Global Electric Motor Market is Estimated to Reach $173 Billion by 2024, Says Accurize Market Research
Global Electric Motor Market report published by Accurize Market Research forecast that the global market is expected to reach $173 billion by 2024; growing at a CAGR of 5.6% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Rising automobile production to drive the global electric motor market
Rising automobile productions coupled with increased adoption of electric vehicles, the global electric motor market is expected to boost in the future years. Moreover, increasing application of induction motors and electric motors are replacing gas turbines in big industrial plants. This is also expected to support the growth of the market.
The global electric motor market is split into output power, type, application and geography. Output power segment is divided into FHP and IHP. Type segment is bifurcated into AC motor, DC motor and hermetic motor. Application segment includes motor vehicle, machinery, HVAC equipment, household appliances, aerospace and commercial.
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa and Middle East.
"AC motor for the largest market share in the type segment", says Accurize
AC motor held majority of the share in the market followed by DC motors in the year 2017. However, in the same year, motor vehicles and HVAC equipment accounted for maximum share of the application market in 2017.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia Pacific is the fastest growing region in the global electric motor market, owning to rapid growth in urbanization, and increasing construction of mega cities & metro railways. Asia Pacific accounted the largest share of the market followed by Europe in the year 2017.
Top players in the market
Major players operating in the market include 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.
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