Electric Motors Market - Global Industry Analysis

Electric Motors Market

Global Electric Motors Market Report Size & Share, Analysis and Forecast 2030

Category: Energy & Mining Report Format : PDF Pages: 338 Report Code: ZMR-4054 Published Date: Apr-2019 Status : Published

Global electric motors market is expected to reach USD 191,726 million by 2027, at a CAGR of 6.3% between 2019 and 2027. 

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Methodology

Free Analysis

A machine that converts electrical energy to mechanical energy is known as an electric motor. It integrates the winding currents and magnetic field to produce pressure in the form of rotation. Electric motors are charged by direct current sources, such as motor vehicles or rectifiers, batteries, or by alternating current sources, such as inverters or electrical generators and power grids.

The automobile industry is undergoing a radical transformation, with the majority of car manufacturers agreeing that the world will witness several changes in the next few years in comparison to the last few years in terms of automobiles powering. Manufacturers are preparing and planning to phase out cars powered by internal combustion engines due to the government rules limiting fuel emissions. The growth in hybrid and electric vehicles is rising. The electric and hybrid vehicles are anticipated to account for nearly 30% of vehicles sales in the years ahead. The sales of hybrid vehicles are anticipated to rise from 3% to more than 23% or 25 million vehicles of global sales over the forecasted time period. In North America and Europe, electric and hybrid vehicles are expected to lead over the next few years. In Europe, BEVs and PHEVs will shift from 2% in 2017 to nearly 9% by 2025. A drastic move away from ICE vehicles to plug-in electric vehicles and HEVs is expected by 2025. In Korea and Japan, plug-in electric vehicles will reach 384,000 vehicles, accounting market share of 6%, in the years ahead.

Global Electric Motors Market

On the basis of type, the electric motors market is segmented into alternate current motor, direct current motor, and hermetic motor. The alternate current motor segment is expected to hold the largest market share and also grow at the highest rate in the upcoming years. By power output, the market is bifurcated into internal HP and fractional HP. Based on application, the electric motors market is divided into industrial machinery, automobile, HVAC equipment, aerospace, household appliances, and others. The automotive segment is anticipated to hold the largest market share while the industrial machinery segment will grow at the highest rate in the upcoming years.

By region, North America is expected to grow at a considerable rate in the global electric motors market in the future, owing to the presence of developed economies like the U.S. and Canada. The U.S. is projected to make significant contributions to the growth of the North American electric motors market. The European electric motors market is likely to be driven by the increasing demand for electric vehicles in Germany and UK in the years ahead.

Some noticeable players of the global electric motors market include ABB, General Electric Company, Emerson Electric Co., Hitachi, Johnson Electric Holdings Limited, Robert Bosch GmbH, Rockwell Automation Inc., Siemens, Toshiba International, WEG, Nidec Corporation, Allied Motion Inc., AMETEK Inc., Arc Systems Inc., Denso, Brook Crompton, Franklin Electric, Maxon Motor, Regal Beloit Corporation, and TECO-Westinghouse, among others.

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