Global Electric Motor Market - Size, Scope, Forecast to - 2019-2024

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Japan, Japan, Tue, 04 Jan 2022 02:01:24 / Comserve Inc. / -- The global electric motor market attained a volume of 601.55 million units in 2018. Rising electrification, mechanisation and automation of the industrial processes, growing automobiles sales and technological innovations, are aiding the continuing growth

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

The global electric motor market attained a volume of 601.55 million units in 2018. Rising electrification, mechanisation and automation of the industrial processes, growing automobiles sales and technological innovations, are aiding the continuing growth of the market. The electric motor market is expected to grow at a CAGR of 10.22% between 2019-2024, reaching a volume of 1077.2 million units by 2024. Rising urbanisation, industrialisation and electrification in emerging economies like China and India have provided further impetus to the electric motor market. With an increasing focus on motor energy conservation and environmental protection, the demand for energy saving high-efficiency motors have been growing.

Properties and Applications
Electric motors work on the principles of electromagnetism - converting electrical energy into mechanical energy. Due to their properties like durability, high efficiency, low energy consumption, and low maintenance, along with a high endurance for fluctuating voltages, electric motors find their application in various sectors:

Industrial Machinery
Motor Vehicles
Heating Ventilating and Cooling (HVAC) equipment
Aerospace and Transportation
Household Appliances
Other Commercial Applications

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The Final Report will cover the impact analysis of COVID-19 on this industry: Global Electric Motor Market - Size, Scope, Forecast to -  2019-2024

Based on its end-use, electric motors find their largest application in the industrial sector followed by the commercial sector. In 2018, almost half of the electric motors that were globally produced were used in industrial machinery, where they form an integral component in industries like building and construction, food and beverage, mining, and iron and steel, among others.

The AC electric motor type dominates the market with a share of over 80%. Among AC electric motors, induction AC motors are the more popular type. Due to their simplistic design AC motors are used in industrial, domestic and commercial sectors for fixed speed applications where an AC power line can be connected.

Electric motors can also be divided on the basis of voltage usage into low, medium and high voltage. Low voltage electric motors are being widely used in fans, compressors, pumps, HVAC systems and domestic appliance, among others due to a shift towards high efficiency electric motors.

Market Analysis
Technological advancements and the expansion of automation in industries are the major driving factors for the growth of electric motor market. In order to meet the energy efficiency standards set by governments across various countries, the use of energy efficient electric motors in industrial applications has risen leading to decrease in the energy expenses. Thus, gas turbines are being replaced with electric motors in big industrial plants, aiding the electric motor market growth. Application of electric motors in industrial machinery is expected see a robust growth and is projected to reach a volume of 511.6 million units by 2024.

Fill This Form and get the Sample Copy of This Report: https://www.sdki.jp/sample-request-92839
The Final Report will cover the impact analysis of COVID-19 on this industry: Global Electric Motor Market - Size, Scope, Forecast to -  2019-2024

The growing automotive industry aided by a rising demand for vehicles due to the greater purchasing power and better standards of living of the consumers is propelling the electric motor market forward. Various government initiatives in emerging economies are providing further impetus to the growth in sales of electric motors.

Asia Pacific is the leading region currently, having more than 50% market share. The market in the region is driven by the rising demand for energy-efficient motors over traditional electric motors. Asia Pacific is followed by North America and Europe as some of the leading markets. While the growth of the North American market is expected to slow down in the coming years due to maturity, the European market is expected to see a healthy growth in the next few years due to rising industrialisation, and economic growth along with a mounting demand for consumer home appliances and power utilities.

TABLE OF CONTENT

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1    Preface
2    Research Methodology
3    Executive Summary
    3.1    Overview
    3.2    Key Demand Drivers
    3.3    Top Global Suppliers
    3.4    Key Development
    3.5    Key Insights
4    Global Electric Motor Market Outlook
5    Global Electric Motor Market
    5.1    Global Electric Motor Market Analysis
        5.1.1    Chart: Market by Type 
            5.1.1.1    AC Electric Motors
                5.1.1.1.1    Induction AC Motors
                5.1.1.1.2    Synchronous AC Motors
            5.1.1.2    DC Electric Motors
                5.1.1.2.1    Brushed DC Motors
                5.1.1.2.2    Brushless DC Motors
            5.1.1.3    Others
        5.1.2    Chart: Market Breakup by Voltage
            5.1.2.1    Low Voltage
            5.1.2.2    Medium Voltage
            5.1.2.3    High Voltage
        5.1.3    Chart: Market Breakup by Application
            5.1.3.1    Industrial Machinery
            5.1.3.2    Heating-Ventilating-Air-Conditioning (HVAC)

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Hina Miyazu

Shibuya Data Count
Email: sales@sdki.jp
Tel: + 81 3 45720790

The post Global Electric Motor Market - Size, Scope, Forecast to - 2019-2024 appeared first on Comserveonline.

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