Global Electric Motor Market is Expected to Reach a Volume of 1077.2 Million Units by 2024

According to a new report by Expert Market Research titled, ‘Global Electric Motor Market Size, Share, Growth, Price Trends & Forecast 2019-2014’, the global electric motor market reached a volume of 601.55 million units in 2018.

The global electric motor market is further projected to grow at a CAGR of 10.22% between 2019-2024 and is expected to reach a volume of 1077.2 million units by 2024.

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Electric motors use the principle of electromagnetic induction to convert electric energy into mechanical energy. They are broadly divided into AC and DC electric motors based on the type of electric power source. Currently, the market is dominated by AC electric motors, which accounted for 80.9% of the global electric motor consumption in 2018. Electric motors can also be divided based on voltage into low, medium and high voltage electric motors. With a shift in the market towards more energy-efficient products, low voltage electric motors are increasingly being preferred for use in HVAC systems, domestic appliances, fans, pumps, and compressors, among others.

Rising population, growing industrialization, and increasing electrification along with an increase in automation across industries globally have propelled the growth of the electric motors market. The Asia-Pacific region, in particular, helped the market grow as it accounted for over 50% of the global consumption of electric motors in 2018. The electric motors market in this region was aided by a shift towards energy efficient motors along with the rising demand for infrastructure development in both residential and commercial sectors especially in emerging economies like China and India.

With a drive towards reducing carbon emissions and conserving energy, governments across the globe are encouraging potential consumers to buy electric vehicles, providing further impetus to the electric motors market. According to the International Energy Agency, China, the largest car manufacturer and market, buys over 50% of the electric cars manufactured globally. This is due to various subsidies and incentives by the Chinese government driving consumers and manufacturers towards the electric car market. In the coming years, the government further seeks to push ‘cap and trade’ initiatives and introduce tougher restrictions against combustion-engine car manufacturers.

To view the report summary and Table of Contents, click on – https://www.expertmarketresearch.com/reports/electric-motors-market

Market Breakup By Type:

• AC electric motor
• Induction AC Motors
• Synchronous AC Motors
• DC electric motor
• Brushed DC Motors
• Brushless DC Motors
• Others

Market Breakup By Application:

• Industrial Machinery
• Heating-Ventilating-Air-Conditioning (HVAC)
• Transportation
• Motor Vehicles and Robotics
• Others

Market Breakup By Region:

• Asia-Pacific
• North America
• Europe
• Middle-East and Africa
• Latin America

Key Offerings of the Report:

• The EMR report analyses the historical (2014-2018) and forecasted (2019-2024) consumption of electric motors.
• The report provides an in-depth insight into the region-wise consumption of electric motors for the periods 2014-2018 and 2019-2024.
• It provides a trade data analysis based on the value and volume of the major exporting and importing countries in 2017.

Key Findings of the Report:

• Increased penetration of automation and electrification in the industrial sector are the key driving factors of the electric motors market.
• Electric motors find their major application in the industrial machinery and is expected to attain a volume of 511.5 million units by 2024.
• Gas turbines in large industries are being replaced by electric motors.
• Rising standards of living and increasing purchasing power are aiding the market due to a growing demand for vehicles.
• Asia-Pacific is the largest market for electric motors, and is being driven by the growing environmental concerns and a shift towards energy-efficient motors.
• Due to economic growth, rising industrialisation and increasing demand for power utilities and home appliances, the European market is projected to see a boost in the forecast period of 2019-2024.

Competitive Landscape & Supplier Analysis:

• ABB Limited
• Siemens AG
• Nidec Corporation
• WEG S.A.
• Regal Beloit Corporation
• TECO Electric & Machinery Co., Ltd.

ABB Limited, Siemens AG, Nidec Corporation, WEG S.A., Regal Beloit Corporation, and TECO Electric & Machinery Co. Ltd are the major players in the global electric motor market that have been analysed by EMR. The report by EMR provides a detailed insight into the latest developments in the competitive landscape of the global electric motor market like plant turnarounds, market share, capacity expansions, and mergers and acquisitions.

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This release was published on openPR.