NEW DELHI, April 23, 2019 /PRNewswire/ -- According to a new report Global Electric Motor Market, published by KBV research, The Global Electric Motor Market size is expected to reach $175.5 billion by 2024, rising at a market growth of 7.4% CAGR during the forecast period. The prevalence of electric motors impacts nearly every aspect of the modern living. From refrigerators, vacuum cleaners, air conditioners, fans, to computer hard drives, automatic car windows, and other appliances and devices, all use electric motors with the purpose of converting the electrical energy into useful mechanical energy. Apart from running the everyday appliances, electric motors can also be held responsible for facilitating a massive portion of industrial processes.
The North America market would grow at a CAGR of 6.7 % during the forecast period. The Europe market is expected to witness a CAGR of 7.1% during (2018 - 2024). Additionally, The Asia Pacific market is expected to witness a CAGR of 7.8% during (2018 - 2024). This growth can be attributed to factors such as developments in the farming sector as well as huge industrialization investments in countries such as China, India, South Korea and Australia. Market growth opportunities in Latin America and the Middle East and Africa will rise in the near future as government funding will increase. The market in these regions benefits from rising demand mostly from the petrol and gas sector, rapid mining development and high cement demand in the construction industry.
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The Fractional Horsepower (FHP) Output market dominated the Global Electric Motor Market by Output Power 2017. The Integral Horsepower (FHP) Output market is expected to witness a CAGR of 6.2% during (2018 - 2024).
The Motor Vehicles market dominated the Global Electric Motor Market by End User 2017, growing at a CAGR of 6.4 % during the forecast period. The growing awareness regarding green vehicles among consumers is a major factor responsible for driving the market. In addition, increasing government incentives to boost sales of green vehicles to protect the environment from carbon emissions are expected to fuel the market. In the past few years, electric motors have seen a number of technological advances, which have resulted in the increased demand. The Industrial Machinery market is expected to witness a CAGR of 6.6% during (2018 - 2024). The Heating Ventilating and Cooling (HVAC) Equipment market is expected to witness a CAGR of 8.7% during (2018 - 2024). Additionally, The Household Appliances market is expected to witness highest CAGR of 9% during (2018 - 2024).
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The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH, General Electric (GE), Siemens AG, Hitachi, Ltd., Mitsubishi Heavy Industries Ltd., ABB Corporation, Emerson Electric Co., Denso Corporation, Toshiba Corporation, and Brook Crompton UK Ltd. In order to understand the competitive landscape, the KBV Cardinal Matrix has been provided with this report. It is a visual representation about the key players in the industry. The matrix is designed considering the major strategic developments including Mergers & Acquisitions, product launches, partnership among others and the financial strength of the company in the considered years. The major strategies followed by the market participants are Product launches and Acquisitions. Based on the Analysis presented in the Cardinal matrix, Siemens AG, Toshiba Corporation, Robert Bosch GmbH, Hitachi, Ltd. and Brook Crompton UK Ltd. are some of the forerunners in the Electric Motor market.
Global Electric Motor Market Segmentation
- AC Motor
- Synchronous AC Motor
- Induction AC Motor
- DC Motor
- Brushless DC Motor
- Brushed DC Motor
- Hermetic Motor
By Output Power
- Fractional Horsepower (FHP) Output
- Integral Horsepower (FHP) Output
By End User
- Motor Vehicles
- Industrial Machinery
- Heating Ventilating and Cooling (HVAC) Equipment
- Household Appliances
- Aerospace & Transportation
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Robert Bosch GmbH
- General Electric (GE)
- Siemens AG
- Hitachi, Ltd.
- Mitsubishi Heavy Industries Ltd.
- ABB Corporation
- Emerson Electric Co.
- Denso Corporation
- Toshiba Corporation
- Brook Crompton UK Ltd.
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SOURCE KBV Research