The electric motor market is at a mature stage but has the potential to grow further at a moderate rate over the forecast period. The market has witnessed tremendous technological advancements in the past few years. In addition, growing awareness in end-user verticals regarding eco-conscious living is accelerating the popularity of products that are driven by electric motors, such as electric cars and electric machineries.
Electric motor-enabled equipment works on the principal that electrical energy is converted into mechanical energy or kinetic energy. These motors find application in industrial fans, compressors, pumps, lathe machines, machine tools, domestic appliances, heating ventilating and air conditioning applications, disk drives, power tools, electric cars, and automated robots. Electric motors are also known as premium efficiency motors that offer several benefits over conventional electric motors, such as longer operating life, low energy consumption, low maintenance cost, and high tolerance for fluctuating voltages. Comparatively, the price of electric motors is higher compared to conventional electric motors. But low energy consumption is one of the major factors responsible for the wide-spread adoption of electric motors in the region.
Major factors that are expected to drive the electric motor market are the introduction of various environment-friendly plans and initiatives by governments of various countries in the European region, and increasing awareness amongst the populace regarding the adoption of green products to limit and minimize the carbon footprints.
Europe has been one of the prominent regions in the adoption of electric vehicles, led by the high environmental awareness among the consumers and the supportive government legislations. The growing demand of electric cars in the region has in turn created growth opportunities for key players offering electric motors as these cars are equipped with electric motors. Prominent players offering electric cars are focused towards introducing advanced and affordable electric cars in Europe in the near future. For instance, in early 2016, General Motors, a global automotive company, announced a plan to launch electric cars, namely, the Opel Ampera-e in Europe by 2017.
Key companies profiled are 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.
The Europe electric motor market is segmented based on the type of electric motors, output power, applications where the electric motors are used, and country. Based on the motor type, the market is categorized into AC motors, DC motors, and hermetic motors. AC motors are further classified into synchronous and induction motors, whereas DC motors into brushed and brushless DC motors. The applications of electric motors discussed are industrial machinery, motor vehicles (automobiles), heating ventilating and cooling (HVAC) equipment, household appliances, aerospace & transportation, and other commercial applications. A country-level market analysis of the electric motor market is done for the U.K., Germany, France, Italy, Spain, and Rest of Europe (RoE).
EUROPE ELECTRIC MOTOR MARKET KEY SEGMENTS:
The market is segmented on the basis of type, output power, application, and country.
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