Electric Motor Sales Market Worth $125.02 Billion USD by 2020
PUNE, India, November 11, 2015 /PRNewswire/ --
The report "Electric Motor Sales Market by Type (AC & DC), by Voltage (Low, Medium & High), by Output Power (Integral & Fractional HP), by End-User (Industrial, Commercial, Residential, Transportation & Agriculture), & by Region - Global Forecast to 2020", Published by MarketsandMarkets, Electric Motor Sales Market is expected to grow from an estimated USD 91.75 Billion in 2015 to $125.02 Billion by 2020, at a CAGR of 6.38% from 2015 to 2020.
Browse 80 market data Tables with 45 Figures across 190 Pages and in-depth TOC on "Electric Motor Sales Market"
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The market report defines and segments the global Electric Motor Sales Market with an analysis and forecast of the market size.
Electric Motor Sales Market is expected to grow from an estimated USD 91.75 Billion in 2015 to $125.02 Billion by 2020, at a CAGR of 6.38% from 2015 to 2020. Increased use of motors, across major industries, growing agricultural sector, transition towards energy-efficient motors are the major factors driving the market for electric motors across the globe.
Electric motors report is categorized on the basis of type, which include AC & DC motors. AC motors is projected to dominate the market with a share of around 81% by 2020. With the growing demand of AC motors in various industries such as oil & gas, mining, wastewater treatment and chemicals, the market of AC motors is expected to grow during the forecast period.
The report also segments Electric Motor Sales Market on the basis of its voltage range, which includes high (above 6.6kV), medium (1.1-6.6 kV), and low (Less than 1kV). Low voltage Electric Motor Sales Market is expected to dominate the market with a lion's share of around 67% by 2020. This growth is majorly driven by the Asia-Pacific due to the rapid industrialization and urbanization in the region. Moreover, the countries in all the other regions are undergoing rapid developments in the power sector; in turn, aiding the growth in demand for low voltage electric motors.
In this report, the Electric Motor Sales Market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia-Pacific, and The Middle East & Africa. Asia-Pacific is expected to lead the market by 2020, growing at a CAGR of 7.96% from 2015 to 2020. Continuous growth in the agriculture sector along with massive investments in industrialization in APAC region with countries like India, China, Australia, and South Korea are also expected to drive the Electric Motor Sales Market in Asia-Pacific region.
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Some of the leading players who are driving the Electric Motor Sales Market include ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Nidec Corporation (Japan), Denso Corporation (Japan), Bosch Group (Germany), Emerson Electric Co. (U.S.), and WEG (Brazil). New product/technology launches was the most commonly used strategy by top players in the market, constituting 43% of the total development share. It was followed by contracts & agreements, mergers & acquisitions and other developments.
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