The positive investor sentiment in the manufacturing sector will prove immensely beneficial to the growth of the global electric motors market, finds a latest report by Transparency Market Research. The report, titled, ‘Electric Motors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019,’ states that the market will log a 6.3% CAGR between 2013 and 2019, as it rises to a valuation of US$120.68 bn by 2019. With organizations prioritizing energy efficiency, the role of electric motors in various industry verticals has become crucial.
Although projected to register a healthy rate of growth, the global electric motors market’s growth is expected to be held back by factors such as the high prices of energy-efficient motors and volatile raw material prices. TMR analysts recommend market players to invest efforts in producing electric motors that offer higher standards of efficiency.
The report segments the global electric motors market on the basis of output power, by type, by geography, and applications. The regional markets studied in the report include: North America, Europe, Asia Pacific, and Rest of the World. As per the findings of the study, the Asia Pacific electric motors market was not only the largest in the world in 2012, but is poised to be the fastest growing market in terms of compounded annual growth rate (CAGR).
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Much of the dynamism in the Asia Pacific electric motors market stems from the superlative industrial growth that has been seen in China and India in recent years. To add to this, rapidly industrializing countries such as Indonesia, Malaysia, and Thailand are contributing substantially to the demand for electric motors for various applications.
Competition has always remained intense in the global electric motors market with the presence of a number of local and global players. While this has made it difficult for companies to foray into new markets confidently, it gives consumers higher bargaining power. Even though the market is witnessing a greater degree of standardization, price and product differentiation remains low.
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From the standpoint of application, the market has been segmented into motor vehicles, industrial machinery, HVAC equipment, aerospace and other transportation equipment, household appliances, and commercial and other industry. Of these, the motor vehicles segment represented the largest share in the electric motors market in 2012.
A sudden and sweeping interest in electric vehicles can be credited for the high demand for electric motors from the automotive industry. Countries such as the United States, Germany, China, Japan, India, and others are at the forefront of the EV adoption trend and this is also where electric motor manufacturers face an opportunity. The HVAC industry is also expected to generate massive demand for electric motors, making the HVAC segment of the electric motors market a lucrative one.
Other applications where such motors will find progressively higher usage are in industrial machinery and household appliances.TMR’s report also states that AC motors garnered higher revenue than hermetic and DC motors in 2012. The coming years will, however, see a spike in the use of hermetic motors.