Global Electric Motor Market is estimated to reach $173 billion by 2024; growing at a CAGR of 5.7% from 2016 to 2024. Electric motors are a device driven by the magnetic force which transforms electric into mechanical energy. It is one of the biggest advancements in the field of technology and engineering. These brilliant discoveries inaugurated an era of active research and many new innovations have been developed ever since then. There are different types of motors developed for different purposes. Apart from basic types of motors, several different types of motors have been developed with special features such as Stepper motor, Linear Induction motor (LIM) and others, designed according to the needs of the industry. Motors have a wide variety of uses and are found in cars, hair dryers, fans, drills, clocks, fridges, water pumps, DVD players, washing machine and industrial equipment including mills, robots, extruders, and fork-lift trucks and among others.
Increasing automobile production along with increase in adoption of electric vehicles are the key factors for the growth of the market. Moreover, growing application of induction motors and electronic motors replacing gas turbines in industrial plants are also expected to drive the market. However, fluctuation in the price of electronics in emerging economies and shortage of raw material may hinder the growth of the market. Furthermore, rapid commercialization and urbanization coupled with various on-going construction projects of mega cities and metro rails in emerging economies like Saudi Arabia and India would provide opportunity in the upcoming years.
The global electric motor market is segmented based on the output power, type, application and geography. Output power segment is further bifurcated into FHP and IHP. By type segment, it is segmented into AC motor, DC motor and hermetic motor. Furthermore, application is segmented into motor vehicle, HVAC equipment, machinery, household appliances, aerospace, and commercial.
By geography the global electric motor market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers U.K, Germany, Russia and others. Asia-Pacific covers China, India, Australia and others. Rest of the World (RoW) covers South America, Middle East and Africa.
Key players of electric motor 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.
The key takeaways from the report
- The report will provide detailed analysis of Electric Motor Market with respect to major segments such as output power, type and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Electric Motor market will be included in the report
- Profile of key players of the Electric Motor market, will be provided, which include key financials, product & services, new developments, and business strategies
Scope of Electric Motor Market
Output Power Segments
- AC Motor
- DC Motor
- Hermetic Motor
- Motor Vehicle
- HVAC Equipment
- Household Appliances
- North America
- United Kingdom
- South Korea
- South America
- Middle East