Global Precision Electric Motors Market is Estimated to Reach $87 Billion by 2024, Says Accurize Market Research
Global Precision Electric Motors Market report published by Accurize Market Research forecast that the global market is expected to reach $87 billion by 2024; growing at a CAGR of 13.2% 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 vehicle production to drive the global market
Some of the drivers propelling the growth of the global precision electric motors market include need to replace outdated low efficient electric motors, rising vehicle production, and stringent regulations on energy consumption. Nevertheless, high initial cost would pose several challenges for the market growth. Furthermore, cumulative demand for industrial robots and the increasing use of precision electric motor in medical diagnostic applications would offer growth opportunities in years to come.
Global Precision Electric Motors Market is split into type, application, and geography. Type segment includes AC motor and DC motor. Application segment is bifurcated as industrial machinery, automotive, defense & aerospace, household appliances, healthcare, and others.
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.
"DC motor accounted for the largest market share in the type segment", says Accurize
DC motor dominated the type segment with largest market share in 2017 and fastest growing CAGR during the forecast period. In the application segment, industrial machinery and automotive together held more than half of the total market share in 2017, while, automotive will attain fastest CAGR during the forecast period 2017 – 2025.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific dominated the global market in 2017 with largest market share of 44.2% and highest CAGR, driven by economic transformation, stringent regulations on fuel economy and emission control, and declining average selling price of electric motors. North America accounted second largest market share with 26.6% in the year 2017.
Top players in the market
Major companies operating in the market include Siemens AG, Ametek Incorporation, ARC Systems Incorporation, Asmo Corporation Limited, Yaskawa Electric Corporation, Allied Motion Technologies Inc., Brook Crompton UK Limited, Rockwell Automation Inc., Franklin Electric Cooperative Incorporation, and Johnson Electric Holdings Limited, among others.
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