World Electric Motors Market Worth $122.5 Billion by 2017 Says a New Research Report at RnRMarketResearch.com
Dallas, TX (PRWEB) October 28, 2013
World demand to rise 6.5% annually through 2017
World demand for electric motors is projected to increase 6.5 percent per year to $122.5 billion in 2017. Electric motors are key components in many durable goods, and as manufacturing output rises, sales of electric motors will follow. In mature motor markets such as Japan, the US, and Western Europe, growth in demand will be driven by rebounding motor vehicle production in these areas as a whole and a healthier fixed investment environment. In nations where electric motor markets are still developing, sales will be fueled by rapidly increasing durable goods manufacturing output and the improving ability of the average consumer to purchase items such as automobiles and household appliances, boosting demand for these goods.
Asia/Pacific region to be top source of new demand
The Asia/Pacific region will be the largest source of market growth through 2017. Regional electric motor demand is expected to climb 7.9 percent per year to $74.3 billion, accounting for more than 70 percent of all incremental sales between 2012 and 2017. The vast majority of these gains will be registered in China, where demand will advance at a 9.1 percent annual rate through 2017, tied with India as the fastest pace of increase of the major markets in the world. Chinese electric motor sales will be stimulated by rapidly expanding production of a number of durable goods in a strong fixed investment environment. In 2017, China will account for over onethird of world electric motor demand, and product sales in the nation will be greater than the market total for Japan, North America, and Western Europe combined.
Demand growth in mature markets to accelerate
Overall electric motor demand in Japan, the US, and Western Europe, the largest mature markets, will expand faster than it did during the 2007-2012 period. In most of these countries, manufacturing activity — especially motor vehicle output — plummeted between 2007 and 2009, before strengthening during the 2010- 2012 period. Electric motor sales followed a similar pattern, falling between 2007 and 2009 before turning upward in recent years as manufacturing output recovered. In addition to rising domestic motor vehicle output, market gains in these nations will be bolstered by growing exports of industrial and other durable goods to the developing world.
AC motors to remain dominant over DC models
Through 2017, the global market for alternating current (AC) motors will grow the most in absolute terms and continue to represent a greater portion of overall demand than direct current (DC) models. AC motor sales gains will be supported by the favorable outlook for shipments of heating and cooling equipment, household appliances, and machinery, three major applications for these products. Suppliers of DC motors will benefit from strengthening motor vehicle output.
Motor vehicles to be fastest growing market
Motor vehicles are projected to register the fastest electric motor sales gains through 2017, boosted by climbing automotive production and the increasing number of electric motor dependent systems in the average vehicle. Heating and cooling equipment-related sales will record the second most rapid increases as building construction activity expands.
Company Profiles for 39 participants in the global industry, including ABB, Bosch (Robert), DENSO, Mitsubishi Electric, Nidec, Panasonic and Siemens.
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