Electric Motor Market (2013-2023)

NEW YORK, Nov. 14, 2019 /PRNewswire/ --

Electric Motor Market (2013-2023)

According to the report, the electric motor market generated revenue of $108.5 billion in 2017 and is expected to reach $155.1 billion by 2023. Electric motors are widely used in household appliances, industrial machines, HVAC systems, and motor vehicles. With the increasing industrial activity and demand for electric vehicles around the globe, the market is projected to witness considerable growth during the forecast period.

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Going by motor type, the electric motor market is divided into DC motor, AC motor, and hermetic motor. Among all these, AC motors registered the largest market share in 2017 in terms of revenue and are projected to dominate the market in the future as well. AC motors are widely used because of their high serviceability in applications ranging from household appliances to heavy industrial machineries. They are also useful in commercial drill machines, railway traction mechanisms, kitchen and industrial blenders, vacuum cleaners, dryers, and trimmers due to their constant high rotary speed.

The electric motor market for DC motors is further categorized into brushed DC motors and brushless DC motors. Due to the various advantages of brushless DC motors, including higher efficiency, better speed control, no sparking, higher torque to weight ratio, longer lifetime, more reliability, and less noise, these motors held the higher revenue share in 2017. The market growth of this category is predicted to be driven by the rise in demand for more controllable, efficient, durable, and silent electric motors for equipment, such as computer numerical control (CNC) machine feed drives, industrial robots, actuators, and extruder drives.

The demand for electric vehicles has recorded rapid growth in recent years. Globally, the sale of electric cars reached 1 million units in 2017. China is the world's largest electric car market, with nearly 580,000 electric cars sold in 2017. The rise in the adoption of electric vehicles is boosting the electric motor market, as electric motors are one of the quintessential components in these vehicles.

According to the World Health Organization (WHO), seven million deaths are recorded every year globally due to air pollution. To address the problem of air pollution through the use of electric vehicles, governments in several countries have set sales targets for these vehicles besides offering subsidies to encourage their adoption. For instance, the Government of China provided a subsidy of over $10,000 for electric vehicles in 2017, due to which the electric vehicle adoption in the country rose by over 42.0% after 2016. Thus, the increasing adoption of electric vehicles in countries across the globe is taking the electric motors market ahead.

Global Electric Motor Market Segmentation
Market Segmentation by Motor Type
- AC Motor

- Synchronous
- Induction

- DC Motor

- Brushless
- Brushed

- Hermetic Motor

Market Segmentation by Output Power
- Fractional Horsepower
- Integral Horsepower

Market Segmentation by Application
- Motor Vehicles
- Industrial Machinery
- HVAC Equipment
- Transportation
- Household

Market Segmentation by Geography
- North America Electric Motor Market

- By motor type
- By output power
- By application
- By country – U.S. and Canada

- Europe Electric Motor Market

- By motor type
- By output power
- By application
- By country – Germany, U.K., France, Spain, Italy, Russia, and Rest of Europe

- Asia-Pacific (APAC) Electric Motor Market

- By motor type
- By output power
- By application
- By country – China, Japan, India, South Korea, and Rest of APAC

- Middle East and Africa (MEA) Electric Motor Market

- By motor type
- By output power
- By application
- By country – Turkey, Iran, South Africa, Saudi Arabia, U.A.E., and Rest of MEA

- Latin America (LATAM) Electric Motor Market

- By motor type
- By output power
- By application
- By country – Mexico, Brazil, Argentina, and Rest of LATAM

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