Global Precision Electric Motors Market Report, published by Variant Market Research, forecast that the global market is expected to reach $87.3 Billion by 2024 from $32.2 Billion in 2016, growing at a CAGR of 13.3% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 13.5% and 13.2%, respectively, during the forecast period.
"Precision Electric Motors Market (By Type: AC Motor, And DC Motor; By Application: Industrial Machinery, Automotive, Defense & Aerospace, Household Appliances, Healthcare, And Others; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Some of the drivers propelling the growth of the global precision electric motors market include need to replace outdated low efficient electric motors, rising vehicle production, and stringent regulations on energy consumption. Nevertheless, high initial cost would pose several challenges for the market growth. Furthermore, cumulative demand for industrial robots and the increasing use of precision electric motor in medical diagnostic applications would offer growth opportunities in years to come.
Type, application, and geography are the major segments considered in the precision electric motor market. Type segment includes AC motor and DC motor. Further, application is bifurcated as industrial machinery, automotive, defense & aerospace, household appliances, healthcare, and others.
DC motor dominated the type segment with largest market share in 2016 and fastest growing CAGR during the forecast period. In the application segment, industrial machinery and automotive together held more than half of the total market share in 2016, while, automotive will attain fastest CAGR during the forecast period 216 – 2024.
By geography, the precision electric motor market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific dominated the global market in 2016 with largest market share of 44.2% and highest CAGR, driven by economic transformation, stringent regulations on fuel economy and emission control, and declining average selling price of electric motors. North America accounted second largest market share with 26.6% in the year 2016.
Major players include Siemens AG, Ametek Incorporation, ARC Systems Incorporation, Asmo Corporation Limited, Yaskawa Electric Corporation, Allied Motion Technologies Inc., Brook Crompton UK Limited, Rockwell Automation Inc., Franklin Electric Cooperative Incorporation, and Johnson Electric Holdings Limited, among others.