According to a new report published by Allied Market Research titled, “World Electric Motors Market – Opportunities and Forecasts, 2014-2020,” the world electric motors market is estimated to garner $129 billion by 2020, registering a compound annual growth rate (CAGR) of 5.3 percent during 2015-‘20. In 2014, Asia Pacific was the highest revenue-generating region in the world electric motors market followed by Europe. Among the different applications, motor vehicles constitute the largest share of more than 50 percent in the global electric motors market.
Presently, the demand for energy efficient electric motors drives the electric motors market. Although these motors are expensive as compared to conventional motors, the long-term environmental benefits offered by premium motors tend to outweigh their initial higher cost. Energy efficient motors increase the efficiency of the machines by approximately 20 percent as compared to standard motors, which, in-turn, saves the cost of energy consumed. The demand for energy efficient electric motors can be attributed to factors such as the growing electricity cost and rising automobile fuel prices. AC motors are largely used across various industrial applications, whereas DC motors generally find major application in the automobile sector.
AC motors accounted for the highest revenue-generating motor among all type of motors in 2014. Synchronous and induction are the two main types of AC motors discussed in the report. Brushed and brushless are two major type DC motors discussed in the report. Owing to low maintenance cost, brushless DC motors are heavily used in small applications across various sectors, which has led the brushless type of DC motor to generate higher revenue in DC motor segment.
The motor vehicle sector generates nearly 52 percent of the revenue among other applications of electric motors, on account of the consistently increasing adoption for electric motors in the automobile sector. Leading carmakers such as Tesla, Ford, Nissan and Chevrolet are engaged in the development of novel electric cars. Favorable government initiatives and supportive regulatory policies are key factors that are boosting the growth of the electric vehicle market, further supplementing the demand of electric motors.
To request more information, visit alliedmarketresearch.com/industry-report/world-electric-motor-market.
