The electric motor is one of the most important devices in contemporary times. It coverts electrical energy into mechanical energy via motion. From devices as small as smartphones to as large as a locomotive, electric motors have a diverse range of applications.
Due to the heavy usage of such motors, the consumption of electricity is increasing, and as the majority of electricity is still produced from fossil fuels, the need to reduce electricity consumption is dire. This is leading to the rising demand for energy-efficient electric motors, especially in Asia-Pacific (APAC), where the air pollution levels are quite high.
From $50,948.1 million in 2017, the APAC electric motor market is predicted to advance to $77,876.8 million in 2023, at a CAGR of 6.9% during the forecast period (2018¬–2023).
A significant demand for energy-efficient motors is coming from factories, where motors account for the major part of the electricity consumption. These enhanced motors conform to numerous minimum energy performance standards (MEPS), such as IE1, IE2, IE3, and IE4. While IE3 motors are common in Taiwan, Japan, and south Korea, China, India, and Vietnam currently use IE2-compliant motors.
Of the three types of electric motors used — alternating current (AC), direct current (DC), and hermetic — AC motors found the widest use during 2013–2017, due to their application in electric vehicles (EV). Such alternative-fuel vehicles are being strongly promoted in the region, in a bid to reduce carbon emissions and keep the environment as clean as possible.
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Sales targets for manufacturers as well as subsidies and incentives for buyers have been introduced, to increase the adoption of EVs. For instance, in 2017, the Chinese government allotted a $10,000 purchase subsidy per EV, after which their sales saw a rapid increase in the country.
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