Electric Motor Market: Overview
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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Electric Motor Market: Notable Developments
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
- Siemens AG
- Toshiba Corp.
- ABB Ltd. Rockwell Automation
- AMETEK Inc.
- Johnson Electric Holdings Limited
Looking for Regional Analysis or Competitive Landscape , ask for a customized report
Electric Motor Market: Key Trends
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.
Electric Motor Market: Regional Analysis
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.