The market for electric motors market is expected to see a significant growth throughout the forecast period 2015 – 2023 with rising demand for energy efficient electric motors driven systems (EDMS). Countries across the world are focusing on to reduce electricity consumption and introducing mandatory policies to use energy efficient electric motors and electric motor driven systems. In addition, rising production of motor vehicles and HVAC equipment represents a positive outlook for electric motor manufacturers and distributors. This research study provides in-depth analysis of electric motors market to market players across the value chain of electric motor industry. This report would help industry participant to find out key opportunity segments in this market.
The global electric motors market was valued at US$ 86.51 Bn in 2014, and is likely to cross US$ 135.00 Bn by 2023, growing at a CAGR of 5.8% through the forecast period 2015 to 2023.
Purpose of the Report
The purpose of research study “Global Electric Motors Market - Growth, Share, Opportunities, and Competitive Analysis, is to provide in-depth analysis with market estimates and forecast of different types of electric motors. This would helps industry participants such electric motors manufacturers, distributors and raw material suppliers in their strategic decision making. This report provides exhaustive information related to effective mandatory energy efficiency regulations in major markets, technology and demand-supply trends. In addition, report includes key dynamics such as market drivers, restraints and opportunities. The report also profiles key players in the electric motors manufacturing industry along their business overview, financial overview, market winning strategies and highlights their key developments in the electric motors market.
Target Audience
USP and Key Offerings
The report titled “Electric Motors Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2023” provides in-depth analysis of the global electric motor industry. The report includes market size estimates and forecast in terms of both revenue (US$ Billion) and volume (Thousand Units). This research study provides detailed analysis of key market segments based on motor type, output capacity, energy efficiency, application, and geography. The report also includes market competitive analysis and profile of major electric motor manufacturers in the global market. Other strategic analyses provided in the study include:
Automobile segment is the largest end-use application segment for electric motors and is expected to remain the largest segment through the forecast period 2015 -2023 with rising demand for motor vehicles across the world. Heating, Ventilating and Air Condition equipment is the fastest growing end-use application segment for electric motors. This growth is primarily attributed to growing construction industry in Asia Pacific, Middle East and North America. Industrial machinery is another attractive segment for electric motors. Electric motors are used in several industrial systems including industrial pumps and fans, fluid control systems, liquid and air compressors, elevators, conveyors, high speed pick and place equipments, packaging and other industrial machineries. Mandatory energy consumption regulations and rising need to reduce operational costs are motivating industrial users to replace their outdated low efficient electric motors with high energy efficient electric motors. Electric motors used in Home appliances, utilities sectors and commercial applications are also expected to see a significant growth through forecast period 2015 – 2023.
Types of Electric Motors - Segmentation Analysis
We have classified electric motors into two major types AC motors and DC motors. AC motors are used in both residential and well as industrial applications and accounted for the largest revenue share in compared to DC motors. However, AC motors are expected to grow at a slower pace compare to DC motors. DC motors are commonly found its applications in Automobile and now days in HVAC equipment for speed control applications. DC motors are also used in small steel manufacturing machines, electronic toys, paper machines, disk drives etc.
Based on output capacity of electric motors we have classified these motors into low voltage electric motors, medium voltage electric motors and high voltage electric motors. In low voltage electric motors, we have considered electric motors that have output voltage below 0.746 KW. In medium voltage electric motors, we have considered motors that have output range between 0.746 KW and 375 KW. High voltage segment includes electric motors include electric motors that have output range greater than 375 KW. Low voltage electric motors accounted for largest revenue share in the global electric motors market in 2014. Low voltage motors are used in the automobile manufacturing for driving auxiliary applications such as electric windows, wind shield wipers, central locking systems, wing mirrors, powered seats and roof and trunk openers. Some other major end users for low voltage electric motors include manufacturers of home appliances, HVAC equipments, office machinery, medical devices, pumps and compressors and portable tools. In addition, low voltage motors are also used in processing machineries, aerospace, and in the marine sector. High voltage electric motors are commonly used in industrial applications and expected to see a steady growth through the forecast period. Industrial users are retrofitting their facilities with energy efficient electric motors to reduce their electricity consumption.
The global electric motor market is classified into four major regional markets i.e. North America, Europe, Asia-Pacific and Rest of the World (RoW). Middle East, Africa and South America electric motors market are covered under RoW region. In 2014, Asia-Pacific accounted for the largest revenue share of 67.5% in the global electric motors market and also expected to see the fastest growth through the forecast period 2015 – 2023. This growth in the Asia Pacific electric motors market growth is primarily attributed to positive economic outlook, growing construction industry and industrialization particularly in India, China, Australia, South Korea, Singapore, Indonesia and several other countries in the region. North America and Europe are expected to see relatively slower growth due economic slowdown in the major countries such as the U.S., Germany and U.K. However, both these regions have introduced stringent energy consumption regulations in order to reduce electricity consumption in both residential and industrial sector. This is driving the demand for energy efficient electric motors in these regions. In addition, rising demand for electric and hybrid vehicles in Europe and the U.S. also represents a positive outlook for electric motors manufacturers in these regions. Middle East is the largest exporter of oil and petroleum products. Growth in oil and gas industry is the primary influencing factor for the demand of electric motors in the region. Demand for electric motors is also growing steadily with growing construction and mining industry and sale of related equipment and machineries.
Electric motor is a machine which converts electric energy into mechanical energy. These motors are used in range of range of industrial, residential and commercial electric motor driven systems (EMDS) for energy generation application. Electric motors commonly found its applications in elevators, compressors, fans, refrigerators, vacuum cleaners, pumps and several other electric motor driven systems.
In May 1934, Moritz Jacobi a German engineer introduced first rotating electric motor and since then electric motors are popular in Europe particularly in UK, Prussia and Italy. This was a first electric motor with remarkable mechanical power introduced after several try by different engineers across the world. After the 4 years later, in 1938, Jacobi has introduced upgraded model with better output which has capacity to drive a boat of 14 people. After this other engineers across the world have developed electric motors with similar capabilities.
In 1835, Christopher Becker and Sibrandus Stratingh together developed an electric motor to drive small cars. In 1837, Thomas Davenport introduced electric motor in America and first to receive patent for the same. After this several patents related electric motors were issued across the world between 1837 and 1866 and around 100 patents issued to engineers in England during the same period. After this electric motors have started to commercialize across the world.
The global electric motors industry is now saturated and comprise of large number of international as well as local manufacturers. North America and Europe are relatively matured markets and expected to see steady growth through the forecast period. This growth is primarily attributed to stringent energy consumption regulations which forcing the consumers to replace their old electric motor driven systems (EDMS) with energy efficient systems.
Asia Pacific is the most attractive market for electric motors manufacturers and suppliers. Increasing industrialization in India, Japan, China, Indonesia, South Korea, Thailand, Singapore, Australia, and Malaysia is influencing the demand for electric motor driven systems in these countries. In addition, residential and commercial construction industry in Asia-Pacific is growing at a steady pace and expected to grow through the forecast period 2015 - 2023.
Growing construction industry is expected to increase the demand for heating, ventilating and air conditioning (HVAC) equipments, home appliances, elevators, escalators and other EMDS in Asia Pacific. Brazil, Russia and South Africa are some other attractive markets for electric motors manufacturers as these counties are investing significant amount in construction industry.
International Electrotechnical Commission (IEC) is collaboratively working several national regulatory bodies to introduce new efficiency classes to design, develop and deploy electric motors. Major countries such as the U.S., China, Australia and European Union have developed their own standards to match international energy efficiency standards.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Motors market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Type
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Output Capacity
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Energy Efficiency Class
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Application
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
