June 09, 2020 10:53 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, June 09, 2020 (GLOBE NEWSWIRE) -- The global electric motor market size is projected to reach USD 167.03 billion by 2026, thereby exhibiting a CAGR of 5.7% during the forecast period. Fortune Business Insights™ published this information in an upcoming report, titled, “Electric Motor Market Size, Share & Industry Analysis, By Motor Type (AC Motors, DC Motors, Hermetic Motors), By Power Output (Fractional Horsepower (Up to 1HP), Integral Horsepower (Above 1HP)), By Voltage (Up to 1 kV, 1 kV-6.6 kV, Above 6.6 kV), By Application (Industrial Machinery, Motor Vehicles, HVAC Equipment, Electrical Appliances, Others), By End-User (Industrial, Commercial, Residential, Agriculture, Transportation) and Regional Forecast, 2019-2026.” The report further states that the market was valued at USD 107.76 billion in 2018. However, it is expected to gain momentum from the rising demand for HVAC applications, as well as increasing investments.
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Rising Government Programs to Achieve Emission-free Vehicles Will Boost Growth
The demand for electric vehicles has abruptly increased since the past few years because of the rising government awareness programs to attain emission-free vehicles. Therefore, several industry giants are investing huge sums in expanding the automobile sector and developing their industries. It would rapidly increase the demand for electric vehicles, which, in turn, would further augment the electric motor market growth during the forecast period. Additionally, the companies are investing persistently in the automotive industry that would propel growth.
AC Motor Segment to Lead Backed by Extensive Usage in Several Applications
In terms of motor type, the market is grouped into hermetic motors, DC motors, and AC motors. Out of these, the AC motors segment is set to generate the largest electric motor market share during the forecast period. It had acquired a share of 58.5% in 2018. This growth is attributable to the rising adoption of these motors in many applications, right from irrigation pumps to state-of-the-art industrial operations. The DC motors segment, on the other hand, is anticipated to showcase considerable growth owing to the expansion of the transportation sector and rising usage in electric vehicles. Lastly, hermetic motors are widely used for ventilation, heating, and compression purposes. A huge demand for them from the emerging countries is expected to boost growth of this segment.
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Rising Development in Industrialization & Commercialization to Favor Growth in Asia Pacific
The market is geographically segregated into the Middle East and Africa, Asia Pacific, Europe, Latin America, and North America. Amongst these regions, the electric motor market size of Asia Pacific was USD 38.51 billion in 2018. The region is set to experience robust growth throughout the forthcoming years owing to the increasing development in commercialization and industrialization in countries such as Indonesia, Australia, Japan, India, and China. China is expected to upsurge its investment and enhance the electric vehicle deployment plans to curb the emission of greenhouse gases and meet the global target. The country, for instance, has formulated numerous regulations and policies, namely, next-generation artificial intelligence development plan, Internet plus strategy, made in China 2025, and intelligent manufacturing plan 2016–2020 to allow the growth of the industrial sector. These factors are set to accelerate the growth of the market in this region.
Key Players Focus on Investment & Acquisition to Increase Sales
The market is occupied by various enterprises of all sizes. They are aiming to increase sales and create a robust position in the market by investing huge sums in the development and acquiring other companies. Below are a couple of the latest developments:
Fortune Business Insights™ profiles some of the most reputed companies operating in the electric motor market. They are as follows:
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