Electric Motor Market Research Report by Voltage, By End-User, Size, Share, Industry Forecast to 2020-2027
Electric Motor Market
The Electric
Motor Market is anticipated reach USD 180 Billion by 2027, growing at a CAGR of
6.3% over the forecast period (2020-2027).
The factors driving the growth of Electric Motor Market includes
increasing electricity consumption around the world, growing focus on renewable
sector, penetration of robotics and increasing sales of passenger vehicles. According to the report published by Statista, in 2021, around 56.4
million passenger cars were sold in the international markets, increasing by 5%
year-on-year. China emerged as the world's largest regional market for
automobiles in 2021, which is expected to boost the Global Electric Motor
Market in the approaching years. Moreover, the increasing demand for
Heating, ventilation, and air conditioning (HVAC) systems in the residential
and commercial areas along technological advancements in the battery
technologies, are some of the additional factors supplementing the Electric
Motor Market size. In addition, the Government initiatives to boost the
manufacturing of fuel-efficient vehicles and growing investments in smart
factory automation by private players, are further propelling the Electric
Motor Market share.
However, the
growth if Electric Motor Market is hindered due to high maintenance cost of
Brushed DC Motors and variations in the prices of raw materials.
The prominent
players operating in the market are Allied Motion Technologies, Inc, Ametek,
Inc, ABB Ltd, Siemens AG, General Electric Company, Denso Corporation, Bosch
Ltd, Emerson Electric Co, Hitachi, Ltd. And Nidec Corporation among others.
Type: Segment Analysis
Based on type,
the DC motors segment is anticipated to grow at a significant CAGR during the
forecast period due to increasing application of DC Motors in end-use
industries such as transportation, manufacturing and healthcare sector and it
provides enhanced performance and abolishes the need for maintenance.
Output Power: Segment Analysis
Based on output
power, the <1hp or fractional horsepower segment is projected to grow at a
faster CAGR over the forecast period. The growing demand for fridges and vacuum
cleaners and along with its increasing application in the automotive industry,
are some of the factors responsible for the growth of the segment.
Regional: Segment Analysis
Based on region,
the North American region is predicted to capture the highest market share
during the forecast period attributed to increasing number of charging stations
for electric vehicles and growing demand for premium motors.
As per Electric
Motor Market Analysis, the Asia-Pacific region is projected to grow at
remarkable CAGR over the forecast period due to high population density,
favorable Government policies for manufacturing electric vehicles and rising
disposable incomes.
Market Segmentation:
Global
Electric Motor Market by Type
·
AC Motors
·
Induction Motors
·
Synchronous Motors
·
DC Motors
·
Permanent Magnet Motors
·
Series Motors
·
Shunt Motors
·
Compound Motors
Global
Electric Motor Market by Voltage
·
< 1 kV (Low)
·
1 kV–6.6 kV (Medium)
·
> 6.6 kV (High)
Global
Electric Motor Market by Output Power
·
< 1 hp (Fractional horsepower)
·
> 1 hp (Integral horsepower)
Global
Electric Motor Market by End-Users
·
Industrial
·
Mining & Metals
·
Chemicals & Petrochemicals
·
Oil & Gas
·
Cement & Manufacturing
·
Utilities
·
Commercial
·
Residential
·
Agriculture
·
Transportation
Global Electric Motor Market by
Region
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
North America
o
United States of
America
o
Canada
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
GMI
Research is a market research and consulting firm which provides market
insights and intelligence across 12 major sectors helping our clients in making
effective investment and business decisions.
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