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The global motor market exceeded $140 billion in 2022

Update:04 Aug 2017
Summary:

According to the latest report of the international con […]

According to the latest report of the international consulting agency Grand View Research, the global motor market will rise from less than 100 billion US dollars in 2014 to more than 140 billion US dollars in 2022. Daguan Research indicated that during the period from 2015 to 2022, driven by the development of technologies and regulatory policies aimed at improving energy efficiency, the motor market's compound annual growth rate will reach 4.5%.

Among them, AC motors accounted for the largest proportion, accounting for more than 70% of the world's revenue in 2014. In various applications, AC motors gradually replace DC motors as a key factor in the growth of AC equipment.

In 2014, small-power motors with output power below 1HP or 0.75kW accounted for 90% of total revenue. In the same year, high-power motors generated more than $12 billion in revenue. Grand View Research expects high-power motors to have a compound annual growth rate higher than that of low-power motors between 2015 and 2022.

In 2014, the Asia-Pacific region was the largest motor regional market, accounting for more than 55% of global revenue.

The report predicts that the use of motors in industrial machinery, HVAC equipment and household appliances will increase. In addition, the report states that AC motors are being more widely used in automotive applications such as hydraulic suspension systems, speed control, and adaptive vehicle handling.