The ‘India Electric Motor Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the India electric motor market, assessing the market on the basis of its segments like type, voltage, rated power, weight, speed, magnet type, application, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
India Electric Motor Market Price, Trends, Size, Share, Industry, Key Player, Major Segments, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 11%
The India electric motor market is expected to register growth during the forecast period on account of the strong presence of market competitors in the country. With the implementation of GST, organised companies are expected to aid in raising their share in the market growth of electric motors over the upcoming years.
The rising number of industries along with construction activities in the country is expected to boost the market growth of electric motors. Going further, the surging government focus on the adoption of energy-efficient motors is likely to support the growth of the India electric motor market.
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The primary cost of an electric motor is significantly lower than that of a fossil-fuel engine with the same horsepower rating. It also has a longer life span because it has fewer moving parts than fossil fuel engines and it needs minimal maintenance services. These aspects are likely to positively influence the India electric motor market growth over the upcoming years.
The increasing population in tier II and tier III cities, rapid urbanisation, and the establishment of several major government initiatives like Smart City Mission, Make in India, affordable housing, and AMRUT, among others, are likely to encourage the market growth of electric motors across India over the coming years.
India Electric Motor Industry Definition and Major Segments
An electric motor is an electrical machine that transforms electrical energy into mechanical energy, typically in the form of rotational motion. They are efficient and simple means of producing high levels of drive output. The output of an electric motor can vary, with new models capable of providing high levels of power for versatile applications.
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Based on type, the market is segmented into:
• AC
o Induction AC Motors
o Synchronous AC Motors
• DC
o Brushed DC Motors
o Brushless DC Motors
• Others
By voltage, the market is classified into:
• Low Voltage
• Medium Voltage
• High Voltage
Based on rated power, the market is divided into:
• Fractional Horsepower Motors
• Integral Horsepower Motors
By weight, the market is segmented into:
• Low
• Medium
• High
On the basis of speed, the market is classified into:
• Low Speed
• Medium Speed
• High Speed
• Ultra-High Speed
By magnet type, the market is segmented into:
• Ferrite
• Neodymium (NdFeB)
• Samarium Cobalt (SmCo5 and Sm2Co17)
Based on application, the market is classified into:
• Fans
• Pumps
• Compressors
• Mechanical Movement
• Others
By end use, the market is categorised into:
• Residential
• Commercial
• Industrial
• Transportation
• Others
Based on region, the market is divided into:
• North
• South
• East
• West
India Electric Motor Market Trends
The surging awareness among customers about green vehicles is boosting the India electric motor market. Going further, the increasing government support to promote sales of green vehicles to protect the environment from carbon emissions is likely to spur market growth in the country.
With several advancements in electric motor technology observed over the past few years, the market demand is expected to gain further traction. Additionally, the introduction of advanced insulation materials that improv operational efficiency as well as the product’s life, is a key trend in the market. The rise in automobile production is further expected to fuel the India electric motor market demand over the coming years.
The increasing usage of the electric motor in different end-user industries like residential, commercial, industrial, and transportation is driving the electric motor market growth. Rapid industrialisation along with the growing application of electric motors and the rising automotive industry in the country is further supporting the market. With strict regulations on reducing air pollution levels and combating rise in fuel prices, the demand for electric motors is expected to increase in the coming years.
Key Market Players
The major players in the India electric motor market report are:
- Hindustan Electric Motors
- ABB India Limited
- Siemens Limited
- Bharat Heavy Electricals Ltd (BHEL)
- Kirloskar Electric Company
- Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
- Marathon Electric India
- Bharat Electric Motors
- Bharat Bijlee Limited
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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