Electric Motor market expected to reach $117,288 million, by 2022 – Allied Market Research
According to a new report published by Allied Market Research, titled, “Electric Motor MarketReport – Global Opportunity Analysis and Industry Forecast, 2016 – 2022 states that the Electric Motor Market size was estimated to be $ 91,401 million in 2015 and is projected to reach $117,288 million by 2022, growing at a CAGR of 3.7% from 2016 to 2022.
The electric motor market is currently in its mature stage; however, it is expected to grow at a considerable rate in the years to come. Electric motors are incorporated in industrial fans; compressors; pumps; lathe machines; machine tools; domestic appliances; heating, ventilating, and air conditioning applications; disk drives; power tools; electric cars; and automated robots.
The increase in need for energy-efficient motors; rise in demand for electric motors especially in agriculture and industrial sectors; increase in awareness about electric and green vehicles among customers; and government funding for developing efficient electric motors are some of the key factors projected to drive the growth in global electric motor market size during the forecast period.
By type, the AC motor segment dominated the market in 2014 with around 70% market revenue share. Furthermore, the segment is projected to continue its dominance throughout the forecast period, owing to the increase in adoption of AC motors in industrial applications.
By output power, in terms of value, the fractional horsepower (FHP) output segment, dominated the market in 2014 and is projected to continue its dominance by 2022 with around 90% value share. However, in terms of unit share, the integral horsepower segment dominated the electric motor market in 2014 with around 78%-unit share.
By voltage, the 60V & above segment generated the highest revenue, which accounted for around 63% share in 2014. Rapid urbanization, industrialization, and process automation are some of the key factors that accelerated the segment growth.
By application, in terms of revenue, the motor vehicle segment is projected to expand at the highest CAGR of around 4.2% owing to the increase in adoption of electric vehicles across the globe.
By speed, the low speed electric motor (less than 1,000 RPM) segment generated the highest revenue followed by the medium speed electric motor (1,001 RPM-25,000 RPM) segment with around 59% and 21%, respectively in 2014.
Based on the geography, the electric motor market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. In terms of value, North America was the highest revenue contributor in 2014, accounting for around 35% share of the overall electric motor market size. The Asia-Pacific electric motor market is projected to grow at the highest CAGR of 4.2% during the forecast period owing to increased penetration of electric motors in industrial machineries, household appliances, and HVAC equipment.
“The government of various countries offer financial incentives to consumers for purchasing plug-in electric and green vehicles to promote the use of energy-efficient vehicles and low carbon emission vehicles. In January 2013, the Indian Government provided subsidies upto $2,209.6 for plug-in cars and $736.5 for two wheelers. Therefore, the sale of electric vehicles in India is expected to reach 7 million by 2020. The Japanese Government passed the Green Vehicle Promotion Measure program to establish tax deductions and exemptions for using eco-friendly, fuel-efficient vehicles in the region. Moreover, European countries, such as Austria, have exempted plug-in vehicles from fuel consumption tax. In addition, the French government offer incentives for electric cars owners of up to $6,300 depending on the emission levels of the car since Nov 2013. Therefore, government funding initiatives for electric cars drive the global electric motor market,” says Sumeet Pal, Lead Analyst-ICT, at Allied Market Research.
