New York, June 29, 2021 (GLOBE NEWSWIRE) – Electric Motors Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Electric Motors Market Research Report, Engine Type, Voltage, Power Output, End Use and Region – Forecast to 2027”, The market is expected to be worth USD 176.35 billion by 2027, registering a CAGR of 6.2% during the forecast period (2021 – 2027), The market was valued at USD 115.9 billion in 2020.
HVAC Industry Driving Global Electric Motor Market
The rapid pace of industrialization and commercialization that will propel construction activities around the world, especially in the Asia-Pacific region, will directly drive the expansion of the global electric motor market. Due to the increased need for industrial equipment, the global demand for electric motors will increase. The HVAC (heating, ventilation and air conditioning) industry (a major consumer of DC electric motors) is also linked to the construction industry and will drive the global electric motor market on the rise throughout the period. projection.
Environmental awareness and global focus on reducing the carbon footprint
The electric motor market is driven by environmental awareness and the global focus on reducing the carbon footprint. With several new technical advances reshaping the facade of the automotive industry and the world moving towards electric mobility, the electric vehicle segment offers an exceptional development opportunity for the electric motor market.
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Governments around the world are also creating a growth-friendly environment for electric vehicle manufacturers by granting tax exemptions and other incentives, thereby supporting the electric motor market. According to reports, China will take 50% of the global electric passenger vehicle market by 2025.
The List of Key Companies Presented in the Electric Motors Market Research Report are:
- ABB SA (Switzerland)
- Siemens AG (Germany)
- General Electricity Company (United States)
- Nidec Corporation (Japan)
- Denso Corporation (Japan)
- Allied Motion Technologies Inc. (United States)
- Ametek Inc. (United States)
- Robert Bosch GmbH (Germany)
- Emerson Electric Co. (United States)
- Hitachi Ltd. (Japan)
- Johnson Electric Holdings Limited (Hong Kong)
- Rockwell Automation (United States)
- WEG SA (Brazil)
- ARC Systems Inc. (United States)
- Toshiba International Corporation (United States).
In March 2020, Wolong Electric, a subsidiary of Wolong, absorbed GE’s small industrial engine business for $ 160 million. This acquisition should enable Wolong to acquire a leading position in terms of market share.
In February 2020, Nidec Corporation introduced two new traction motor systems – the 200 kW Ni200Ex and the 50 kW Ni50Ex – based on the company’s original 150 kW E-axle (fully powered traction motor system). integrated with an electric motor, a reducer and an inverter).
Browse the In-Depth (111 Pages) Electric Motors Market Research Report
China’s dominance over commodities
China dominates and effectively determines the market for raw materials used in the manufacture of electric motors. Steel bars, copper wires, and fine precision metals such as special alloys, required for the manufacture of electric motors, are controlled globally by a limited number of Chinese manufacturers and suppliers. The items are completely identical and the only point of contention is the price – the cheapest product is gaining ground in the world market. Price fluctuations are then borne by the importers and users of these items, and when the price of a product increases, profit margins are reduced, posing a threat to the overall growth prospects of the electric motors market.
COVID-19 crisis will impact market growth
Global supply chain disruptions caused by the COVID-19 pandemic will be the primary cause of any recent impact on the global electric motor market and its value. The widespread construction slowdown, delivery stoppages and labor shortages caused by global shutdowns in 2020 will have an immediate impact on the global electric motor industry. Trade wars between China and the United States, as well as manufacturing and supply chain disruptions in Europe and China – major sources of electric motor components and spare parts – have hurt the share global electric motor market, and this impact will be felt for at least another year before the market fully recovers.
The pandemic scenario has also impacted currencies around the world, with many experiencing rapid depreciation. This has resulted in a global imbalance in the value of exports and imports paid in US dollars. The depreciation of the currency will therefore lead to financial losses for component manufacturers, further hampering the global market for electric motors.
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APAC will grow at the fastest rate
Owing to the rapid industrialization and wide commercialization in the region, Asia-Pacific is expected to experience the fastest growing electric motor market during the forecast period. APAC automotive business will also experience faster growth throughout the forecast period, propelling the electric motors market trends upward during the forecast period to 2023. Developed economies are expected to grow steadily and give a clear orientation to the sector by investing in new environmentally friendly technologies that will have an impact on the overall structure.
Market segmentation covered by research:
Information Motor type (AC, DC, sealed), voltage (up to 1 kV, 1 kV – 6.6 kV, above 6.6 kV), per output power (up to 1 hp, at above 1 hp), by end use (Industrial, Commercial, Residential, Agriculture, Transportation) and Region (North America, Europe, Asia-Pacific and rest of the world)
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