industrial, residential, commercial and automotive & transportation. Due to increasing digitization of the chemical industry in North America and Europe, the industrial sub-segment is expected to register a high CAGR of 4.5% during the forecast period in the global electric motor market. In the coming years, the automotive & transportation industry is expected to witness growing deployment of advanced technologies and advanced manufacturing systems. With these advancements, the automotive & transportation sub-segment is projected to witness potential growth in the electric motor market. The automotive & transportation sub-segment was valued at US$ 33.8 Bn by the end of 2016 and is estimated to have reached US$ 35.1 Bn by the end of 2017. This segment is expected to create incremental $ opportunity worth US$ 22.5 Bn during the forecast period.
Furthermore, on the basis of geography, North America is expected to dominate the global Electric Motor market due to the ongoing technological advancements in manufacturing techniques and growing demand for cost competiveness and increased productivity in the U.S. and Canada. The electric motor market will witness high potential in APEJ owing to growing demand for robotics in India & China. In recent years, the electric motor market in APEJ has witnessed significant growth.
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Some of the market participants featured in this study on the global electric motor market are ABB Group, Johnson Electric, Nidec Corporation, General Electric, Toshiba Corporation, Allied Motion Technologies Inc., Regal Beloit Corporation, Hyundai Electric & Energy Systems Co. Ltd., Hyosung Corporation, Siemens AG, Emerson Electric Company, Schneider Electric SE, Hitachi Ltd., Robert Bosch GmbH, Kirloskar Electric Company Ltd., WEG S.A., Bonfiglioli Riduttori S.p.A., Arc Systems Inc. and East West Manufacturing, LLC. The market for electric motor is highly fragmented with the presence of a large number of regional and international players.
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