Global Electric Motor Market is projected to be valued $173 Billion by 2024; with a CAGR of 5.6% from 2017 to 2025. An electric motor is an electrical device that converts electrical energy into mechanical energy. Electrical motor has brought about one of the biggest advancements in the fields of scientific research and technology ever since the invention of electricity.The basic principle to run an electricalmotor lies on the fact that force is experienced in the direction perpendicular to magnetic field and the current, when field and current are interacting with each other. Motors have a wide variety of uses and are found in cars, air conditioning, hair dryers, fans, drills, clocks, water pumps, washing machine and industrial sectors including mills, robots, extruders, and fork-lift trucks and many more.
Increasing automobile production along with increase in adoption of electric vehicles are the key factors for the growth of the market. Moreover, growing application of induction motors and electronic motors replacing gas turbines in industrial plants are also expected to drive the market. However, fluctuation in the price of electronics in emerging economies and shortage of raw material may hinder the growth of the market. Furthermore, rapid commercialization and urbanization coupled with various on-going construction projects of mega cities and metro rails in emerging economies like Saudi Arabia and India would provide opportunity in the upcoming years.
The global electric motor market is segmented based on the output power, type, application and geography. Output power segment is further bifurcated into FHP and IHP. By type segment, it is segmented into AC motor, DC motor and hermetic motor. Furthermore, application is segmented into motor vehicle, HVAC equipment, machinery, household appliances, aerospace, and commercial.
By geography the global electric motor market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers U.K, Germany, Russia and others. Asia-Pacific covers China, India, Australia and others. Rest of the World (RoW) covers South America, Middle East and Africa.
Major companies operating in the global Electric Motor market are Siemens AG, Kirloskar Electric Company, Schneider Electric SE, Baldor Electric Company, Denso Corporation, Bosch Group, Rockwell Automation,ABB Ltd., General Electric Company and Toshiba International Corporation, among others.
The key takeaways from the report
Scope of Electric Motor Market
Output Power Segments