Global motors market expected to exceed US $ 800 billion in 2020 and reach US $ 950 billion in 2023
Motors are widely used in today's world, and it can even be said that there may be motors where there is motion. According to AIEE survey data, the global industrial motor
market size was US $ 613.88 billion in 2016, and the global industrial motor market size was around US $ 653 billion in 2017, with a compound growth rate of approximately 7.68% from 2009 to 2017. The forward-looking forecast is that the global industrial motor market is recovering. In the next five years, the global industrial motor market is expected to develop at a comprehensive annual growth rate of 7% -7.5%. It is expected to exceed US $ 800 billion in 2020 and reach US $ 950 billion in 2023.
From the perspective of the size of the world's motor market, Europe, the Middle East and Africa accounted for a total of 37.8% of the total sales share of hardware, software and peripherals for motor systems worldwide, Japan accounted for 25.1%, North America accounted for 19%, and Asia Excluding Japan) accounted for 17.2%, of which China accounted for 12.5%. The global motor market is in a state of monopolistic competition. Taking the largest European market as an example, Germany ’s Siemens and Sweden ’s ABB have always been in a leading position. The other two key players are French company Leroy-Somer and Brook Crompton, which dominates the British market. These four companies account for more than 50% of the entire European market.
In recent years, competition in the international motor market has become increasingly fierce, and prices have reached a near critical point. In addition to special motors, special motors, and large motors, it is difficult for general small and medium-sized motor manufacturers to continue to gain foothold in developed countries. China has a great advantage in terms of labor costs. At the same time, the Chinese market has become the focus of global corporate competition. Therefore, for the consideration of efficiency, technology, resources, labor costs, etc., many motor manufacturers in developed countries in the world are transferring to China, and constantly participating in the form of sole proprietorship or joint venture. The competition in the global motor industry will increase. Key players in global motors market include: ABB, Siemens, Mitsubishi, GE, HITACHI, Nidec, Toshiba, Regal Beloit, WEG, Teco, Emerson, MEIDENSHA, Wolong Electric, Rockwell Automation etc.