Electric motors are widely used in various applications such as industrial machines, household appliances, HVAC applications, and motor vehicles. Rising industrial activities as well as growing demand for electric vehicles across the globe are among the major factors pushing the growth of electric motors during the forecast period.
the electric motor market is categorized into AC motor, DC motor, and hermetic motor. AC motor accounted for the largest market share in terms of revenue in 2017, and is further expected to lead the market during the forecast period. AC motors are deployed for variety of applications, ranging from heavy industrial machineries to household appliances.
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Globally, APAC was the largest market for electric motors, contributing over 55% revenue share to the electric motor market in 2017. This can be attributed to growing demand for electric vehicles predominately in China, due to government initiatives and environmental regulations in the country. The region is further expected to exhibit highest growth rate during the forecast period owing to increasing government incentives supporting adoption of electric vehicles, and rising demand for HVAC equipment from real estate sector in countries such as China, India and South Korea.
The demand for electric vehicles recorded explosive growth in the recent years, with electric motors being one of the major components in these vehicles. The global sales of electric cars reached 1 million units in 2017. Globally, China is the world’s largest electric car market with nearly 580,000 electric cars sold in 2017. Rising adoption of electric vehicles is surging electric motor market growth.
According to World Health Organization (WHO), 7 million deaths occur globally due to air pollution. To curb this, governments in several countries introduced various sales targets for electric vehicles and offer subsidies to support adoption of the electric vehicles. For instance, the government of China allotted a subsidy of over $10,000 per vehicle in 2017, due to which China recorded rise in adoption of electric vehicles by over 42% from 2016. As electric motor is an integral part of an electric vehicle, the increasing adoption of electric vehicles in several countries is fueling the demand for electric motors, globally.
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The electric motor market is highly fragmented and competitive, with players competing predominately on price, reputation, quality, and timeliness of delivery. The key players in the electric motor market are Emerson Electric Co., Nidec Corporation, Toshiba Corporation, Wolong Holding Group Co. Ltd., Johnson Electric Holdings Limited, AMETEK, Inc., Franklin Electric Co., Inc., Mitsubishi Electric Corporation, Regal Beloit Corporation, DENSO Corporation, Robert Bosch GmbH, Siemens AG, and ABB Ltd.
the electric motor market is categorized into AC motor, DC motor, and hermetic motor. AC motor accounted for the largest market share in terms of revenue in 2017, and is further expected to lead the market during the forecast period. AC motors are deployed for variety of applications, ranging from heavy industrial machineries to household appliances.
Globally, APAC was the largest market for electric motors, contributing over 55% revenue share to the electric motor market in 2017. This can be attributed to growing demand for electric vehicles predominately in China, due to government initiatives and environmental regulations in the country. The region is further expected to exhibit highest growth rate during the forecast period owing to increasing government incentives supporting adoption of electric vehicles, and rising demand for HVAC equipment from real estate sector in countries such as China, India and South Korea.
The demand for electric vehicles recorded explosive growth in the recent years, with electric motors being one of the major components in these vehicles. The global sales of electric cars reached 1 million units in 2017. Globally, China is the world’s largest electric car market with nearly 580,000 electric cars sold in 2017. Rising adoption of electric vehicles is surging electric motor market growth.
According to World Health Organization (WHO), 7 million deaths occur globally due to air pollution. To curb this, governments in several countries introduced various sales targets for electric vehicles and offer subsidies to support adoption of the electric vehicles. For instance, the government of China allotted a subsidy of over $10,000 per vehicle in 2017, due to which China recorded rise in adoption of electric vehicles by over 42% from 2016. As electric motor is an integral part of an electric vehicle, the increasing adoption of electric vehicles in several countries is fueling the demand for electric motors, globally.
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The electric motor market is highly fragmented and competitive, with players competing predominately on price, reputation, quality, and timeliness of delivery. The key players in the electric motor market are Emerson Electric Co., Nidec Corporation, Toshiba Corporation, Wolong Holding Group Co. Ltd., Johnson Electric Holdings Limited, AMETEK, Inc., Franklin Electric Co., Inc., Mitsubishi Electric Corporation, Regal Beloit Corporation, DENSO Corporation, Robert Bosch GmbH, Siemens AG, and ABB Ltd.
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