According to the latest report from the international consulting firm Grand View, the global motor market will rise from less than $100 billion in 2014 to more than $140 billion in 2022. According to the Grand View study, the motor market will grow at a compound annual growth rate of 4.5% between 2015 and 2022, driven by the development of technologies and regulatory policies aimed at improving energy efficiency.
Among them, AC motor has the largest proportion, and its revenue accounted for more than 70% of the world in 2014. In various applications, the gradual replacement of DC motors by AC motors has become a key factor in the growth of AC equipment.
In 2014, low-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. The Grand View study predicts that the compound annual growth rate of high-power motors will be 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 electric motors in industrial machinery, HVAC equipment and household appliances will increase. In addition, the report also indicates that AC motors are being more widely used in automotive applications such as hydraulic suspension systems, speed control and adaptive vehicle handling.