According to a new report by Allied Market Research, titled, Electric Motor Market, by Motor Type, Output Power, Voltage Range, Applications, Speed (RPM) and Geography: Global Opportunity and Forecast, 2014-2022, the electric motor market was valued at $ 91,401 million in 2015 and is projected to reach $117,288 million by 2022, growing at a CAGR of 3.7% from 2016 to 2022. Further, in terms of units, the electric motor industry is projected to reach 853 million units by the end of 2022, at a CAGR of 4.2%.
Access full summary at:https://www.alliedmarketresearch.com/electric-motor-market
The electric motor market is currently in its mature stage; however, it is expected to grow at a considerable rate in the years to come. Electric motors are incorporated in industrial fans; compressors; pumps; lathe machines; machine tools; domestic appliances; heating, ventilating, and air conditioning applications; disk drives; power tools; electric cars; and automated robots.
The increase in need for energy-efficient motors; rise in demand for electric motors especially in agriculture and industrial sectors; increase in awareness about electric and green vehicles among customers; and government funding for developing efficient electric motors are some of the key factors projected to drive the growth in global electric motor market size during the forecast period.
By type, the AC motor segment dominated the market in 2014 with around 70% market revenue share. Furthermore, the segment is projected to continue its dominance throughout the forecast period, owing to the increase in adoption of AC motors in industrial applications.
By output power, in terms of value, the fractional horsepower (FHP) output segment, dominated the market in 2014 and is projected to continue its dominance by 2022 with around 90% value share. However, in terms of unit share, the integral horsepower segment dominated the electric motor market in 2014 with around 78%-unit share.
By voltage, the 60V & above segment generated the highest revenue, which accounted for around 63% share in 2014. Rapid urbanization, industrialization, and process automation are some of the key factors that accelerated the segment growth.
By application, in terms of revenue, the motor vehicle segment is projected to expand at the highest CAGR of around 4.2% owing to the increase in adoption of electric vehicles across the globe.
By speed, the low speed electric motor (less than 1,000 RPM) segment generated the highest revenue followed by the medium speed electric motor (1,001 RPM-25,000 RPM) segment with around 59% and 21%, respectively in 2014.
Based on the geography, the electric motor market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. In terms of value, North America was the highest revenue contributor in 2014, accounting for around 35% share of the overall electric motor market size. The Asia-Pacific electric motor market is projected to grow at the highest CAGR of 4.2% during the forecast period owing to increased penetration of electric motors in industrial machineries, household appliances, and HVAC equipment.
The report features a competitive scenario of the electric motor market and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key players operating in the electric motor market include ABB Group, ARC Systems Inc., ASMO Co., Ltd., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emerson Electric, Maxon Motor AG, Regal Beloit Corporation, Rockwell Automation Inc., and Siemens AG.
Key Findings of the Electric Motor Market:
- By motor type, the AC motor segment dominated the global electric motor market in terms of both value and volume share.
- By output power, in terms of units, the integral horsepower (IHP) output segment dominated the electric motor market in 2014.
- By application, in terms of revenue, the motor vehicle segment is projected to grow at the highest CAGR during the forecast period.
- By voltage, in terms of revenue contribution, the 60V & above segment of electric motor market dominated the market in 2014.
- By speed, in terms of revenue, the ultra-high speed electric motor (greater than 75001 RPM) segment is projected grow at the highest CAGR, in terms of value.