Global Electric Motor Market Is Driven By Growing Automobile Production Globally

Global Electric Motor Market Report, published by Variant Market Research, forecast that the global market is expected to reach $173 billion by 2024 from $105 billion in 2016, growing at a CAGR of 5.7% from 2016 to 2024.

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Electric motor is a device driven by the magnetic force that transforms electric energy into mechanical energy. Automotive electric motor market is boosted by its widespread variety of uses and are found in hair dryers, cars, clocks, fans, drills, fridges, water pumps, washing machine, DVD players. Furthermore, industrial electric motor market driven by its use in industrial equipment including extruders, mills, robots, and fork-lift trucks. The growing electric motor market trend include substituting gas turbines with electric motors in large industrial plants which will favor the electric motor market size.

Growing applications of electric motors to drive the global electric motor market

The global electric motor market growth is driven by factors such as growing automobile production globally, energy effective electric motors, growing applications of electronic motors and induction motors substituting gas turbines in various industrial plants. Though, variation in the price of electronics in developing economies and scarcity of raw material may hamper the market growth. Fast urbanization and commercialization, many on-going construction projects of metro rails & mega cities in emerging economies like India and Saudi Arabia would provide several growth opportunities over the upcoming years. Moreover, emerging markets like Zimbabwe and Ethiopia would provide lucrative opportunities for major market players.

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Market Segmentation

The global electric motor market analysis by type, output power, application and geography is given in this report. Output power segment includes IHP and FHP. Type segment contains AC motor, hermetic motor, and DC motor. Furthermore, application segment comprises motor vehicle, household appliances, machinery, HVAC equipment, aerospace and commercial. Based on geography, the global electric motor market is categorized into North America, Europe, Asia-Pacific and Rest of the World (RoW).

AC motor accounted for the largest market share in the type segment

In the year 2016, AC motor held the major market share in the type segment, followed by DC motors, due to general accessibility of AC power.

Motor vehicles accounted for the largest market share in the application segment

In the application segment, motor vehicles held the major market share in 2016, followed by HVAC equipment, due to increasing disposable income, and growing demand for mid-sized and luxury vehicles.

Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period

Electric motor market forecast that Asia Pacific is anticipated to grow at a fastest CAGR of 6.0%, during the forecast period, followed by Europe, due to fast growth in urbanization, and growing construction of metro railways & mega cities in counties such as Australia & Philippines. Asia Pacific held the major market share followed by Europe in the year 2016.

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Competitive Landscape

Major players have used various strategies to increase electric motor market share and global presence. The major players operating in the market are Toshiba International Corporation, Schneider Electric SE, Baldor Electric Company, Siemens AG, Kirloskar Electric Company, Denso Corporation, Bosch Group, General Electric Company, ABB Ltd., and Rockwell Automation, among others.

Scope of Electric Motor Market
Output Power Segments
• FHP
• IHP

Type Segments
• AC Motor
• DC Motor
• Hermetic Motor

Application Segments
• Motor Vehicle
• HVAC Equipment
• Machinery
• Household Appliances
• Aerospace
• Commercial

Geography Segments
• North America
o US
o Canada
o Mexico

• Europe
o Germany
o France
o United Kingdom
o Spain
o Others

• Asia-Pacific
o China
o India
o Japan
o South Korea
o Others

• RoW
o South America
o Middle East
o Africa

About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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