Europe Electric Motor Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $22.32 billion by 2022, registering a CAGR of 3.7% during the period 2016-2022.Germany accounted for the highest share in 2014, followed by France. Growing adoption of electric motors in various applications including industrial machinery, motor vehicles, heating ventilating and cooling (HVAC) equipment, aerospace & transportation, household appliances accelerates the growth of this market.
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The major players in this market include Ametek Inc., Siemens AG, Baldor Electric, Allied Motion Technologies Inc., ARC Systems Inc., Asmo Co Ltd, Brook Crompton UK Limited, Franklin Electric Co. Inc., Rockwell Automation, Inc., and Johnson Electric Holdings Ltd. These players consistently launch new products to enhance their existing portfolios and expand their customer base. In addition, strategic alliances and mergers & acquisitions provide growth opportunities for geographical expansion and a wider market reach.
By type, the European electric motor market is segmented into alternative current (AC) motors, direct current (DC) motors, and hermetic motors. The AC motor segment dominated the market with around 70% share in 2014 and is expected to continue its dominance during the forecast period. This segment is further sub-segmented into synchronous AC motors and induction motors.
Key findings of the study:
- The European electric motor market is likely to grow at a moderate rate in the future, owing to increasing demand for products equipped with electric motors
- AC motors would lead the market throughout the analysis period, while hermetic motors segment would witness the highest growth during 2016 – 2022
- The application of electric motors in heating ventilation and cooling (HVAC) equipment sector is anticipated to register the highest CAGR of 6.4% during the forecast period
- Germany would remain the highest revenue-generating country in this market throughout 2014 – 2022
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