Electric motor market is forecasted to reach $135.2 billion by 2022, according to P&S Market Research
Asia-Pacific represented almost 50% of the electric motor market in 2015. The electric motor market in the Rest of the World region is expected to witness the fastest development both in volume and value terms amid the forecast time frame.
Merchants are making electric motors with high power to weight ratio as significant electric motors have portability and high vitality utilization issues. In April 2015, Siemens specialists developed another kind of electric motor with a weight of 50 kilograms. The organization claimed that the motor conveys a relentless output of around 260 kilowatts – five times more than practically identical drive systems. The motor was particularly planned for use in aircrafts.
Developing nations alluring investors
The divided assembling industry and high overall revenues for manufactured items within the emerging economies make them alluring to investors when contrasted with developed economies. The nations, for example, China and India have substantial populace base and the modern and business infrastructure has been enhancing, along these lines outlining enormous market potential. Assembling electric motors and electric motor driven frameworks in the developing regions tend to diminish the general cost of assembling, in this manner lessening the cost of the item without adjusting the quality. Also, with the expanding compliance for electric vehicles alongside stringent emission norms are relied upon to support the interest for electric motors in the emerging economies. In this manner, the expanding interest for electric motors in developing countries creates adequate opportunities for the manufacturers of electric motors.
Access Report Summary with Detailed TOC on “Global Electric Motor Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Motor Type (AC Motor, DC Motor, and Hermetic Motor), By Output Power (Fractional Output Power, and Integral Output Power), by Application (Motor Vehicles, Industrial Machinery, Transportation, Household Appliances, and Others)” at: https://www.psmarketresearch.com/market-analysis/electric-motor-market
Electric vehicles are one of the key answers for the present issues like air contamination and unstable crude oil prices. In spite of high beginning cost, electric vehicles offer low working cost, which builds their adoption across the globe. The transit offices in developing nations are concentrating more on long haul condition and money saving advantages. Developed nations, particularly in Europe, are adopting alternate method of transportation with insignificant air contamination. Electric vehicles are additionally picking up footing in developing economies. China is among the earliest adopters of electric vehicles in the world.
Growing demand from residential and commercial sectors
Expanding urbanization has fundamentally changed the way of life of individuals and the surrounding environment. As indicated by the World Health Organization (WHO), over half of the world's populace live in urban zones. It is normal that by 2050, around 70% of the world's populace will live in towns and cities. The construction industry is developing at an unfaltering pace throughout the previous couple of years. The increase in populace and growing disposable income of people has prompted the construction of different private and business structures, malls, workplaces, industrial facilities and plants. Attributable to its wide range of uses, electric motors are utilized as a part of these structures for operations of various frameworks or machines.
High cost of energy efficient electric motors proving to be a barrier
The high cost of energy efficient electric motors goes about as a noteworthy obstruction in the development of the electric motors market. The electric motors producing process is complex and the cost of manufacturing and assembling is high. Additionally, manufacturing energy efficient electric motors increases the general cost of electric motors. Attributable to the high cost of energy efficient electric motors, the industry players in developing and underdeveloped nations cannot manage the cost of these frameworks.
The market has high intensity of rivalry and the threat of substitute is high
Due to low product differentiation in the electric motor industry, as the significant products in electric motor market ought to have certain qualities, the intensity of rivalry is high. High exit barriers in this market are relied upon to elevate the rivalry among key players.
GLOBAL ELECTRIC MOTOR MARKET SEGMENTATION
By Motor Type
By Output Power
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