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 6.0% and 5.9%, respectively, during the forecast period.
The global electric motor market is majorly driven by rising automobile productions globally coupled with increase adoption of electric vehicles. Moreover, increasing application of induction motors and electric motors are replacing gas turbines in big industrial plants. This is also expected to support the growth of the market.
The global electric motor market is categorized into output power, type, application and geography. Output power segment includes FHP and IHP. Type segment consists AC motor, DC motor and hermetic motor. AC motor held majority of share in the market followed by DC motors in the year 2016. Additionally, application segment includes motor vehicle, machinery, HVAC equipment, household appliances, aerospace and commercial. Motor vehicles and HVAC equipment accounted the largest market share in 2016.
Geographically, the global electric motor market is bifurcated into North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia Pacific is the fastest growing region in the global electric motor market, owning to rapid growth in urbanization, and increasing construction of mega cities & metro railways. Asia Pacific accounted the largest share of the market followed by Europe in the year 2016.
The key market players in the market are Schneider Electric SE, Baldor Electric Company, Siemens AG, Kirloskar Electric Company, Denso Corporation, Bosch Group, Toshiba International Corporation, Rockwell Automation, General Electric Company and ABB Ltd.