DUBLIN, May 16, 2019 /PRNewswire/ -- The "Electric Motor Market (2013-2023)" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Motor Type
18.104.22.168 AC motor
22.214.171.124 DC motor
126.96.36.199 Hermetic Motor
4.1.2 By Output Power
188.8.131.52 Fractional horsepower
184.108.40.206 Integral horsepower
4.1.3 By Application
220.127.116.11 Motor vehicles
18.104.22.168 Industrial machinery
22.214.171.124 HVAC equipment
4.2 Value Chain Analysis
4.3 Market Dynamics
126.96.36.199 Development of high power to weight ratio electric motors
188.8.131.52 Customized electric motors
184.108.40.206 Increasing compliance for energy efficient electric motors
220.127.116.11 Rising adoption of motor-driven electric vehicles
18.104.22.168 Increasing usage of electric motors for several applications
22.214.171.124 Impact analysis of drivers on market forecast
126.96.36.199 Portability issues with heavy electric motors
188.8.131.52 High primary cost of electric motors
184.108.40.206 Impact analysis of restraints on market forecast
220.127.116.11 Development of super premium efficiency IE4 electric motors
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Motor Type
5.1.1 AC Motor, by Type
5.1.2 DC Motor, by Type
5.2 By Output Power
5.3 By Application
5.4 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. MEA Market Size and Forecast
Chapter 10. LATAM Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 Competitive Benchmarking of Key Players
11.3 Recent Activities of Major Players
11.4 Global Strategic Developments of Key Players
11.4.1 Mergers and Acquisitions
11.4.2 Product Launches
11.4.4 Other Developments
Chapter 12. Company Profiles
- Toshiba Corporation
- Wolong Holding Group Co. Ltd.
- Siemens AG
- Johnson Electric Holdings Limited
- DENSO Corporation
- ABB Ltd.
- Mitsubishi Electric Corporation
- AMETEK Inc.
- Robert Bosch GmbH
- Franklin Electric Co. Inc.
- Regal Beloit Corporation
- Nidec Corporation
For more information about this report visit https://www.researchandmarkets.com/r/yhp0di
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