Electric Motors Market – Overview
The global demand for electric motors market is expected to grow at a CAGR of 6.2% during the forecast period. Electric motors are key components in various durable goods, HVAC applications, compressors, machine tools, electric cars, power tools, and automated robots. They are used in diverse industrial processes. The shift towards highly efficient, extended operating life, low energy consumption, low maintenance, and high endurance for fluctuating voltage motors have been the prime drive behind the growth of the global electric motors market. Electric motors are the devices that work on the electro-magnetic induction principle by ensuring conversion of electrical energy into mechanical energy.
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The global electric motors market is majorly driven by growth in demand for energy efficient electric motors. The upsurge in environmental awareness is leading to higher implementation of the motors that provide energy efficiency, and thus subsidize significantly towards the growth of electric motors market. The increase in the utilization of electric motors by the rapidly expanding agricultural sector is also anticipated to contribute to the growth of the electric motors market. The upsurge in use of electric motors by numerous industrial machineries and household applications is also projected to propel the growth of the market. The increasing utilization of the electric motors by numerous end-use industries and the flourishing automobile sector, which is a major end-use of electric motors, is anticipated to drive the market of the electric motors over the forecast period.
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.
In January 2019, Panasonic, a global supplier of automotive battery entered the US e-bike market with its own electric motors and batteries.
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.
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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