The global demand for electric motors market is expected to grow at a CAGR of 6.2%, accelerating over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in a comprehensive study. Electric motors are key components in various durable goods, HVAC applications, compressors, machine tools, electric cars, power tools, and automated robots.

One of the key drivers for the growth of Electric motors market is the increasing adoption of electric motors in the industrial machinery along with household appliances. The increase in need of more efficient electric motors for achieving efficiency in usage of energy along with cost effectiveness is driving the growth of the market. The electric motors are used in agricultural equipment. The growth of the agricultural sector and the increase in use of motor operated equipment in the agricultural sector is further expected to drive the demand of the electric motors market. The increase in awareness about the effect of greenhouse gases is also leading to a shift from conventional motors to the electric motors, which is expected to drive the global electric motors market during the forecast period. However, the growth of this market is expected to be restrained by the high cost of electric motors and the lack of awareness for use of electric motors.

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Segmental Analysis

The report has been analyzed based on the type, output power, application and region. On the basis of type, the AC (Alternate Current) segment is expected to grow the highest. Alternating current motors convert the electric energy (the alternating current) to the mechanical energy, which is used for functioning by the machines. The easy availability of the alternating current power is also leading to the increased use of AC electric motors, thereby driving the growth of the market. The AC electric motor can be manufactured in various sizes ranging from a few watts to thousands of kilowatts, which makes its useful in all types of applications thereby leading to the growth of the market.

Regional Analysis

Asia-Pacific region is expected to dominate the Electric motors market, and is projected to grow at the highest CAGR. The growth of the Electric motors market in Asia-Pacific region is attributed to the rapid growth in the agricultural sector. The rapid industrialization and the intense setting up of manufacturing industries which require the use of electric motors of various capacity is expected to drive the market of the electric motors in the region.

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Leading Players

The key players of Global Electric motors market are BB Group Ltd. (U.K.), Siemens AG (Germany), AMETEK Inc. (U.S.), ARC Systems Inc. (U.S.), Brook Crompton Americas (U.S.), Emerson Electric Co. (U.S.), Hitachi, Ltd. (Japan), General Electric Company (U.S.), Franklin Electric Co., Inc. (U.S.), Johnson Electric Holdings Limited (Hong Kong), Nidec Corporation (Japan), Maxon Motor AG (Switzerland) and others.

Scope of the Report

This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global Electric motors market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.

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