As indicated by Acumen Research and Consulting, the global electric motor sales market size is evaluated to grow at CAGR around 8% over the estimate time frame. Increasing technological advancements, surge in electric vehicles production, various advantages offered by electric motor, rise in awareness towards green vehicles, enhanced insulation and operational efficiency and growing fuel prices across the globe are some of the key factors that are fueling the electric motor sales market growth across the globe. The electric motor is an electrical device that converts electrical energy into mechanical energy. Electric motor is an indivisible constituent of heating, ventilation, and cooling (HVAC) equipment. The Asia Pacific market is likely to grow at remarkable CAGR due to continuous advancements in the agriculture sector with the huge investments and rapid development in the mining industry in industrialization in various countries.
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Motor Vehicle Segment is Also Anticipated to Witness a High Demand over the Forecast Period
On the basis of application, the electric motor sales market is segmented into motor vehicles, HVAC. Motor vehicles segment is anticipated to dominate the global electric motor sales market over the forecast period owing to the growing penetration of electric motors in the heavy industrial equipment and agricultural vehicles and machineries. The demand for electric motors is rapidly increasing in the various countries, such as India, Brazil, Sri Lanka, Vietnam, and Argentina as they have a extensive population relying on the agriculture. Hence, the demand for energy efficient and cost effective products has increased in these countries. Increase in electric vehicles production is anticipated to boost the demand for electric motors. Also the electric motors are used in performance components in order to console the components of the vehicle. Electric vehicles are manufactured in order to reduce the overall operational costs and carbon footprint. On the other hand, HVAC segment is also anticipated to grow at significant rate during the forecast period owing to the growing adoption of electric motors in various HVAC applications as HVAC equipments are heavily rely on the electric motors. The electric motors are generally used in HVAC applications, pumps, domestic appliances, electric cars, compressors, fans and automated robots. Increasing applications of electric motors such as hotels, various residential as well as office buildings and warehouses are expected to spur the growth of the segment.
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Asia Pacific to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global electric motor sales market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is expected to accumulate highest market share in the global electric motor sales market. Asia Pacific is expected to grow at ample growth rate over the forecast period owing to the continuous advancements in the agriculture sector with the huge investments and rapid development in the mining industry in industrialization in various countries. Rapid expansions of the mining industry, increasing demand for electric motors in the oil and gas industry and noteworthy demand for cement across the construction industry are some of the key factors that positively influencing the growth of the global electric motor sales market. Large numbers of small and large scale electric motor manufacturers from the region are rapidly investing in electric motor sales in order to offer more innovative and cost effective products to the customers. An enormous investment in industrialization is anticipated to boost the global market growth over the forecast period. North America is also anticipated to growth at considerable pace during the forecast period owing to the continuous development of various innovative products and growing penetration of electric vehicles.
L'Oréal S.A.; Beiersdorf AG, Johnson and Johnson and Colgate-Palmolive Company are Likely to Continue to Lead the Global Electric motor sales Market
The electric motor sales market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Allied Motion Technologies, Inc., General Electric Company, Baldor Electric Company, Inc., Ametek, Inc., Franklin Electric Co., Denso Corporation, Johnson Electric Holdings Ltd., Siemens, Rockwell Automation, and Asmo Co., Ltd.
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