The competitive landscape of the global electric motors market includes players such as Baldor Electric Company Inc., Johnson Electric Holdings Ltd., Danaher Motion LLC, Ametek Inc., Siemens AG, Allied Motion Technologies Inc., Brook Crompton UK Ltd., and Franklin Electric Co. Inc. The market is highly fragmented with a number of international and domestic players trying to expand their businesses. This has restricted the established international brands from entering into new markets confidently as domestic players hold the upper hand in terms of prices across regional markets. Though the market has witnessed a higher degree of standardization, product and price differentiation remains low.
Asia Pacific Holds Ample Growth Opportunities for Global Electric Motors Market
In North America and Europe, various government initiatives and increase in the consumption of electricity have proved fruitful for the electric motors market. However, Asia Pacific remains the largest market for electric motors and holds immense opportunities for the key players in the near future. In fact, it is anticipated to be the fastest growing region in the market during the forecast horizon. “The surging demand for electric motors in Asia Pacific can be attributed to the rapid industrialization of countries such as Thailand, Malaysia, India, and China,” a TMR analyst points out.
Adoption of Electric Vehicles Poses a New Opportunity for Global Electric Motors Market
The positive outlook of the manufacturing sector has aided the rise in demand for electric motors. The continuous replacement of outdated electric motors across various manufacturing industries maintains the steady demand from the market. Lately, a spike in the demand for electric motors from the automotive sector has been observed. “The growing focus on electric vehicles across Germany, China, Japan, and the U.S. has created a new opportunity for the electric motors manufacturers,” TMR report states.
However, the volatility in raw material prices is a major concern for the market players. Furthermore, the high purchase price of energy efficient motors has decreased their adoption among consumer. The overall market has a significant opportunity to grow with manufacturers focusing on the manufacturing of high efficiency electric motors
Among the key types of electric motors, the AC motors dominated the overall market in 2012 and accounted for 80% of the market. In terms of demand, the hermetic electric motors segment closely followed the AC motors segment and is anticipated to register steady growth during the forecast period. “The rise in adoption of HVAC equipment has led to the growth of this segment,” TMR report points out.
The global electric motors market is anticipated to expand at a CAGR of 6.3% during the period between 2013 and 2019. The valuation of the market is expected to reach US$120.68 bn by the end of 2019.
The information presented in this review is based on a Transparency Market research report, titled “Electric Motors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”
Global electric motors market has been segmented as:
Electric Motors Market, by Geography:
- North America
- Rest of the World