Electric motors are commonly used as a source of mechanical energy in a broad range of residential, industrial and commercial applications such as fans, pumps, compressors, elevators, refrigerators and several other systems. The global electric motors market is expected to see a steady growth through the estimated period 2013 – 2019. Stringent electricity consumption regulations, rising need to reduce green house gas effects and positive outlook of manufacturing industries are expected to propel the growth of global electric motors market. Electric motor is the most vital component used in the production of motor vehicles, heating ventilating and cooling (HVAC) equipment and in several home appliances. Rising income levels and improving standards of living are expected to spur the production of motor vehicles and electronic appliances globally. This is expected to be the primary factor to boost the demand for electric motors globally. In addition, use of energy efficient electric motors minimizes financial burden on consumers and governments by optimizing electricity consumption. Due to the aforementioned factors, electric motors are expected to see a huge demand in the replacement market particularly from industrial users.
Types of electric motors include AC motors, DC motors and hermetic motors. AC motors are relatively smaller, cheaper and lighter and most commonly used in HVAC equipment, industrial and home appliances; and manufacturing facilities. In 2012, AC motors accounted for the largest revenue share of the overall electric motors market. DC motors are used for variable speed control applications such as motor vehicles, electronic toys, industrial machineries and equipment etc. Hermetic motors are expected to see the fastest growth at a CAGR of 8.5% through the estimated period with rising demand from HVAC manufacturers.
Based on output power capacity electric motors are divided into two categories fractional horsepower (FHP) motors and integral horsepower (IHP) motors. Fractional horsepower are generally used in low power applications and accounted for the largest revenue share of the electric motors in 2012. IHP motors are expected to see the fastest growth through the estimated period. Stringent electricity consumptions and benefits of energy efficiency electric motors are motivating industrial users to retrofit their plants with energy efficient electric motors. This represents a positive outlook for IHP motor suppliers in the next six years.
In 2012, motor vehicles accounted for the largest application segment for electric motors. Due to rising fuel prices and pollution, demand for electric vehicles is rising rapidly in developed and emerging countries such as the U.S., Japan, Germany, China, India and others. This segment is expected to maintain its dominating position in the electric motors market with increasing production of electric vehicles in the next six years. Significant demand for electric motors is also expected from HVAC industry, household appliances and industrial machinery segment.
Asia-Pacific was the largest as well as the fastest growing regional market in the global electric motors market. Growing industrialization and rising disposable income in China, India, Indonesia, Malaysia and several other countries in Asia-Pacific is likely to contribute to the growth of electric motors. North America and Europe is expected to grow blow global electric motors market CAGR through 2013 – 2019. Stringent electricity consumption regulations and government incentive programs for early replacement of low efficient electric motors are expected to drive this growth.
Global electric motors industry looks highly fragmented with large number of international and domestic players. Rising standardization and less price and quality differentiation among competitors is intensifying competition. Some major players in the global electric motors industry include Regal Beloit, Asmo Co Ltd, AMTEK, Baldor Electric Company and Danaher.
The growing demand for energy conservation and energy efficient appliances is a major force that is fueling the global electric motors market. Increasing number of companies have been investing in this sector to benefit from the many advantages of electric motors. The report identifies and understands similar factors that influence the growth of the market for electric motors. It also determines forces that will hamper the growth and ways of minimizing the restraints.
The report analyses the global electric motors market by segmenting it on the basis of parameters such as output power, application, type, and geography. Evaluating each segment and its contribution towards the electric motors market, the report provides estimations and statistics on the market scenario. The various trends and opportunities in different regional markets are discussed at length to support the growth of the electric motors market and improve market capitalization.
An in-depth section on the competitive landscape of the electric motors market provides key insights into the numerous industry leaders and stakeholders and their operations. Aspects such as company profile, financial overview, business strategy, SWOT analysis, and recent developments in the electric motors industry are covered using Porter’s five force analysis and value chain analysis.
Overview of the global electric motors market
The worldwide market for electric motors is expected to be worth an estimated US$120.68 billion by 2019, growing at a 6.3% CAGR during 2013-2019. Electric motors has a wide area of applications in numerous industries and functions such as motor vehicles, household appliances, industrial machinery, aerospace and other transportation equipment, HVAC equipments, and commercial industry.
Countries across the globe have become increasingly aware about conserving energy, as a result of which, the demand for energy efficient electric motors has been on the rise. High and premium efficiency electric motors are being applied in various areas of operation and governments have become strict in implementing energy regulations. The usage of these optimum electric motors also reduces the financial burden on consumers and governments. Moreover, electric motors are used widely in the production of motor vehicles, heating ventilating and cooling equipment, and household appliances, leading to a rise in demand. Improving standard of living and increasing disposable income in developing countries is also expected to propel the electric motors market.
On the other hand, fluctuations in the prices of raw material and high purchase price of energy efficient electric motors are expected to inhibit the growth of the global electric motors market.
Asia-Pacific is the fastest-growing and largest regional market for electric motors owing to improving economies and rising purchasing power in countries such as India, Malaysia, China, and Indonesia. Government initiatives and mounting electricity consumptions are expected to drive the North American and European electric motors market.
Companies mentioned in the research report
The global electric motors market is highly fragmented and has many international and domestic players vying to carve a niche for themselves in this competitive market. Some of the leading players in the electric motors industry include Johnson Electric Holdings Ltd., Baldor Electric Company, Inc., Ametek, Inc., Danaher Motion LLC, Siemens AG, Brook Crompton UK Ltd., Allied Motion Technologies Inc., and Franklin Electric Co., Inc.
Major geographies analyzed under this research report are:
- North America
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments