APAC Electric Motor Market Boom Due to Strict Energy Efficiency Standards
With the rising adoption of EVs, the demand for a higher driving range and more motive power is also increasing, which is resulting in the growing popularity of high-power-to-weight-ratio variants. Another reason for their increasing requirement is that large motors consume more energy, and they are also difficult to transport.
With the rising adoption of EVs, the demand for a higher driving range and more motive power is also increasing, which is resulting in the growing popularity of high-power-to-weight-ratio variants. Another reason for their increasing requirement is that large motors consume more energy, and they are also difficult to transport.
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The need for a reduction in energy consumption by the major industries is expected to increase significantly in
Asia-Pacific (APAC) in the coming years. Electric motors can account for almost 70% of the total energy
consumption in industries, and with the electricity usage and prices already too high, the adoption of energyefficient
motors is rising, in order to reduce the operating costs.
The other major factor driving the sale of electric motors in APAC is the soaring deployment of electric vehicles,
as they are an eco-friendly mode of transportation. Thus, the APAC electric motor market is predicted to
grow from $50,948.1 million in 2017 to $77,876.8 million by 2023, with a CAGR of 6.9% during the forecast
period (2018–2023).
There are various types of electric motors available in the market, namely direct current (DC) motors,
alternating current (AC) motors, and hermetic motors. Amongst these, AC motors recorded high uptake during
the historical period (2013–¬2017), primarily due to the surging adoption of environment-friendly electric
vehicles and rising demand for industrial machinery.
Furthermore, these variants require lower power and maintenance. Hermetic motors, owing to the ballooning
demand for heating, ventilation, and air conditioning (HVAC) equipment from the thriving construction sector,
are expected to register the fastest increase in sales, in the coming years.
Electric motors are widely used in motor vehicles, HVAC equipment, transportation and aerospace sector,
industrial manufacturing, and residential buildings. Out of these, the adoption of electric motors is expected to
be the highest in motor vehicles in the foreseeable future, which would be a result of the booming vehicle
manufacturing sector in China.
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Moreover, the flourishing automobile sector in other regional countries, such as India and Japan, is predicted to
cause a huge upswing in the demand for electric motors in the coming years.
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