Electric Motor Market Expected to Reach $117,288 Million, by 2022 with winning companies such as ABB Group, ARC Systems Inc., ASMO Co., Ltd., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emerson Electric, Maxon Motor AG, Regal Beloit Corporation, Roc
Electric Motor Market was valued at $ 91,401 million in 2015 and is projected to reach $117,288 million by 2022, growing at a CAGR of 3.7% from 2016 to 2022.
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Electric motors have gained a significant acceptance in wide range of applications such as aerospace and transportation, motor vehicles, industrial machinery, HVAC applications, household appliances, agriculture, and other commercial applications. The industry machinery generated highest share of revenue in the global electric motor industry owing to cost effective and efficient use of electric motors in various types of machineries including elevators, lathes, mills, pumps, compressors, blowers, and generators. Further, standardization of policies related to electric motors in emerging economies have facilitated the growth in overall electric motor market size.
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. The Japanese Government passed the Green Vehicle Promotion Measure program to establish tax deductions and exemptions for using eco-friendly, fuel-efficient vehicles in the region. Moreover, European countries, such as Austria, have exempted plug-in vehicles from fuel consumption tax. In addition, the French government offer incentives for electric cars owners of up to $6,300 depending on the emission levels of the car since Nov 2013. Therefore, government funding initiatives for electric cars drive the global electric motor market.
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North America electric motor market size was the largest in 2014 and is anticipated to continue its dominance throughout the analysis period. Major manufacturers of various industries have active presence in North America. Further, technological advancements and rise in automotive industry, especially upsurge in use of electric as well as green vehicles have increased the North America electric motor market share.
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.
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Key market players adopt various strategies, such as product launches, partnership, promotional activities, and strategic alliances to create more awareness about the technology and help enhance its adoption. Moreover, these vendors are anticipated to invest more into R&D to provide more compact and cost-effective solutions for numerous applications to create eco-friendly products.
The report features a competitive scenario of the electric motor market and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key players operating in the electric motor market include ABB Group, ARC Systems Inc., ASMO Co., Ltd., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emerson Electric, Maxon Motor AG, Regal Beloit Corporation, Rockwell Automation Inc., and Siemens AG.
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