Rising Production of EVs to Drive Global Electric motors market Share
Electric motors are devices used for
converting electrical energy into mechanical energy. These motors have
advantages of low maintenance, high efficiency, and long operating life. The
global Electric motors market Share report by Market Research Future (MRFR)
covers the scope of the device amid the rise of electrification of all
automobiles and other appliances for the period of 2017 to 2023 (forecast
period). The COVID-19 outbreak and its implications are covered broadly in the
report replete with growth engines and challenges for the aforementioned
period.
Market Scope
The global Electric motors market Share is expected to expand at 6.2% CAGR
during the forecast period. Rising production of electric vehicles,
environmental awareness of electric motors, and subsidies provided to electric
equipment and vehicles can bolster the market demand significantly. Investments
in the agriculture sector and consumption of food by the growing population
reflect the changing consumer sentiment and huge potential of the market.
The huge demand for energy-efficient
motors amid rising electricity prices and strict consumption standards can
favor the market greatly. Environmental benefits of electric motors and
greenhouse effects can drive the consumer inclination towards electric vehicles
and influence the market sales. Recently, the Volkswagen Group has commenced
production of electric motors in China for its new-generation of electric
vehicles. The motor will be used in the company’s proprietary MEB technology
made for development of EVs.
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Segmentation
Based on type the market is segmented
into DC motor, AC motor, and hermetic motor. Among these, AC motors is
projected to dominate the global Electric motors market Share throughout the forecast
period. This can be attributed to its wide application in all end-use sectors. Its
light weight and adoption of electric motors by the automotive sector can bode
well for the segment and drive the global Electric motors market Share.
Based on voltage, the market is
segmented into Up to 1 kV, 1 kV–6.6 kV, and above 6.6 kV. Up to 1 kV dominated
the market in 2016 and is projected to be the fastest-growing operation segment
for electric motors. Up to 1 kV motors are extensively used for small-scale
applications. They are cost-effective and largely manufactured by local and
prominent players.
Based on the output power, the market
is segmented into Up to 1 hp and Above 1 hp. The former dominated the market in
2016 and is projected to be the fastest-growing output power over the next five
years. Up to 1 hp electric motors are extensively used in numerous home
appliances and other small electrical equipment. The low output power range
makes them ideal and certification by reputed state agencies make them highly
lucrative in small applications.
Based on end-use, the market is
segmented into residential, commercial, industrial, agriculture, and
transportation. Residential sector dominated the market in 2016 and is
projected to be the fastest-growing end-use over the next five years. The rapid
urbanization, growing population, and rise in standards of living have led to residential
sector boom in the electric motor market.
Regional Analysis
The Asia Pacific region accounted for
the largest share of the Electric motors market Share in 2016, wherein China,
Japan, India and prominent Southeast Asian countries contributed largely
towards the market growth. The economic upsurge, large-scale industrialization
& commercialization, and advancements in the agricultural sector in North
America and Europe regions has created a huge demand for electrical devices
culminating in growing demand for electric motors across the region. The high
dependability of industrial, commercial, residential, automotive and
agricultural sectors on highly efficient electric motors for smooth operations can
create opportunities for the market.
Europe and North America can record
high sales of electric motors owing to applications in electric cars, HVAC
units, and industrial components.
Competitive Outlook
Emerson Electric Co., Nidec
Corporation, Allied Motion Technologies, Inc., ABB Ltd., Ametek, Inc., Robert
Bosch GmbH, Siemens AG, Denso Corporation, and General Electric Company are key
players in the global Electric motors market
Share.
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