Press release
Electric Motors Market 2023 in-Depth Analysis by Prominent Key Players - Siemens AG, General Electric, Nidec, Denso, Allied Motion, Ametek, Robert Bosch GmbH, Emerson Electric, Hitachi, Johnson Electric Holdings, Rockwell Automation, WEG S.A., ARC Systems
Electric Motors Market
The global demand for electric motors market is expected to grow at a CAGR of 6.2%, accelerating over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in a comprehensive study. Electric motors are widely used in HVAC applications, compressors, machine tools, pumps, domestic appliances, industrial fans, lathe machines, electric cars, disk drives, power tools, and automated robots. These high-efficiency motors gain importance over standard motors due to longer operating life, low energy consumption, low maintenance, and high endurance for fluctuating voltages, and others.
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Competitive Landscape
Ametek, Inc. (U.S.), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), Nidec Corporation (Japan), Allied Motion Technologies, Inc. (U.S.), General Electric Company (U.S.), Denso Corporation (Japan), Toshiba International Corporation (U.S.), Emerson Electric Co. (U.S.), WEG S.A. (Brazil), Rockwell Automation (U.S.), Siemens AG (Germany), Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong Kong), and ARC Systems, Inc. (U.S.) are the key players in the global electric motors market.
Market Highlights
The electric motors are used in agricultural equipment. The growth of the agricultural sector and the increase in use of motor operated equipment in the agricultural sector is further expected to drive the demand of the electric motors market.
The increase in awareness about the effect of greenhouse gases is also leading to a shift from conventional motors to the electric motors, which is expected to drive the global electric motors market during the forecast period. However, the growth of this market is expected to be restrained by the high cost of electric motors and the lack of awareness for use of electric motors.
Segmental Analysis
The global electric motors market has been segmented based on type, voltage, output power, and end use.
By type, the global electric motors market has been segmented into AC motor, DC motor, and Hermetic motor. The AC motors segment is the largest segment, the growth of which can be attributed to its wide application across diverse end-use industries.
By voltage, the global electric motors market has been segmented into 1 kV, 1 kV–6.6 kV and Above 6.6 kV. The Up to 1 kV segment dominated the market in 2016 and is expected to be the fastest growing segment as well. Being cost effective Up to 1 kV motors are extensively manufactured by local and international players.
By output power, the global electric motors market has been segmented into Up to 1 hp and Above 1 hp. The Up to 1 hp segment is the largest as well as the fastest growing segment. The Up to 1 hp motors finds large scale application in numerous home appliances as well as in small-scale electrical applications.
By end use, the global electric motors market has been segmented into industrial, commercial, residential, agriculture and transportation.
Industry Updates
In January 2019, Panasonic, a global supplier of automotive battery entered the US e-bike market with its own electric motors and batteries.
Regional Analysis
By region, the global electric motors market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
APAC is the leading market for electric motors. The growth of the market can be attributed to the economic upsurge in the region, advancement in the agricultural sector, expansion of the electrical appliances industry in the region.
Diversification of the agricultural industry in both North America and Europe has opened up avenues for the growth of the electric motors market in these regions. Growth in the industrial, commercial, residential, and automotive sector in these regions reflect positively on the growth of the electric motors market.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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