The APAC electric motor market is expected to reach $77,876.8 million by 2023, according to P&S Intelligence.
The growth in the market can be owed to adoption of motor-driven vehicle registering an explosive growth in the APAC region. Major players in the market are focusing towards building energy efficient motors to enable industries to reduce power consumption.
Insights into the market segments
Based on motor type, the market has been segmented into AC motors, DC motors and hermetic motors. Hermetic motor is anticipated to witness the fastest growth during the forecast period. The progress of this market can be attributed to demand for HVAC equipment from the construction industry. Strong economic growth in developing economies in the coming years is expected to fuel the construction industry. Moreover, replacement of older HVAC equipment containing harmful gases with environment friendly gases will further support electric motor market growth.
Browse report overview with 83 tables and 55 figures spread through 138 pages and detailed TOC on "Asia-Pacific (APAC) Electric Motor Market by Motor Type (AC Motor [Induction Motor, Synchronous Motor], DC Motor [Brushless DC Motor, Brushed DC Motor], Hermetic Motors), by Output Power (Fractional Horsepower, Integral Horsepower), by Application (Motor Vehicles, Industrial Machinery, HVAC Equipment, Transportation, Household), by Geography (China, India, Japan, Rest of APAC) – APAC Market Size, Share, Development, Growth and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/apac-electric-motor-market
On the basis of output power, the electric motor market has been categorized into fractional horsepower motor and integral horsepower motor. Fractional horsepower electric motors held a larger revenue share in 2017. The high growth is owing to its high demand in the low power applications of HVAC equipment, aerospace and transportation, household applications, motors used in motor vehicles excluding traction motor, and others.
Market is expected to witness fastest growth in India
India is expected to be the fastest growing electric motor market in APAC, during the forecast period, owing to growing manufacturing and construction industry in the country. The Make in India initiative which was launched in 2014, with the aim of making India a global manufacturing hub, has improved domestic manufacturing in the country, which will support market growth in the coming years. Further, growth is expected to come from the real estate sector which is expected to by over 30% over the next 10 years supported by foreign direct investments (FDI) and government initiatives.
Rising adoption of motor driven electric vehicles is the key growth driver
The demand for electric vehicles has shown an explosive growth in the recent years with electric motors being one of the major components in these vehicles. The production of electric cars in APAC has witnessed CAGR of 90% during 2013-2017. One third of deaths globally occur in Asia-Pacific due to air pollution. To curb this, governments in Asia-Pacific region introduced various sales targets for electric vehicle sales and subsidies to support higher adoption of electric vehicles.
For instance, the government of China allotted a subsidy of over $10,000 per vehicle in 2017 due to which China recorded rise in adoption of electric vehicles by over 42% from 2016. Moreover, Beijing has capped the number of car plates issued per month, to around 100,000 in 2018, to limit the number of vehicles in the city, while buyers of electric vehicles were exempted from this regulation. Demand for plug-in electric vehicles in APAC is also expected to record CAGR of over 38%, during the forecast period, wherein China is expected to offer the most lucrative market potential.
Electric motor market competitiveness
The competition in electric motor market in APAC is medium to high with key players including Emerson Electric Co., Toshiba Corporation, Wolong Holding Group Co. Ltd., Siemens AG, Johnson Electric Holdings Limited, DENSO Corporation, ABB Ltd., Mitsubishi Electric Corporation, Ametek Inc. and Robert Bosch GmbH.
The companies operating in the market are highly diversified offering various types of motors globally to meet the industry demand.
APAC Electric Motor Market Segmentation
Market Segmentation by Motor Type
Market Segmentation by Output Power
Market Segmentation by Application
Market Segmentation by Geography