Allied Market Research publishes a report titled “Global Electric Motors Market (Motor Types, Output power, Applications and Geography) - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020.” As per the report, the market would attain a market value of 129 billion by 2020 growing at a CAGR of 5% during 2014 - 2020. The growth of the market can be credited to premium motors that consume less power and innovative designs.
Manufacturers are applying rapid prototyping process to manufacture motors that would fuel the market growth rate. Initial cost of premium motors is high; however, it increases the efficiency almost by 20% in the long run. Rising production of automobiles, electric motor and home appliances, rising electrical consumption are further boosting the market growth. Further, innovative technologies used by the manufacturers to produce electric motors are helping the market to grow.
Automobile segment generates maximum revenue of about 52% for the market. Innovative technologies by companies such as Tesla, Nissan, Chevrolet and Ford are having a positive effect on the market. Environment friendly policies of various governments for promoting electric motors in green vehicles are also fuelling the market growth.
Asia Pacific leads the overall market due to cheap labour and larger end product consumption. Latin America, Middle East & Africa also have great prospects for the market growth due to introduction of new hybrid cars, awareness regarding clean environment, and rising demand for efficient electric motors. Al-Quraishi Electrical Services and TECO Electric and Machinery Co. Ltd. Have partnered to launch medium and high voltage electric motors in the Middle East region in the year 2012.
The companies listed in the report are Siemens AG, Ametek, Incorporation, Baldor Electric Incorporation Allied Motion Technologies, Asmo Corporation Limited, ARC Systems Incorporation, Franklin Electric Cooperative Incorporation, Brook Crompton UK Limited, Rockwell Automation Incorporation and Johnson Electric Holdings Limited.
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.