The Asia Pacific Electric Motor Market would witness market growth of 7.7% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 1,06,022.1 thousand units, showcasing a growth of 7.9% (2019-2022).
The widespread use of electric motors influences virtually every facet of contemporary existence. They are utilized in various appliances and devices, including refrigerators, vacuum cleaners, air conditioners, fans, computer hard drives, and automatic vehicle windows, to convert electrical energy into useful mechanical energy. In addition to powering commonplace household appliances, these motors facilitate a substantial proportion of industrial operations. Moreover, they are an unavoidable component at certain stages of the production process for virtually every conceivable product manufactured in contemporary factory configurations. The extensive range of applications for these motors suggests that over million motors of diverse capacities are operational regionally. The regional impact of this extensive motor application is significant, owing to the power that motors consume.
The pursuit of energy efficiency is a prominent factor shaping the market. As concerns about energy conservation and environmental sustainability intensify, there is a growing demand for motors that operate with higher efficiency. Energy-efficient motors not only reduce electricity consumption but also lower greenhouse gas emissions. Governments and organizations have introduced energy efficiency regulations and standards, driving the adoption of high-efficiency motors in various industries. The regional trend toward electrification is transforming the market, particularly in the automotive sector. Electric vehicles and hybrid electric vehicles rely on these motors for propulsion. As the automotive industry shifts away from internal combustion engines, the demand for electric motor vehicles is surging. This shift is not limited to passenger cars but extends to commercial vehicles and public transportation systems.
According to Invest India, the construction industry in India consists of the Real estate and the Urban development segment. Construction development sector inflows $26.38 Bn (April 2000- June 2023). United Nations projects India's population to be 1.64 Bn by 2047, of which nearly 0.82 Bn (~50%) shall reside in urban areas. India's urban population is rising, leading to increased demand for residential, commercial, and infrastructure development. They are used in various applications within urban areas, such as elevators, escalators, water pumps, HVAC systems, and construction machinery. The aforementioned factors will drive the market growth in this region.
The China market dominated the Asia Pacific Electric Motor Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $29,395.7 million by 2030. The Japan market is experiencing a CAGR of 6.9% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 8.3% during (2023 - 2030).
Based on Output Power, the market is segmented into Fractional Horsepower (FHP), and Integral Horsepower (IHP). Based on Type, the market is segmented into AC Motor (Induction, Synchronous), DC Motor (Brushless, Brushed), and Hermetic Motor. Based on End User, the market is segmented into Motor Vehicles, Industrial Machinery, HVAC Equipment, Household Appliances, Aerospace & Transportation, Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Electric Motor Market is Predict to reach $236.3 Billion by 2030, at a CAGR of 7.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, General Electric Company, Siemens AG, Hitachi, Ltd., Mitsubishi Electric Corporation, ABB Group, Denso Corporation, Magna International, Inc., Toshiba Corporation, Emerson Electric Co.
By Output Power (Volume, Thousand Units, USD Billion, 2019-2030)
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By End User (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
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