Technological advancements and the on-going innovations in the electric motor industry are expected to drive the global electric motor market over the forecast period. Surge in demand for high-efficiency electric motor is further expected to catapult market demand over the next few years. These motors offer several benefits such as low power consumption, longer life, and low maintenance cost, which are also expected to drive market growth. This is also expected to shift the demand from standard motors towards high-efficiency electric motors. Electric motors are used across several applications areas such as aerospace, transportation, HVAC, industrial, automotive, and residential, which is anticipated to fuel market demand over the next few years. Motor vehicle segment is expected to be the most attractive segment in the electric motor market.
An electric motor is an electrical machine that converts electrical energy into mechanical energy. Growing awareness amongst people coupled with favorable government initiatives to promote green vehicles in order to safeguard the environment from carbon emissions is expected to drive electric motor market growth over the forecast period. In addition, the need for improved efficiency and low power consumption is further expected to fuel demand for high efficiency electric motors. AC, DC, and Hermetic motors are the major types of electric motors, which are generally used in residential, commercial, and industrial applications; whereas, hermetic motors are used for air conditioning, refrigerating, and heating purposes. DC motors are primarily used in motor vehicles.
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Introduction of electricity consumption standards and price fluctuations in the global electronics market are expected to pose challenge to the electric motor market over the next few years. However, global motor manufacturers emphasize on design, raw materials, and innovative manufacturing techniques in order to lower energy consumption. Further, the demand for energy-efficient electric motors may also be attributed to factors such as electric motor driven systems, growing electricity consumption, increased use in home appliances, and rising automobiles production.
Asia Pacific is expected to emerge as the fastest growing and largest regional market owing to increasing consumer purchase power in developing countries such as Malaysia, China, India, and Indonesia. Growing electricity consumptions and stringent government regulations are expected to drive the electric motor market in North America and Europe.
The key market participants include Johnson Electric Holdings Ltd., Franklin Electric Co. Inc., Danaher Motion LLC, Brook Crompton UK Ltd., Baldor Electric Company Inc., Siemens AG, Ametek Inc., and Allied Motion Technologies Inc. The global electric motors market is highly fragmented and has many international players trying to carve a place for themselves in this competitive market.
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