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Global Electric Motor Market Is Boosted By Growing Automobile Production

Global Electric Motor Market Report, published by Variant Market Research, forecast that the global market was valued at $105 billion in 2016 and expected to reach $173 billion by 2024; growing at a CAGR of 5.7% from 2016 to 2024. In geographical segments, Asia Pacific and Europe are anticipated to grow at a fastest CAGR of 6.0% and 5.9%, respectively, over the forecast period 2016 – 2024.

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Factors driving the global electric motor market are growing automobile production, rise in adoption of electric vehicles, and rising application of induction motors and electric motors which are replacing gas turbines in large industrial plants. Though, scarcity of raw material and variation in the price of electronics in rising economies may hamper the market growth. Additionally, fast commercialization and urbanization coupled with different on-going construction projects of mega cities and metro rails in emerging economies like India and Saudi Arabia would provide growth opportunities for the market in the upcoming years.

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The global electric motor market has been categorized into type, output power, application and geography. Type segment includes AC motor, DC motor and hermetic motor. In 2016, AC motor accounted for largest market share followed by DC motors. Output power segment includes FHP and IHP. Additionally, application segment is further categorized as aerospace, motor vehicle, machinery, HVAC equipment, household appliances, and commercial. In 2016, motor vehicles and HVAC equipment held major market share.
Based on geography, the global electric motor market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia Pacific is the highest growing region in the global electric motor market, due to fast growth in urbanization, and rising construction of mega cities & metro railways. In 2016, Asia Pacific held major market share followed by Europe.

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Major companies operating in this market are Rockwell Automation, Schneider Electric SE, Baldor Electric Company, Siemens AG, Kirloskar Electric Company, Denso Corporation, Bosch Group, General Electric Company, ABB Ltd., and Toshiba International Corporation, among others.

Scope of Electric Motor Market

Output Power Segments


Type Segments

• AC Motor
• DC Motor
• Hermetic Motor

Application Segments

• Motor Vehicle
• HVAC Equipment
• Machinery
• Household Appliances
• Aerospace
• Commercial

Geography Segments

• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o United Kingdom
o Spain
o Others
• Asia-Pacific
o China
o India
o Japan
o South Korea
o Others
• RoW
o South America
o Middle East
o Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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News Release: Global Electric Motor Market Is Boosted By Growing Automobile Production
Submitted on: September 13, 2017 12:42:06 PM
Submitted by: dineshpatel
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