Global Electric Motor Market Stimulated by Increasing Applications and Rising Automobiles Sales

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In a latest report by IMARC Group, “Electric Motor Market – Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue”, the global electric motor market has grown at a CAGR of more than 7% during 2009-2016, reaching a value of more than US$ 27 Billion in 2016. An electric motor is an electro-mechanical device that converts electrical energy into mechanical energy and runs on the basic principle of electromagnetic induction. These motors are used in equipment of high reliability and quality for demanding and sophisticated applications. Some of the equipment where electric motors are used include lathe machines, generators, conveyors, trolleys, dynamos, centrifugal pumps, cruise ships, lifts, etc. According to the report, the market is further expected to reach US$ 36 Billion by 2022, owing to the innumerable benefits they offer to various end-use industries.

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The report has evaluated several factors which are driving the demand for electric motors globally. The primary factors are the growth in urbanization rates, industrialisation and the penetration of electricity across the globe. Further, several industries are now increasingly turning towards automation as it accelerates productivity, quality, flexibility and reduces operational costs. As automation necessitates the use of electric motors in the equipment, it is creating a robust demand for them. Apart from this, electric motors are also used in a variety of applications in several industries ranging from HVAC equipment to aerospace. It is a result of their longevity, low energy requirements, low maintenance and high tolerance to fluctuating voltages. Other factors such as rising automobile sales and technological advancements are also driving this market.

IMARC’s report has evaluated the key end-use industries of electric motors. The report finds that the industrial sector represents the biggest market for electric motors. It is followed by the commercial, residential and agricultural sectors. On the basis of the type of motors, the report has segmented the market into low voltage, medium voltage and high voltage electric motors. Presently, the low voltage electric motors account for the majority of the total global consumption. The report has further segmented this market on the basis of key regions. Currently, Asia-Pacific represents the largest market for electric motors accounting for majority of the total global consumption volumes. Asia-Pacific is followed by North America, Western Europe, Eastern Europe and Central & South America. The report has also analysed the competitive landscape of the global electric motor market. The key players covered in the report are TECO-Westinghouse Motor Company, Regal Beloit, ABB Group, Siemens, WEG Industries, Leroy Somer, Hyosung Corporation, Shandong Huali, Hyundai Ideal Electric Co., and NIDEC Corporation.

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The report provides a detailed roadmap for setting up an electric motor manufacturing plant. The study, which has been done by one of the world’s leading research and advisory firms, covers all the essential aspects of the electric motor market. This ranges from a comprehensive view of the market to minute details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics including expected returns on investment, profit margins, etc. It also offers SWOT, Value Chain and Porter’s Five Forces analysis and regional segmentation followed by an analysis of the competitive landscape. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the electric motor industry in any manner.

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