Electric motors are generally used as a mechanical power source in a wide range of residential, business and industrial applications like refrigerators, fans, compressors, pumps and many other systems. The universal electric motors market is predicted to experience a steady growth during the forecasted period. The demand for power effective electric motors is predicted to be worth 1, 44,960 million US dollars at the end of the estimated period. The global electric motors market is expected to grow at a CAGR rate of 6.44% during the forecasted period.
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Strict rules related to the use of electricity, growing requirement to minimize green house effects and favorable overview of manufacturing firms are predicted to fuel the growth of the worldwide electric motors market. Electric motor is the most important part utilized in the manufacture of motor vehicles, HVAC equipment and in many home based appliances. Increasing levels of incomes and growing standards of living are predicted to spur the manufacture of motor vehicles and electronic equipments universally. This is predicted to be key aspect to boost the demand for electric motors universally. Further, utilization of energy efficient electric motors reduces monetary burden on customers and governments by maximizing consumption of electricity. Owing to the above mentioned aspects, electric motors are predicted to witness a heavy demand in the replacement industry specifically from the industrial consumers.
There are different kinds of electric motors that includes AC motors, hermetic motors and DC motors. AC motors are relatively small, cheap and light and usually used in HVAC device, home equipments, industrial appliances and production. In year 2012, AC motors contributed largest market revenue share of the global electric motors market. It led the market by contributing eighty percentage of the total market revenue share during that year. DC motors are used for variable acceleration control applications like industrial equipments, electric motor vehicles and electronic toys. Hermetic motors are predicted to witness rapid growth during the forecasted period owing to growing demand from HVAC producers.
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In year 2012, electric motor vehicles contributed for the biggest application electric motors application section. Owing to growing pollution and rising fuel costs, demand for electric motor vehicles is growing fast in developing countries as well as developed countries like Germany, USA, India, Japan and others. This section is predicted to retain its leading position in the global electric motors market with growing output of electric motor vehicles in future. Large scale demand for electric motors is also predicted from HVAC sector, household equipments and industrial machinery section.
Depending upon its power ability, electric motors are segmented into two sections. They are fractional horsepower electric motors and integral horsepower electric motors. Fractional horsepower electric motors are mostly used in low energy applications. They contributed largest market revenue share to the global electric motors market in year 2012. Integral horsepower electric motors are predicted to witness rapid growth during the projected period. Strict government rules regarding the use of electricity and advantages of power efficient electric motors are driving the users to retrofit their plants with power effective electric motors. This symbolizes a positive overview for dealers of integral horsepower electric motors in future.
The global electric motors market is divided into four geographical market sections. They are sub continent of North America, continent of Europe, region of Asia Pacific and Zone of Rest of the World.
The electric motors market of Asia Pacific region was the rapidly growing market sector. Rising industrialization and growing disposable incomes as well as per capita incomes in countries like Malaysia, China, Indonesia, India and many other nations of Asia Pacific Zone are expected to contribute tot the growth and expansion of the electric motors industry.
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The electric motors market of sub continent of North America and continent of Europe are predicted to witness a massive growth during the forecasted period. Strict government rules related to consumption of electricity as well as various incentive programs carried out by the government authorities for quick substitution of low effective electric motors in the industry are predicted to stimulate the market growth and expansion.
The worldwide electric motors market sector is highly distributed with large amount of regional as well as international market participants. Growing standardization and less product cost as well as product quality differentiation among the business rivals is deepening the competition between them.
Few of the main market participants and competitors in the worldwide electric motors market segment are as follows:
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