Tremendous technological advancements and the need for high efficiency motors are the two factors responsible for the growth of electric motors market in the past few years. Electric motors are widely used in motor vehicles, household appliances, material handling equipment, etc. An unmitigated increase in fuel prices coupled with the need to reduce air pollution has led to an increased preference for electric vehicles in several countries. This, in turn, is expected to upsurge the electric motor market. Premium efficiency motors are expected to gain traction in near future as they are low maintenance, consume low power and have many other unique features as well.
Based on type, the AC electric motors are smaller, cheaper and light in weight and are widely used in HVAC equipment. Hence, AC electric motors will dominate the electrical motor market. However, owing to an increase in demand for them from HVAC equipment manufacturers, hermetic motors are expected to witness significant growth during the forecast period. Based on output power, fractional horsepower electric motors will dominate the market owing to their use in low power applications. Based on application, the motor vehicles segment is expected to dominate the market. This will mostly be due to the increasing production of electric vehicles across the globe. Moreover, increasing adoption of electric vehicles in countries like United States, China, India, Germany, etc. will also propel the demand for electric motors during the forecast period.
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Electric Motor Market: Drivers
Growing automobile production coupled with increasing preference for electric vehicles are the major factors driving the growth of the global electric motor market. That apart, increasing presence of motor-driven appliances in households is also expected to fuel the growth of the electric motors market in near future. Since electric motors are also widely used in agricultural equipment, the growth of the agriculture sector is anticipated to increase the demand for electric motors during the forecast period. Additionally, growing awareness about greenhouse effect is also expected to shift the focus from conventional motors to electric motors, which in turn is projected to escalate the electric motor market.
Electric Motor Market: Restraints
The high initial purchase cost as well as the lack of awareness about advantages of electric motors is expected to restrict the growth of global electric motor market. Replacement of electric motors with gas turbines in large industries is also expected to hamper the growth of this market. Moreover, increasing adoption of linear motors in many equipment like material handling and machine tools might curb also the growth of the electric motor market.
Electric Motor Market: Segmentation
The global electric motor market can be segmented on the basis of type, output power, application and regions. On the basis of type, electric motor market is segmented into AC, DC and hermetic electric motors. On the basis of output power, the market is segmented into fractional horsepower (FHP) electric motor and integral horsepower (IHP) electric motor. On the basis of application, the electric motor market is segmented into HVAC (Heating, ventilating and air conditioning) equipment, motor vehicles, industrial machinery, aerospace and transportation, household appliances and industrial machinery.
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Electric Motor Market: Region wise Outlook
On the basis of region, the Asia Pacific region is expected to witness significant growth over the forecast period. Increasing industrialization coupled with continuous increase in manufacturing plants in emerging economies like India, China and Indonesia is expected to fuel the demand for electric motors in the Asia Pacific region. North America and Europe are witnessing increased preference for electric motors and this will further propel the growth of the electric motor market during the forecast period.
Electric Motor Market: Key Players
Examples of some of the market participants identified in the global electric motor market are:
- ABB Group
- Siemens AG
- Allen-Bradley (Rockwell Automation, Inc.)
- AMETEK Inc.
- ARC Systems Inc.
- Brook Crompton Americas
- Emerson Electric Co.
- Hitachi, Ltd.
- General Electric
- Franklin Electric Co., Inc.
- Johnson Electric
- Nidec Corporation
- Robert Bosch GmbH
- Maxon Motor AG
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