As the production of electric vehicles (EVs) is soaring in the Asia-Pacific (APAC) region, the demand for electric motors is also escalating at a substantial pace. The spike in EV sales is due to the high levels of air pollution in the region, which is why the government of several nations, such as India and China, is offering significant subsidies on EVs to facilitate their adoption. These initiatives will help the APAC electric motor market progress at a CAGR of 6.9% during 2018–2023. According to P&S Intelligence, the value of the market will rise to $77,876.8 million by 2023 from $50,948.1 million in 2017.
Moreover, the manufacturing sector in the APAC region is installing a large number of energy-efficient electric motors to reduce the requirement for power, in the face of the increasing pollution levels. Electric motors account for nearly 70% of the total energy consumption in factories, which is why the need to make them energy-efficient is rather strong presently. Compressors consume the highest amount of energy in any industrial unit, and approximately half of all that energy is used up by electric motors. In an effort to curb this issue and curtail their operational cost, industrial plants are opting for more energy-efficient electric motors.
Browse detailed report – Asia-Pacific Electric Motor Market Analysis and Demand Forecast Report
Apart from manufacturing and automotive, electric motors are also used in the construction industry, heating, ventilation, and air conditioning (HVAC) equipment, agriculture sector, household appliances, and consumer electronics industry. These end users deploy alternate current (AC), hermetic, and direct current (DC) motors, as per their requirement. Of the different types of motors, the adoption of hermetic motors is expected to surge in the construction sector and HVAC equipment. In this regard, the rapid replacement of older HVAC products with new ones will fuel the demand for hermetic motors in the coming years.
The output power segment of the APAC electric motor market is bifurcated into fractional horsepower (FHP) and integral horsepower (IHP). In 2017, the FHP bifurcation held the larger market share due to the increasing demand for FHP electric motors in low-power applications of HVAC equipment, household appliances, several aerospace and transportation components, and motor vehicles, excluding traction motors. On the other hand, the IHP category is projected to display the faster growth in the forecast period, on account of the surging use of high-power motors in EVs (traction motors) and industrial machinery.