New York, November 02, 2021 (GLOBE NEWSWIRE) – Electric Motors Market Overview: According to a Comprehensive Research Report from Market Research Future (MRFR), “Electric Motors Market Research report, engine type, voltage, power output, end use and region – Forecast to 2028 ” The market is expected to be worth USD 184.17 billion by 2028, registering a CAGR of 7.32% during the forecast period (2021 – 2028). The market was valued at USD 115.9 billion in 2020.
List of Companies Presented in Global Electric Motors Market Report Include –
- Johnson Electric Holdings Limited (Hong Kong)
- Nichibo DC Motor (China)
- EBM-PAPST (Germany)
- Sunonwealth Electric Machine Industry Co.
- Ltd. (Taiwan)
- Nidec Motor Corporation (Japan)
- Elica SpA (Italy)
- Newmotech Co.
- Ltd (South Korea)
- Diehl Stiftung & Co. KG (Germany)
- Cebi Group (Luxembourg)
- Dumore Motors (United States)
- NMB (United States)
- CG Power and Industrial Solutions Limited (India)
- Panasonic Corporation (Japan)
- Keli Motor Group Co. Ltd. (China)
- Sanhua Aweco (Germany).
- Among others.
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The global electric motors market is both fragmented and competitive for the presence of different international and domestic key players. These players have integrated innovative strategies to stay at the forefront and also respond to growing customer demand, including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, etc. In addition, they also invest in various research and development activities.
Future’s Review Market Research of Electric Motors Market
Increased need for HVAC systems to drive market growth
The increased need for HVAC systems among industrial, commercial and residential end users will increase the value of the electric motors market during the forecast period. HVAC systems provide thermal comfort and maintain air quality in indoor spaces.
Growing need for superior machine control in the automotive industry to provide solid opportunities
The growing need for superior machine control in the automotive industry for the high efficiency of AC synchronous motors will provide strong opportunities for the market during the forecast period.
Fluctuating commodity prices to act as a market restriction
Fluctuating raw material prices coupled with high maintenance costs may impact the global electric motors market share during the forecast period.
Easy accessibility of cheap and low quality electric motors to act as market challenge
Ease of access to cheap and low-quality electric motors and the impact of the COVID-19 pandemic could pose a challenge for the market during the forecast period.
Browse the In-Depth (188 Pages) Electric Motors Market Research Report
The global electric motors market is divided on the basis of motor type, voltage, power output, and end use.
By type of motor, AC motor segment will dominate the market during the forecast period for the growing need for energy efficient conveyor systems in automotive and manufacturing industries.
In terms of voltage, the segment up to 1kV will dominate the market during the forecast period for the growing needs of commercial and residential sectors such as household appliances ranging from washing machines, refrigerators, coffee machines, vacuum cleaners and others.
In terms of power output, the above 1 HP segment will be the market spearhead during the forecast period. Electric motors are used in various end user applications for their low maintenance requirements, light weight and compactness. The installation of such engines in transportation and industrial end user applications will drive market growth.
In terms of end-use, the industrial segment will hold the lion’s share of the market during the forecast period as this provides good leeway for engine manufacturers, with most industries relying on motorized automation.
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APAC will drive the electric motor market
The APAC region will dominate the electric motor market during the forecast period. Rapid industrialization, widespread commercialization, booming automotive industry, presence of developed economies, investments in innovative and environmentally friendly technologies, rapid growth of the residential sector, increase in energy demand in Chinese household appliances, increase GDP per capita, demand for household appliances, and the growing need for refrigerators are adding to the growth of the global electric motor market in the region. In addition, the growing demand for electric motors from the energy, automotive and industrial sectors, the region being the hub of automation, a massive need for electric vehicles, a rapid need for electricity for rapid urbanization in India and China, progress in the agricultural sector, increased investment in industrialization in Australia, South Korea, India and China, increased sales and production of electric vehicles in Japan and China, the presence of established OEM manufacturers, the increase in construction activity across the country, the tendency of the government to focus on the adoption of energy efficient motors, the increase in population in Tier III and Tier II cities, and the Indian government playing a crucial role in expanding the market by introducing initiatives such as AMRUT, Smart City Mission, Make in India, affordable housing and others also contribute to the growth of the market.
Market segmentation covered by research:
Electric Motors Market Report: By Motor Type (AC, DC, Sealed), Voltage (Up to 1kV, 1kV – 6.6kV, Above 6.6kV), By Output Power (up to 1 hp, above 1 hp), per end Use (industrial, commercial, residential, agricultural, transport) – Forecast until 2028
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