March
18, 2019: The global electric motor sales market size is
expected to reach USD 214.5 billion by 2025, according to a new report by Grand
View Research, Inc., progressing at a CAGR of 7.9% during the forecast period.
Rapid technological advancements have been playing an imperative role in the
growth of the market.
Electric motors are an
inseparable component of heating, ventilation, and cooling (HVAC) equipment.
They are also used in multiple application across industry verticals such as
home appliance, industrial machinery, and motor vehicles among others. Improved
insulation and operational efficiency have significantly improved the safety
and functionalities of motors, leading to increased demand across multiple
industries.
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Rising fuel prices across
the globe are impelling people to shift to non-conventional fuel alternatives.
Electric vehicles, as a result, are manufactured with a view of reducing
operational costs and carbon footprint. Upsurge in production of electric
vehicles is expected to positively impact the demand for electric motors as
they are used in variety of applications ranging from performance components to
comfort components of the vehicle.
The industry is
characterized by regulatory policies and government initiatives that promote
energy efficiency in machines and equipment. High-efficiency and output, low
power consumption, increased operational life, and low maintenance costs are
basic requirements for electric motors. Notably, technological innovations have
introduced improved design, components, and motor specifications resulting in
fulfillment of end-user requirements. Innovations and evolving policy
frameworks are crucial for industry development and will play a key role in
fueling the demand for the products over the forecast period.
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Improving standards of
living and rising income levels are also anticipated to spur the production of
motor vehicles and electronic appliances, globally. Additionally, the use of
electric motors minimizes financial burden on governments and consumers by
reducing consumption of electricity. Owing to aforementioned factors, these
motors are estimated to witness massive demand, mainly from industrial users,
in the replacement market over the next few years.
Further
key findings from the report suggest:
• Increased adoption of
electric motors in vehicles, backed by technological advancements resulting in
performance enhancement, is expected to positively impact the growth of the
market
• The AC motor type held
the largest share in 2018. It is estimated to generate over USD 152 billion by
2025, owing to extensive use of AC motors in various applications ranging from
irrigation pumps to modern day robotics
• The fractional
horsepower (FHP) output segment represented over 87.0% of the overall market
value in 2018. Fractional horsepower motors are used widely in all household
appliances ranging from vacuum cleaners to coffee machines to refrigerators
• Motor vehicles were the
most prominent application segment, commanding more than 40.0% of the overall
market value in 2018. Electric motors are also extensively used in heavy
industrial equipment as well as agricultural machineries
• Asia Pacific will lead
the market through 2025, exhibiting a CAGR of 9.3% during the forecast period.
The growth of the regional market can be attributed to increasing direct
investments in developing nations such as India and China
• Some of the prominent
companies operating in the market are Allied Motion Technologies, Inc.; Ametek,
Inc.; Siemens; Baldor Electric Company, Inc.; Johnson Electric Holdings Ltd.;
Rockwell Automation; Franklin Electric Co.; and Asmo Co., Ltd.
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