Electric motors are commonly used as a source of mechanical energy in
a broad range of residential, industrial and commercial applications
such as fans, pumps, compressors, elevators, refrigerators and
several other systems. The global electric
motors market is expected to see a steady growth through the
estimated period 2013 – 2019. Stringent electricity consumption
regulations, rising need to reduce green house gas effects and
positive outlook of manufacturing industries are expected to propel
the growth of global electric motors market. Electric motor is the
most vital component used in the production of motor vehicles,
heating ventilating and cooling (HVAC) equipment and in several home
appliances. Rising income levels and improving standards of living
are expected to spur the production of motor vehicles and electronic
appliances globally. This is expected to be the primary factor to
boost the demand for electric motors globally. In addition, use of
energy efficient electric motors minimizes financial burden on
consumers and governments by optimizing electricity consumption. Due
to the aforementioned factors, electric motors are expected to see a
huge demand in the replacement market particularly from industrial
users.
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Types of electric motors include AC motors, DC motors and hermetic
motors. AC motors are relatively smaller, cheaper and lighter and
most commonly used in HVAC equipment, industrial and home appliances;
and manufacturing facilities. In 2012, AC motors accounted for the
largest revenue share of the overall electric motors market. DC
motors are used for variable speed control applications such as motor
vehicles, electronic toys, industrial machineries and equipment etc.
Hermetic motors are expected to see the fastest growth at a CAGR of
8.5% through the estimated period with rising demand from HVAC
manufacturers.
Based on output power capacity electric motors are divided into two
categories fractional horsepower (FHP) motors and integral horsepower
(IHP) motors. Fractional horsepower are generally used in low power
applications and accounted for the largest revenue share of the
electric motors in 2012. IHP motors are expected to see the fastest
growth through the estimated period. Stringent electricity
consumptions and benefits of energy efficiency electric motors are
motivating industrial users to retrofit their plants with energy
efficient electric motors. This represents a positive outlook for IHP
motor suppliers in the next six years.
In 2012, motor vehicles accounted for the largest application segment
for electric motors. Due to rising fuel prices and pollution, demand
for electric vehicles is rising rapidly in developed and emerging
countries such as the U.S., Japan, Germany, China, India and others.
This segment is expected to maintain its dominating position in the
electric motors market with increasing production of electric
vehicles in the next six years. Significant demand for electric
motors is also expected from HVAC industry, household appliances and
industrial machinery segment.
Asia-Pacific was the largest as well as the fastest growing regional
market in the global electric motors market. Growing
industrialization and rising disposable income in China, India,
Indonesia, Malaysia and several other countries in Asia-Pacific is
likely to contribute to the growth of electric motors. North America
and Europe is expected to grow blow global electric motors market
CAGR through 2013 – 2019. Stringent electricity consumption
regulations and government incentive programs for early replacement
of low efficient electric motors are expected to drive this growth.
Global electric motors industry looks highly fragmented with large
number of international and domestic players. Rising standardization
and less price and quality differentiation among competitors is
intensifying competition. Some major players in the global electric
motors industry include Regal Beloit, Asmo Co Ltd, AMTEK, Baldor
Electric Company and Danaher.
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