Global Electric Motor Market Overview
Global Electric Motor market is expected to reach $148,512.4 million by 2022, growing at 6.09% CAGR during 2016-2022. Electric motor is a machine that transforms or converts electric energy to mechanical energy. Majority of electric motors operate by the internal interaction of magnetic field and winding currents to generate force within the motor. Electric motor finds its major application in the field of industrial fans, machine tools, blowers and pumps, household appliances, disk drives, and machine tools. Generally, electric motor is powered by AC current (power grid, inverters or generators) or direct current (batteries, motor vehicles or rectifiers).
Global Electric Motor Market Trends
Recently various industrial plants have started shifting from gas turbines to electric motors as an alternative source of energy. Energy efficiency is the major factor that has forced the industrial sectors to take such a step. In addition, there is observable transition in the vehicle industry from a phase of traditional vehicles to electric vehicles in various developed and developing countries including U.S., France, Germany, China, Japan and India. The major factor that drives this transition is stringent government regulations that are enforced for reducing the overall greenhouse effect from the environment.
Global Electric Motor Market Segmentation
AC, DC and hermetic motors are the three major electric motors available for end-users. Application segment of the global electric motor market constitutes of industrial machinery, motor vehicles, heating ventilating and cooling (HVAC) equipment, aerospace, household appliances and other commercial applications. Also, for better understanding the Global Electric Motor market penetration of electric motor, the Global Electric Motor market is analyzed in different geographies and countries including North America (U.S., Canada, Mexico and Rest of North America), Europe (Germany, Spain, France, Russia, U.K., Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of APAC) and LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria and Rest of LAMEA). Growth in automotive and pharmaceutical industry has also added to the total number of manufacturing facilities operating on the global level. This would offer wide opportunity for the electric motor industry. In 2014, in the U.S. domestic production of vehicles stood at 16.5 million, compared to 15.6 million in 2013. This number increased to approximately 17.0 million by 2015. In 2013, total number of light weight vehicles in China reached 20.9 million, compared to around 9.0 million and 3.1 million in Japan and India respectively.
Global Electric Motor Market Players
The report covers the analysis of key stake holders of the Global Electric Motor market. Key companies profiled in the report include Baldor Electric Company, Robert Bosch GmbH, Denso Corporation, General Electric Company, Siemens AG, Brook Crompton UK Ltd., Mitsubishi Electric Corporation, ATB Austria Antriebstechnik AG, Crompton Greaves Ltd. and Hitachi, Ltd.