Albany, NY, July 28, 2015 (GLOBE NEWSWIRE) -- The global electric motors market is expected to reach a value of $120.68 billion by 2019, at a CAGR of 6.3% from 2013 to 2019, according to a market research report "Electric Motors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019". The report is published by U.S.-based market intelligence firm Transparency Market Research.
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Worldwide, countries understand the importance of saving electricity, and thus invest heavily in the electric motors market. The global demand for energy efficient electric motors is increasing to high and premium efficiency motors. Various countries implement strict policies and regulations to deploy highly deserving electric motors for different applications. Also, along with the shift in trend, an increase in revenue towards investing in this market has highly motivated participants and other key manufacturers globally.
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This research report studies the highlights, dynamics, and current trends encouraging and affecting the growth of this market. It also provides in-depth detailed information about the current trends and other efficient standards impacting the development of the electric motors market.
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The market for electric motors is rising globally mainly due to the introduction of rising electricity prices and exacting electricity consumption standards. Additional factors driving the growth of the market are home appliances, rising production of vehicles, and other electric motor driven systems. Moreover, factors improving the efficiency of electric motors are standards implemented in designing and manufacturing energy electric motors. Nevertheless, high initial purchase cost and lack of awareness regarding the benefits of energy efficient electric motors are the prominent restraining factors cited in this market.
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The electric motors market is segmented into AC motors, DC motors, and hermetic motors. Of the three, the AC motor segment is considered to be the largest product segment accounting for more than 80% of the total market shares in 2012. In succession to this segment, hermetic motor is the next rapidly growing market with approaching revenues through the estimated forecast period. The key element stirring the growth of this market is the rising demand for HVAC equipment. However, a rapid growth is also seen from the Integral horsepower (IHP) segment as industrial users are increasingly replacing conventional electric motors with energy efficient motors. Fractional horsepower motors are another class of electric motors that are utilized in applications consuming low voltage power (less than 1hp). In 2012, this motor segment accounted for nearly 70% shares in the overall market. The use of FHP motors is most commonly applicable in heating, low voltage automotive applications, office machinery, ventilating and cooling, and other industrial applications.
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Furthermore, considering the electric motors market in terms of applications, the industry mainly includes HVAC equipment, aerospace, motor vehicles, industrial machinery, other transportation equipment, as well as commercial and home appliances and other service industries. Countries such as the U.S. and Europe are encouraging the use of IHP motors in industrial sectors and also influencing an early replacement of less efficient electric motors in the market.
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According to the geographical analysis discussed in this report, Asia-Pacific is the fastest and the largest regional market in the global electric motors market. It accounted for about 66% of market shares in 2012, owing to rise in production of electric motor systems such as HVAC equipment, motor vehicles, and other household appliances. The major countries in Asia-Pacific including India, China, Indonesia, Singapore, and South Korea are primary contributors to the growing global electric motor market.
Nonetheless, Europe and North America are predicted to witness slow growth in the near future. This is because electronic appliances and motor vehicles manufacturers are shifting their manufacturing industries to emerging countries in Asia, especially in China and India.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.