The government of various countries offer financial incentives to consumers for purchasing plug-in electric and green vehicles to promote the use of energy-efficient vehicles and low carbon emission vehicles. In January 2013, the Indian Government provided subsidies upto $2,209.6 for plug-in cars and $736.5 for two wheelers. Therefore, the sale of electric vehicles in India is expected to reach 7 million by 2020. The Japanese Government passed the Green Vehicle Promotion Measure program to establish tax deductions and exemptions for using eco-friendly, fuel-efficient vehicles in the region. Moreover, European countries, such as Austria, have exempted plug-in vehicles from fuel consumption tax. In addition, the French government offer incentives for electric cars owners of up to $6,300 depending on the emission levels of the car since Nov 2013. Therefore, government funding initiatives for electric cars drive the global electric motor market.
According to a new report by Allied Market Research, titled, Electric Motor Market, by Motor Type, Output Power, Voltage Range, Applications, Speed (RPM) and Geography: Global Opportunity and Forecast, 2014–2022, the electric motor market generated $ 91.40 billion in 2015 and is expected to reach $117.28 billion by 2022, registering a CAGR of 3.7% from 2016 to 2022. Furthermore, based on units, the global electric motor market is expected to reach 853 million units by 2022, growing at a CAGR of 4.2% from 2016 to 2022.
The report offers a detailed analysis of top impacting factors that would shape the industry in coming years. The utilization of high-efficiency motors would roll down the consumption of energy, which in turn, reduces electricity expenses.
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The advent of energy-efficient electric motors for industrial and agricultural applications drive the growth in the electric motor industry worldwide. In addition, widespread awareness regarding vehicles generating low carbon emissions has fueled the demand for electric motors. Various manufacturers have launched their electric cars and planning to expand the fleet across various regions. However, portability of electric motors becomes an issue when they are used for heavy duty applications.
Over the past couple of decades, the utilization of electric motors in the automotive industry has grown exponentially owing to the emergence of low-cost and efficient electronics along with advancements in permanent magnetic materials. In addition, a major trend driving the automotive market is increasing the electrical power while reducing fuel emissions and consumption. The automotive industry also experienced a considerable increase in the electronic content in vehicles. Electric motors have played a crucial role in hybrid electric vehicles (HEVs) and electric vehicle (EVs). There has been a significant growth in green vehicles to ensure the safety of the environment by a reduction in carbon emissions. Therefore, the trend of usage of premium efficiency motors in electric cars has gained traction in the motor vehicles sector.
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The report offers a competitive scenario of the electric motor market along with detailed insights on key growth strategies by major market players. Key players analyzed in the market include ARC Systems Inc., ABB Group, Brook Crompton UK Ltd., ASMO Co., Ltd., Emerson Electric, Dr. Fritz Faulhaber GmbH, Regal Beloit Corporation, Maxon Motor AG, Rockwell Automation Inc., and Siemens AG. ABB Group and Microsoft Corporation have collaborated for the launch of an electric vehicle fast-charging services platform. This collaboration will combine the EV charging station portfolio of ABB with Azure cloud-based services of Microsoft. Moreover, ARC Systems Inc. launched new products that provide resistance to high temperature, excessive moisture, and other operational conditions. These products would address the increasing demands for oil fields and petroleum drilling industries.
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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