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Asia-pacific (APAC) Electric Motor Market 2013–2023 Revenue and Demand With Key Players - Emerson, Toshiba Corporation, Wolong Electric Group Co., Ltd., Siemens, Johnson Electric, DENSO, ABB and Robert Bosch GmbH
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Based on motor type, the market has been segmented into AC motors, DC motors and hermetic motors. Hermetic motor is anticipated to witness the fastest growth during the forecast period. The progress of this market can be attributed to demand for HVAC equipment from the construction industry. Strong economic growth in developing economies in the coming years is expected to fuel the construction industry.
On the basis of output power, the electric motor market has been categorized into fractional horsepower motor and integral horsepower motor. Fractional horsepower electric motors held a larger revenue share. The high growth is owing to its high demand in the low power applications of HVAC equipment, aerospace and transportation, household applications, motors used in motor vehicles excluding traction motor and others.
India is expected to be the fastest growing electric motor market in APAC, during the forecast period, owing to growing manufacturing and construction industry in the country. The Make in India initiative which was launched in 2014, with the aim of making India a global manufacturing hub, has improved domestic manufacturing in the country, which will support market growth in the coming years.
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The competition in electric motor market in APAC is medium to high with key players including Emerson Electric Co., Toshiba Corporation, Wolong Holding Group Co. Ltd., Siemens AG, Johnson Electric Holdings Limited, DENSO Corporation, ABB Ltd., Mitsubishi Electric Corporation, Ametek Inc. and Robert Bosch GmbH.
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