New York, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Electric Motors Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Motors Market Research Report, Motor Type, Voltage, Output Power, End-Use and Region - Forecast till 2028” the market is projected to be worth USD 184.17 billion by 2028, registering a CAGR of 7.32% during the forecast period (2021 - 2028), The market was valued at USD 115.9 billion in 2020.
List of companies profiled in the global electric motors market report include –
- Johnson Electric Holdings Limited (Hong Kong)
- Nichibo DC Motor (China)
- EBM-PAPST (Germany)
- Sunonwealth Electric Machine Industry Co.
- Ltd. (Taiwan)
- Nidec Motor Corporation (Japan)
- Elica S.p.A. (Italy)
- Newmotech Co.
- Ltd (South Korea)
- Diehl Stiftung & Co. KG (Germany)
- Cebi Group (Luxembourg)
- Dumore Motors (US)
- NMB (US)
- CG Power and Industrial Solutions Limited (India)
- Panasonic Corporation (Japan)
- Keli Motor Group Co. Ltd. (China)
- Sanhua Aweco (Germany).
- Among others.
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The global electric motors market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
Market Research Future’s Review on Electric Motors Market
Drivers
Increased Need for HVAC Systems to Boost Market Growth
The increased need for HVAC systems in industrial, commercial, and residential end users will boost the electric motors market value over the forecast period. The HVAC systems offer thermal comfort as well as ensure the quality of air in indoor spaces.
Opportunities
Growing Need for Superior Machine Control in Auto Industry to Offer Robust Opportunities
The increasing need for superior machine control in auto industry for the high efficiency of AC synchronous motors will offer robust opportunities for the market over the forecast period.
Restraints
Fluctuating Raw Material Prices to act as Market Restraint
The fluctuating raw material prices coupled with high maintenance cost may impact the global electric motors market share over the forecast period.
Challenges
Easy Accessibility of Inexpensive and Low-Quality Electric Motors to act as Market Challenge
The easy accessibility of inexpensive and low-quality electric motors and the impact of the COVID-19 pandemic may act as market challenge over the forecast period.
Browse In-depth Market Research Report (188 pages) on Electric Motors
https://www.marketresearchfuture.com/reports/electric-motors-market-2376
Market Segmentation
The global electric motors market is bifurcated based on motor type, voltage, output power, and end use.
By motor type, the AC motor segment will lead the market over the forecast period for the increasing need for energy-efficient conveyor systems in automotive and manufacturing industries.
By voltage, the up to 1 kV segment will dominate the market over the forecast period for the growing need from commercial and residential sectors like household appliances ranging from washing machines, refrigerators, coffee machines, vacuum cleaners, and others.
By output power, the above 1 HP segment will spearhead the market over the forecast period. Electric motors are utilized in different end user applications for their low maintenance needs, light weight, and compactness. The installation of such motors in transportation and industrial end user applications will boost market growth.
By end use, the industrial segment will have the lions share in the market over the forecast period as this offers a good scope for motor manufacturers with most industries depending on motorized automation.
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Regional Analysis
APAC to Command Electric Motors Market
The APAC region will command the electric motors market over the forecast period. Rapid industrialization, widespread commercialization, booming automotive industry, the presence of developed economies, investments in innovative eco-friendly technologies, rapid growth of the residential sector, increase in energy demand in China’s household appliances, increase in per capita GDP, demand for household appliance, and the increasing need for refrigerators are adding to the global electric motors market growth in the region. Besides, increasing demand for electric motors from power, automotive, and industrial sectors, the region being the hub for automation, massive need for electric vehicles, rapid need for power for rapid-paced urbanization in India and China, advances in the agriculture sector, increasing investments in industrialization in Australia, South Korea, India, and China, increasing sales and production of electric vehicles in Japan and China, the presence of established OEMs, growing construction activities across the country, trending government focus towards adoption of energy-efficient motors, rising population in tier III cities and tier II, and the government of India playing a crucial part expanding the market by introducing initiatives like AMRUT, Smart City Mission, Make in India, affordable housing, and others are also adding market growth.
Segmentation of Market covered in the research:
Electric Motors Market Report: By Motor Type (AC, DC, Hermetic), Voltage (Up to 1 kV, 1 kV–6.6 kV, Above 6.6 kV), By Output Power (Upto 1 hp, Above 1 hp), By End-Use (Industrial, Commercial, Residential, Agriculture, Transportation) - Forecast till 2028
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
