Electric motors market to exceed $120 billion by 2019, Transparency Market Research says
The global electric motors market is expected to reach a value of USD 120.68 billion by 2019, at a CAGR of 6.3% from 2013 to 2019, according to a new market report published by Transparency Market Research "Electric Motors (AC motors, DC motors, Hermetic motors) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019."
The demand for energy efficient electric motors is rising globally due to the introduction of stringent electricity consumption standards and rising electricity prices. In addition, rising production of motor vehicles, home appliances and other electric motor driven systems is increasing the demand for electric motors. Moreover, stringent design and manufacturing standards in designing and manufacturing to improve efficiency of electric motors are encouraging global manufacturers to develop energy efficient motors. Demand trend for electric motors is steadily shifting from standard efficiency electric motors towards high-energy efficient motors. However, lack of awareness about benefits of energy efficient electric motors and high initial purchase cost are inhibiting the growth of the energy efficient electric motors.
Based on types, electric motor is categorized into AC motors, DC motors and hermetic motors. AC motor is the largest product segment and accounted for more than 80% of the revenue share of overall electric motors market in 2012. Hermetic motor is expected to be the fastest growing segment through the estimated period. Rising demand for HVAC equipment is expected to drive this growth in the future.
Fractional horsepower (FHP) motors are most commonly used in low voltage automotive, heating, ventilating and cooling, office machinery and several other applications. Fractional horsepower (less than 1hp) motors are used in low voltage power applications and accounted for the largest revenue share i.e. about 70% of the electric motors market by output power in 2012. However, fastest growth is expected from Integral horsepower (IHP) segment as industrial users are replacing their traditional electric motors with energy efficient motors. In addition, several incentive programs in the U.S. and European countries for early replacement of low efficient electric motors are also influencing the demand for energy efficient IHP motors from industrial sectors.
Applications of electric motors include motor vehicles, industrial machinery, HVAC equipment, aerospace and other transportation equipment, home appliances and commercial and other service industries. Motor vehicle segment is expected to remain the largest in the electric motors market. In 2012, motors vehicles accounted for more than 31% of the revenue share in the overall electric motors market by application. The sale of electric and hybrid vehicles doubled in 2012 as compared to 2011. The motor vehicle segment is expected to remain the largest application segment for electric motors due to rising demand for electric and hybrid vehicles through the estimated period. However, fastest growth is expected from HVAC equipment segment with increasing residential and commercial construction globally.
Asia-Pacific is the largest as well as the fastest growing regional market in the global electric motors market. In 2012, Asia-Pacific accounted for about 66% of the revenue share of global electric motors market. Continuous rise in production of electric motors driven systems such as motor vehicles, HVAC equipment, and household appliances in major countries including China, India, Indonesia, South Korea and Singapore is primarily contributing to the growth of electric motors in Asia-Pacific. North America and Europe are expected to see slow growth in the future. This is because several motor vehicles and electronic appliances manufacturers from these regions are shifting their manufacturing plants to countries in Asia such specially India and China.
Browse the full report with TOC at http://www.transparencymarketresearch.com/electric-motors-market.html
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