Electric Motor Market

Fatpos Global has released a report titled “Electric Motor Market - Analysis of Market Size, Share & Trends for 2014 – 2018 and Forecasts to 2030” which is anticipated to reach USD 175 billion by 2030. According to a study by Fatpos Global, the Market is expected to grow at a CAGR of 6.68% throughout the forecast period, i.e., 2019-30. Major drivers driving the market are expected to be factors such as rising environmental issues and increasing demand for electrical energy. The key growth-inducing factor in the market is an expansion in industrial automation along with developments in technology. In addition, in large industrial plants, the trend of replacing gas turbines with electric motors is driving their demand. In addition, market growth is gaining momentum due to increasing demand for cars, supported by improved living standards and rising customer buying power. Furthermore, government measures to increase electric vehicle sales to minimize carbon emissions are expected to accelerate the growth of the electric motor market.

The market report on Electric Motor Market includes in-depth insights as:

• The estimated value of the market was USD XXXX million in the year 2018.
• Region-wise, the market in North America, which held the largest market share of XX.X% in the year 2018, emerged as a key market for Electric Motor Market
• Based on Motor Type, AC Motor emerged as a key segment in the Electric Motor Market
• Based on Power Output, Fractional HP Output emerged as a key segment in the Electric Motor Market
• Based on Speed, High-speed emerged as a key segment in the Electric Motor Market
• Based on Application, Motor Vehicles emerged as a key segment in the Electric Motor Market
• Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.

“Increased global consumption of electricity and the usage of electrical equipment and machinery in various industries and the renewable energy sector are key factors driving the growth of the electric motor market over the forecast period. In the next few years, the need for low power consumption and improved performance products is poised to fuel the market for the product” said a lead analyst at Fatpos Global.

It is anticipated that the rising need for high-power consumption industries to reduce their energy consumption would drive the worldwide adoption of energy-efficient electric motors. Electric motors can account for about 70 percent of total energy consumption in the manufacturing sector, and the highest electricity consumption comes from the operation of compressors. Industries are therefore using more energy-efficient electrical engines to reduce running costs and lead to a greener future. The main growth-inducing factor in the market is an expansion in industrial automation along with developments in technology. In some applications, electric motors are used because they are capable of transforming electrical energy into mechanical energy efficiently. Power tools, pumps, fans, grinding mills, alternators, compressors, metal rolling machinery, refineries, hoists, propulsion systems, and many other items are built into these engines. The growing demand for electric motors in the automotive, marine, petroleum and gas, agriculture, oil and energy, metals, cement, mining, water and wastewater, pulp and paper industries is improving the outlook for the global electric motor industry. In addition, in large industrial plants, the trend of replacing gas turbines with electric motors is driving their demand. Furthermore, the growth of the industry is gaining momentum due to the growing demand for cars, driven by improving living standards and increasing customer buying power.

Electric Motor Market is segmented by application into Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace & Transportation, Household Appliances, and Others. It is estimated that the motor vehicle segment will hold the highest market share, contributing more than 40.0% of total sales. In addition, in heavy industrial equipment as well as in agricultural types of machinery and automobiles, electric motors are commonly used. Countries like Brazil, Vietnam, Sri Lanka, Argentina, and India, have a significant agriculture-dependent population. Demand for low-cost and energy-efficient goods in these countries has, therefore, increased. The HVAC machinery depends heavily on electric motors. At a CAGR of 9.54 percent over the forecast period, the segment is poised to experience the fastest growth. The growth of the segment is likely to be stimulated by growing applications of electric motors in various residential buildings, as well as office buildings, hotels, and warehouses.

Key Players in the Market

• Some of the key players operating in the Electric Motor Market are Nidec Corporation, Johnson Electric Holdings Limited, ABB Ltd., Mitsubishi Electric Corporation, AMETEK Inc., Franklin Electric Co. Inc., Siemens AG, Mitsuba Corporation, Robert Bosch GmbH, Asmo Co. Ltd., and Regal Beloit Corporation among others.

Get Valuable Insights into Electric Motor Market

In the new report, Fatpos Global thrives to present an unbiased analysis of the Electric Motor Market that covers the historical demand data as well as the forecast figures for the period, i.e. 2019-2030. The study includes compelling insights into the growth that is witnessed in the market. The market is segmented by motor type as AC and DC motors and hermetic motors, the market is segmented by output power into fractional horsepower and integral horsepower electric motors, the market is segmented by speed into Low-speed, Medium-speed, High-speed, Ultrahigh-speed, market is segmented by application into Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace & Transportation, Household Appliances and Others. Geographically, the market is segmented into North America, Latin America, Europe, APAC, and MENA.