Electric Motors Market will Exhibit a Steady 4.7% CAGR through 2017-2027
Posted: Nov 23, 2017
Future Market Insights’ newly published report titled "Electric Motors Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)" examines the global electric motors market and offers crucial market insights for the next 10 years. According to the report, the market is anticipated to witness increasing demand for energy efficient motors owing to a growing focus on energy conservation. The estimated value of the global electric motors market in 2017 is US$ 88.6 Bn and the market is expected to expand at a CAGR of 4.7% to reach US$ 145.8 Bn by the end of 2027.
Global Electric Motors Market: Dynamics
The global electric motors market is estimated to be driven by increasing automation and robotics in the manufacturing sector, increasing electric vehicle sales and rising demand from HVAC and household applications. Healthy growth of end use sectors will also be a prime factor supplementing market growth. Industries across prominent regions such as Western Europe and North America and some countries in the Asia Pacific region are anticipated to witness high demand for energy efficient motors, i.e. above the IE2 efficiency level. At a product level, cost effectiveness offered by brushless DC motors due to their limited maintenance, increased efficiency, low operating cost and higher reliability will supplement growth of the DC motor segment. Product development is expected to remain a major focus for leading players in the market, while customisation will emerge as a major trend in the global market.
On the other hand, one of the main challenges faced by electric motors manufacturers is the rising competition among local and international companies. The local players have a significant impact on the regional markets; this has resulted in price competitiveness and narrowing profit margins. Leading players in the market are using acquisition as a top strategy to maintain a competitive edge in the global market.
Global Electric Motors Market: Segmental Forecast
On the basis of power output, the
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