Electric Motors Market: Overview
An electric motor is a motorized device that is utilized in the conversion of electricity into mechanical energy. It is just opposite to the functions of an electric generator. An electric motor operates on the principles of electromagnetism. These principles exhibit that during the presence of electric current in a magnetic field, force is applied.
Motors are utilized in an expansive range of diverse applications, such as hybrid cars, electric vehicles, appliances, power tools, and fans. Motors come with various working parts so as to keep on rotating and providing power continuously. Motors are capable of running off of either alternating current (AC) or direct current (DC). However, both the systems come with their share of drawbacks and benefits. Various factors such as acceleration, speed, angular movements, control, and torque requirements make AC motors a suitable choice for the manufacturers of robotic systems. Benefits and diverse applicability of the product is likely to support growth of the global electric motors market over the tenure of assessment, from 2019 to2027.
Type, application, speed, voltage range, and region are the four key parameters based on which the global electric motors market has been divided. The objective of such segmentation is to make an offering of a clearer, 360-degree view of the global electric motors market.
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Global Electric Motors Market: Notable Developments
One of the developments that provide a quick view into the market dynamics of the global electric motors market is mentioned below:
- In June 2017, US-based leading manufacturer of electric motors, Arc Systems Inc. came up with a high-value invention - the squirrel cage induction electric motor with class-H insulation materials. This motor is able to sustain extremely high temperature. With this invention, Arc Systems Inc. is expected to widen its reach in the global market.
Some of the important players in the global electric motors market comprise the below-mentioned:
- Baldor Electric Company, Inc.
- Arc Systems Inc.
- Franklin Electric Co., Inc.
- ARC Systems Incorporation
- Siemens AG
- Rockwell Automation Incorporation
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Global Electric Motors Market: Key Trends
The following drivers, restraints, and opportunities characterize global electric motors market over the assessment period, from 2019 to 2027.
Changing Consumer Preferences likely to Shape Contours of the Market
The global electric motors market is estimated to be driven by rapid advancements made in the field of electric motor technology. Such developments have been playing a vital role in the growth and development of the market. An electric motor is an indispensible part of heating, ventilation, and cooling (HVAC) equipment. These motors also find abundant use in a wide range of devices across many industry verticals, be it motor vehicles or heavy or light industrial machinery or home appliances. Electric motors are vital for functioning of this equipment. In addition, better operational efficiency together with improved insulation has considerably enhanced the functionalities and safety of motors. This has led to escalated demand for electric motors in many of the industries.
Increased prices of fuel all over the world are compelling people to make a shift toward non-conventional alternatives of fuel. Electric vehicles are made with an aim of diminishing the cost of operation and reducing carbon footprint in the environment. A rise in the manufacturing of electric vehicles is likely to make a positive impact on the global electric motors market. Electric motors are utilized in a wide range of applications, from comforting components to performance components of the electric vehicle.
In recent times, the industry has witnessed a rise in government initiatives and regulatory policies promoting energy efficiency in equipment and machines. Low consumption of power, low cost of maintenance, high output and efficiency, and prolonged operational life play important role in supporting expansion of the global electric motors market.
Technological advancements have brought in new improved motor specifications, components, and design, which have resulted in catering to the evolving needs of the customers. Innovations together with policy frameworks play a vital role in industrial development of electric motors. This is likely to widen scope of the global electric motors market in the years to come.
Global Electric Motors Market: Geographical Analysis
Asia Pacific is likely to come up as a rapidly growing business territory in the global electric motors market. The territorial dominance of Asia Pacific can be ascribed to the rapid industrialization of the region, particularly in countries like India, South Korea, and China. Furthermore, augmented disposable income is estimated to encourage growth of the electric vehicle market in the region, which, in turn, is estimated to bolster demand for electric motors in the region.
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.
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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.