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Rising Need for Quality Motors from Automotive Industry to Drive Demand for Precision Electric Motors, says TMR

Posted on Aug 30, 2016

As leading international companies are acquiring domestic players, the competition in the global precision electric motors market is also increasing, reports Transparency Market Research (TMR) in a new study. Due to the presence of a large number of international and domestic players in the global precision electric market with less or no difference in price and technology, the competition is significantly high. The key players operating in the global precision electric motors market are Yaskawa Electric Corporation, Nidec Corporation, Regal Beloit, and Omron. Together, they held a global share of 44.6% in 2013. 

The global precision electric motors market is expected to rise at a 12.7% CAGR between 2014 and 2020. The market is projected to reach a valuation of US$52.22 bn by 2020 from a market worth US$25.45 bn in 2014. By product type, DC brushless motors are projected to emerge dominant by 2020 with a market worth US$43.90 bn. The demand for DC brushless motors is expected to expand owing to the large amount of torque these motors with high performance capacity are capable of providing over a wide speed range. 

Asia Pacific to Maintain Lead in Terms of Consumption of Precision Electric Motors 

Asia Pacific is likely to emerge dominant in terms of consumption of precision electric motors in the global precision electric motors market by 2020. It is expected to account for 45.37% of the overall revenue in 2020. The extensively growing number of manufacturing industries in countries such as Indonesia, South Korea, India, and China is likely to augment the growth of the precision electrical motors market in Asia Pacific in the coming years. According to a TMR analyst, “The rise in purchasing power and improvement in economic conditions of countries in Asia Pacific are further expected to boost the sales of precision electric motors in the region.” The intensely growing population in Asia Pacific is another factor driving the growth of the precision electric motors market in the region. 

Burgeoning Demand for High Performance Motors to Drive Sales of Precision Electric Motors 

Motors with high performance capacity such as microprocessor controlled brushless DC motors reduce electricity cost, lower noise levels, and have an increased life expectancy. Furthermore, precision electric motors are light in weight and can be easily installed. As a result of this, consumers are preferring precision electric motors over conventional motors. The maintenance of precision electric motors is comparatively less and due to absence of carbon brushes, there are no unexpected downtimes. These features are further expected to drive the growth of the precision electrical motors market in the coming years. Moreover, the growth in global vehicle production is also likely to boost the demand for precision electric motors. 

High Initial Cost to Inhibit Demand for Precision Electrical Motors 

As the maximum number of precision electrical motors are brushless, their initial cost in comparatively high than conventional brushed motors. Brushless precision electrical motors require an encoder and an electric controller which acts as a commuting device in the motor. These commuting devices are generally very expensive. Thus, it tends to hike the price of precision electrical motors leading to a downturn in their sales. However, the impact of this restraint is expected to decrease in future with the launch of new technologies and the entry of new players in the market. As a result of bulk production, the initial cost of precision motors is likely to decrease. 

Furthermore, leading players operating in the global precision electrical market can gain lucrative opportunities from the increasing demand for robots in various industries. To improve the quality of production and increase output, industries are shifting their focus towards the deployment of industrial robots. Increase in government funding and incentives are likely to impel startups to invest in advanced manufacturing machineries and production lines. The entry of new players with differentiated products is also further expected to increase the competition in the global precision electric motors market. 

The review is based on the findings of a TMR report titled, “Precision Electric Motors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.” 

The research study has been segmented as below:

Precision Electric Motors (Brushless) Market: by Type

  • AC brushless motors
  • DC brushless motors 

Precision Electric Motors (Brushless) Market: by Application

  • Automotive
  • Industrial machinery
  • Household appliances
  • Defense and aerospace
  • Household applicance
  • Others

Precision Electric Motors (Brushless) Market: by Geography

  • North America
  • Europe
  • Asia-Pacific 
  • Rest of the World

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