European motor market is expected to reach $22.32 billion in 2022
The United Market Research Institute recently released the "European Motor Market (2016-2022)" research report, which states that by 2022, the European motor market is expected to generate $22.32 billion in revenue, which is 3.7% per year during the forecast period. The compound growth rate has kept growing. In 2014, Germany accounted for the largest share of the motor market, followed by France. Today's motors are increasingly being used in a variety of applications, including industrial machinery, automotive, heating, ventilation and cooling (air conditioning) equipment, aerospace and transportation, and household appliances, a trend that has accelerated the growth of the motor market.
According to the report, according to the type of motor, the European motor market is divided into three parts: AC motor, DC motor and sealed motor. Among them, AC motor is dominated by about 70%, and it is expected to continue to maintain this advantage in 2016-2022. This section is further subdivided into synchronous AC motors and induction motors.
The report also pointed out that in terms of output power, the fractional horsepower (FHP) segment leads the market. This segment accounted for approximately 88% of revenue in 2014 and is expected to continue to maintain its highest income by 2022. From the perspective of various key applications of electric motors, the two segments of automotive and industrial machinery account for more than 72% of total market revenue.
Due to the increased demand for products equipped with electric motors, the motor market in Europe is likely to grow steadily in the future.
In 2016-2022, AC motors will lead the market; however, the segment of sealed motors will see the highest growth.
From 2016 to 2022, the application of electric motors in heating, ventilation and cooling (air conditioning) equipment is expected to reach a maximum annual compound growth rate of 6.4%.
In 2014-2022, Germany is still the country with the highest revenue in the motor market.
Major manufacturers in the motor market include: Ametek Inc., Siemens AG, Baldor Electric, Allied Motion Technologies Inc., ARC Systems Inc., Asmo Limited Company (AsmoCo Ltd), BrookCrompton UK Limited, Franklin Electric Co. Inc., Rockwell Automation and Johnson Electric Holdings Ltd.
These companies are constantly introducing new products to enhance their existing portfolios and expand their customer base. In addition, strategic alliances and mergers and acquisitions provide opportunities for their geographic expansion and access to a broader market.