Global Electric Motor Market Is Boosted By High Automobile Production Globally


Posted September 20, 2017 by manojkumkar

Global Electric Motor Market is estimated to reach $173 billion by 2024; growing at a CAGR of 5.7% from 2016 to 2024.

 
Global Electric Motor Market is expected to reach $173 billion by 2024 from $105 billion in 2016, growing at a CAGR of 5.7% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 6% and 5.9%, respectively, during the forecast period.

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The global electric motor market is majorly driven by rising automobile productions globally coupled with increase adoption of electric vehicles. Also, increasing application of electric motors and induction motors are replacing gas turbines in big industrial plants which is also anticipated to support the growth of the market. However, high initial acquisition cost along with lack of awareness about advantages of electric motor is expected to restrict the growth of global electric motor market. Since electric motors are widely used in agricultural equipment, the growth of the agriculture sector is expected to upsurge the demand for electric motors during the forecast period.

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Output power, type, application and geography are the various classifications of global electric motor market. Output power segment comprise IHP and FHP. The type segment is categorized into AC motor, DC motor, and hermetic motor. AC motor accounted for majority of the share in market followed by DC motors, in 2016. Additionally, application segment is further segmented into machinery, HVAC equipment, motor vehicle, household appliances, aerospace and commercial. Among which, motor vehicles and HVAC equipment accounted for the largest market share in 2016.

North America, Europe, Asia-Pacific and Rest of the World (RoW) are the various geographical classifications of global electric motor market. Asia Pacific is the fastest growing region with respect to CAGR in the global electric motor market, driven by rapid growth in urbanization, and growing construction of mega cities & metro railways. In 2016, Asia Pacific accounted the major share of the market followed by Europe.

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The key market players in the market are Toshiba International Corporation, General Electric Company, Siemens AG, Schneider Electric SE, Baldor Electric Company, Kirloskar Electric Company, Bosch Group, ABB Ltd, Rockwell Automation, and Denso Corporation.

Scope of Electric Motor Market
Output Power Segments
• FHP
• IHP
Type Segments
• AC Motor
• DC Motor
• Hermetic Motor
Application Segments
• Motor Vehicle
• HVAC Equipment
• Machinery
• Household Appliances
• Aerospace
• Commercial
Geography Segments
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o United Kingdom
o Spain
o Others
• Asia-Pacific
o China
o India
o Japan
o South Korea
o Others
• RoW
o South America
o Middle East
o Africa

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Issued By Manoj Kumkar
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Country United States
Categories Electronics , Semiconductors
Tags electric motor market , forecast , global scenario , size , trend
Last Updated September 20, 2017