The is expected to reach $77,876.8 million by 2023. The growth in the market can be owed to adoption of motor-driven vehicle registering an explosive growth in the APAC region. Major players in the market are focusing towards building energy efficient motors to enable industries to reduce power consumption. the market has been segmented into AC motors, DC motors and hermetic motors. Hermetic motor is anticipated to witness the fastest growth during the forecast period. The progress of this market can be attributed to demand for HVAC equipment from the construction industry. Strong economic growth in developing economies in the coming years is expected to fuel the construction industry.
India is expected to be the fastest growing electric motor market in APAC, during the forecast period, owing to growing manufacturing and construction industry in the country. The Make in India initiative which was launched in 2014, with the aim of making India a global manufacturing hub, has improved domestic manufacturing in the country, which will support market growth in the coming years. Further, growth is expected to come from the real estate sector which is expected to by over 30% over the next 10 years supported by foreign direct investments (FDI) and government initiatives.
The demand for electric vehicles has shown an explosive growth in the recent years with electric motors being one of the major components in these vehicles. The production of electric cars in APAC has witnessed CAGR of 90% during 2013-2017. One third of deaths globally occur in Asia-Pacific due to air pollution. To curb this, governments in Asia-Pacific region introduced various sales targets for electric vehicle sales and subsidies to support higher adoption of electric vehicles.
The competition in electric motor market in APAC is medium to high with key players including Emerson Electric Co., Toshiba Corporation, Wolong Holding Group Co. Ltd., Siemens AG, Johnson Electric Holdings Limited, DENSO Corporation, ABB Ltd., Mitsubishi Electric Corporation, Ametek Inc. and Robert Bosch GmbH.
The demand for electric vehicles has shown an explosive growth in the recent years with electric motors being one of the major components in these vehicles. The production of electric cars in APAC has witnessed CAGR of 90% during 2013-2017. One third of deaths globally occur in Asia-Pacific due to air pollution. To curb this, governments in Asia-Pacific region introduced various sales targets for electric vehicle sales and subsidies to support higher adoption of electric vehicles.
The competition in electric motor market in APAC is medium to high with key players including Emerson Electric Co., Toshiba Corporation, Wolong Holding Group Co. Ltd., Siemens AG, Johnson Electric Holdings Limited, DENSO Corporation, ABB Ltd., Mitsubishi Electric Corporation, Ametek Inc. and Robert Bosch GmbH.
Source: P&S Intelligence
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