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Electric motor has been an integral part of various machineries such as heating equipment, refrigerator, cooling equipment (HVAC), water pumps, and others. Hence, it is widely used in multiple industry verticals such as motor vehicles, home appliance, and industrial machinery among others. Further innovations in motors have increased the operational insulation, safety, and functionalities of motors. As a result, electric motors have been adopted in different industries. This, in turn, is enhancing the growth in electric motor market.
Further, growing concerns pertaining to energy consumption and impact of generation of energy using conventional energy source are driving demand for electric motors. Rising demand for efficient energy is resulting in expansion of electric motor market in coming years.
On the other hand, lack of awareness about usage of electric motor is limiting its use in small and medium enterprises. Consequently, growth of electric motor market is getting hampered.
The upcoming report on electric motor market provides insights about various segments and trends, which are projected to contribute to expansion of global electric motor market in between 2019 to 2027. It talks about several factors likely to affect growth of the market during forecast period. Further, it provides details about the anticipated regional contribution to the global electric motor market.
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Automotive sector is expected to witness major change in the duration of forecast period, owing to introduction of electric vehicle. Electric vehicles are widely adopted in various regions across the globe, in order to combat greenhouse emissions and regulate carbon footprint. Further, stringent government policies are also supporting the adoption rate of electric vehicles.
Electric motor, being an indispensable component of the vehicle, will also be required in large numbers. Hence, electric motor market is anticipated to witness significant growth in coming years.
Further, investment on power generation machineries to combat rising demand for electrical energy is rising. Green power generation methods are required to sustain development across the globe. At present, application of electric motor contribute approximately 40% of the global energy demand.
This, in turn, is likely to boost demand for electric motor. As a result, global electric motor market is anticipated to witness enormous growth during forecast period.
Some of the key players in global electric motor market are
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Rising fuel prices and depleting conventional energy sources are entailing people to shift to non-conventional fuel alternatives. Electric vehicles are manufactured to meet the demand for energy efficient vehicle. Also, these will help reduce greenhouse emission and carbon foot print.
Upsurge in production of electric vehicles is expected to influence the demand for electric motors. As a result, electric motor market will grow subsequently.
In 2018, Asia Pacific dominated global electric motor market, owing to high adoption rate of electric motor in various industries. The adoption rate is likely to increase. As a result, it is anticipated that the region will dominate the market during the forecast period.
Industries such as automotive, petrochemical, fertilizers, and chemical are booming in Asia Pacific. This, in turn, is likely to present enormous growth opportunity for global electric motor companies.
Concerns pertaining to pollution due to industrial concern is rising. As a result, people are switching to clean energy. Hence, they are widely adopting energy-efficient electric motors.
Sale of electric motors has increased significantly. Increasing sale is attributed to favorable government policies. The electric motor market is anticipated to witness similar growth rate during forecast period, as China is one of the biggest market for electric vehicles.