Industrial automation, expansion of manufacturing sector, establishment of new industries, usage in wide range of consumer products are driving the demand for electric motors in Asia Pacific market. Low voltage electric motor is one of the key revenue contributing segments in the overall electric motors market. The automotive sector in countries such as India, Indonesia and Thailand is expected to witness a healthy surge due to the influx of huge investment owing to cheap skilled labor, space availability and increasing popularity of electric vehicles in the region. This, in turn, would drive the demand for low voltage electric motors in the automotive domain.
According to 6Wresearch, Asia Pacific (APAC) low Voltage Electric Motor Market is projected to grow at a CAGR of 3.4% during 2019-25. In the APAC region, AC low voltage electric motors have captured majority of the revenue share due to high durability features. The market for AC based low voltage electric motor is expected to maintain its dominance during the forecast period.
According to Shivani Gupta, Research Associate, Research and Consulting, 6Wresearch, "Low voltage electric motors are widely used in commercial, industrial, automotive, as well as in general applications such as agriculture and defense. In APAC low voltage electric motors market India, China and Japan are the key revenue generating countries. In India, electric motor market is being driven due to adoption of industrial automation and the positive outlook for industrial sector in metal, mining, machinery & equipment, textile and food processing segments.
According to Navneet Aggarwal, Research Associate, Research and Consulting, 6Wresearch, "APAC low voltage electric motor market in product market is led by pump and compressor segments and projected to dominate the market during the forecast period, on account of growing demand from industrial and commercial sectors. Additionally, developing nations such as India, Indonesia, Thailand and Philippines are attracting foreign investments in order to increase manufacturing hubs for electrical equipment, water control and household appliances. This would increase the demand for pump and compressor type low voltage electric motor in the aforementioned countries."
"Additionally, the demand for low voltage electric motor is on rise during the past 2-3 years in Japan due to upcoming global events such as Olympics 2020 and Para-Olympics 2020 in Tokyo. Also, over the years, the trend for energy efficient electric motors is rising in the APAC region on the back of surging need to increase quality of application products and improve the standard quality at par with global efficiency standards," Navneet concluded.
Some of the major companies in the low voltage electric motor market include Siemens AG, Wolong Electric, Fuji Electric, Regal Beloit, Teco Electric and Weg S.A.
"Asia Pacific (APAC) Low Voltage Electric Motor Market (2019-2025)" report provides an in-depth analysis with 196 figures and 94 tables covered in over 346 pages. The report estimates and forecast the overall APAC low voltage electric motor market by type, voltage, products, applications and countries such as India, China, Japan, Australia, New Zealand, Indonesia, Thailand, Malaysia, Philippines, Singapore and rest of APAC (Sri Lanka, Bangladesh, Vietnam, Myanmar and Cambodia). The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.