Asia-pacific (APAC) Electric Motor Market Revenue and Opportunities by 2023
The APAC electric motor market was valued at $50.9
billion in 2017 and is growing at a CAGR of 6.9% by 2023 and will reach $77.8
billion by 2023. The growth in the market can be owed to adoption of
motor-driven vehicle registering an explosive growth in the APAC region. Major
players in the market are focusing towards building energy efficient motors to
enable industries to reduce power consumption.
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Based on motor
type, the market has been segmented into AC motors, DC motors and hermetic
motors. Hermetic motor is anticipated to witness the fastest growth during the
forecast period. The progress of this market can be attributed to demand for
HVAC equipment from the construction industry.
Strong economic
growth in developing economies in the coming years is expected to fuel the
construction industry. Moreover, replacement of older HVAC equipment containing
harmful gases with environment friendly gases will further support electric
motor market growth.
India is
expected to be the fastest growing electric motor market in APAC, during the
forecast period, owing to growing manufacturing and construction industry in
the country. The Make in India initiative which was launched in 2014, with the
aim of making India a global manufacturing hub, has improved domestic
manufacturing in the country, which will support market growth in the coming
years. Further, growth is expected to come from the real estate sector which is
expected to by over 30% over the next 10 years supported by foreign direct
investments (FDI) and government initiatives.
The demand for
electric vehicles has shown an explosive growth in the recent years with
electric motors being one of the major components in these vehicles. The
production of electric cars in APAC has witnessed CAGR of 90% during 2013-2017.
One third of deaths globally occur in Asia-Pacific due to air pollution. To
curb this, governments in Asia-Pacific region introduced various sales targets
for electric vehicle sales and subsidies to support higher adoption of electric
vehicles.
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Some of the key
players operating in the market are Emerson Electric Co., Toshiba Corporation,
Wolong Holding Group Co. Ltd., Siemens AG, Johnson Electric Holdings Limited,
DENSO Corporation, ABB Ltd., Mitsubishi Electric Corporation, Ametek Inc. and
Robert Bosch GmbH.
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