{"id":11144,"date":"2017-03-23T05:46:18","date_gmt":"2017-03-23T05:46:18","guid":{"rendered":"https:\/\/mfgtechupdate.com\/old\/\/?p=11144"},"modified":"2017-03-23T05:46:18","modified_gmt":"2017-03-23T05:46:18","slug":"electric-motor-market-expected-reach-117288-million-2022-allied-market-research","status":"publish","type":"post","link":"https:\/\/mfgtechupdate.com\/electric-motor-market-expected-reach-117288-million-2022-allied-market-research\/","title":{"rendered":"Electric Motor market expected to reach $117,288 million, by 2022 – Allied Market Research"},"content":{"rendered":"

According to a new report published by Allied Market Research, titled,\u00a0“Electric Motor MarketReport\u00a0– Global Opportunity Analysis and Industry Forecast, 2016 – 2022<\/strong>\u00a0states that the Electric Motor Market size was estimated to be\u00a0$ 91,401 million\u00a0in 2015 and is projected to reach\u00a0$117,288 million\u00a0by 2022, growing at a CAGR of 3.7% from 2016 to 2022.<\/p>\n

The electric motor market is currently in its mature stage; however, it is expected to grow at a considerable rate in the years to come. Electric motors are incorporated in industrial fans; compressors; pumps; lathe machines; machine tools; domestic appliances; heating, ventilating, and air conditioning applications; disk drives; power tools; electric cars; and automated robots.<\/p>\n

The increase in need for energy-efficient motors; rise in demand for electric motors especially in agriculture and industrial sectors; increase in awareness about electric and green vehicles among customers; and government funding for developing efficient electric motors are some of the key factors projected to drive the growth in global electric motor market size during the forecast period.<\/p>\n

By type, the AC motor segment dominated the market in 2014 with around 70% market revenue share. Furthermore, the segment is projected to continue its dominance throughout the forecast period, owing to the increase in adoption of AC motors in industrial applications.<\/p>\n

By output power, in terms of value, the fractional horsepower (FHP) output segment, dominated the market in 2014 and is projected to continue its dominance by 2022 with around 90% value share. However, in terms of unit share, the integral horsepower segment dominated the electric motor market in 2014 with around 78%-unit share.<\/p>\n

By voltage, the 60V & above segment generated the highest revenue, which accounted for around 63% share in 2014. Rapid urbanization, industrialization, and process automation are some of the key factors that accelerated the segment growth.<\/p>\n

By application, in terms of revenue, the motor vehicle segment is projected to expand at the highest CAGR of around 4.2% owing to the increase in adoption of electric vehicles across the globe.<\/p>\n

By speed, the low speed electric motor (less than 1,000 RPM) segment generated the highest revenue followed by the medium speed electric motor (1,001 RPM-25,000 RPM) segment with around 59% and 21%, respectively in 2014.<\/p>\n

Based on the geography, the electric motor market is segmented into four major regions, namely\u00a0North America,\u00a0Europe,\u00a0Asia-Pacific, and LAMEA. In terms of value,\u00a0North America\u00a0was the highest revenue contributor in 2014, accounting for around 35% share of the overall electric motor market size. The\u00a0Asia-Pacific\u00a0electric motor market is projected to grow at the highest CAGR of 4.2% during the forecast period owing to increased penetration of electric motors in industrial machineries, household appliances, and HVAC equipment.<\/p>\n

“The government of various countries offer financial incentives to consumers for purchasing plug-in electric and green vehicles to promote the use of energy-efficient vehicles and low carbon emission vehicles. In\u00a0January 2013, the Indian Government provided subsidies upto\u00a0$2,209.6\u00a0for plug-in cars and\u00a0$736.5\u00a0for two wheelers. Therefore, the sale of electric vehicles in\u00a0India\u00a0is expected to reach 7 million by 2020. The Japanese Government passed the Green Vehicle Promotion Measure program to establish tax deductions and exemptions for using eco-friendly, fuel-efficient vehicles in the region. Moreover, European countries, such as\u00a0Austria, have exempted plug-in vehicles from fuel consumption tax. In addition, the French government offer incentives for electric cars owners of up to\u00a0$6,300\u00a0depending on the emission levels of the car since\u00a0Nov 2013. Therefore, government funding initiatives for electric cars drive the global electric motor market,” says\u00a0Sumeet Pal, Lead Analyst-ICT, at Allied Market Research.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a new report published by Allied Market Research, titled,\u00a0“Electric Motor MarketReport\u00a0– Global Opportunity Analysis and Industry Forecast, 2016 – 2022\u00a0states that the Electric Motor Market size was estimated to be\u00a0$ 91,401 million\u00a0in 2015 and is projected to reach\u00a0$117,288 million\u00a0by 2022, growing at a CAGR of 3.7% from 2016 to 2022. The electric motor […]<\/p>\n","protected":false},"author":1,"featured_media":11137,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119,1],"tags":[512],"class_list":["post-11144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-mfg","category-uncategorized","tag-electric-vehicle"],"_links":{"self":[{"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/posts\/11144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/comments?post=11144"}],"version-history":[{"count":0,"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/posts\/11144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/media\/11137"}],"wp:attachment":[{"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/media?parent=11144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/categories?post=11144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mfgtechupdate.com\/wp-json\/wp\/v2\/tags?post=11144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}