How is Rising Adoption of Electric Vehicles Fuelling Massive Surge in APAC Electric Motor Market?

The need for a reduction in energy consumption by the major industries is expected to increase significantly in Asia-Pacific (APAC) in the coming years. Electric motors can account for almost 70% of the total energy consumption in industries, and with the electricity usage and prices already too high, the adoption of energy-efficient motors is rising, in order to reduce the operating costs. 

The other major factor driving the sale of electric motors in APAC is the soaring deployment of electric vehicles, as they are an eco-friendly mode of transportation. Thus, the APAC electric motor market is predicted to grow from $50,948.1 million in 2017 to $77,876.8 million by 2023, with a CAGR of 6.9% during the forecast period (2018–2023).

There are various types of electric motors available in the market, namely direct current (DC) motors, alternating current (AC) motors, and hermetic motors. Amongst these, AC motors recorded high uptake during the historical period (2013–¬2017), primarily due to the surging adoption of environment-friendly electric vehicles and rising demand for industrial machinery. 

Furthermore, these variants require lower power and maintenance. Hermetic motors, owing to the ballooning demand for heating, ventilation, and air conditioning (HVAC) equipment from the thriving construction sector, are expected to register the fastest increase in sales, in the coming years.

Electric motors are widely used in motor vehicles, HVAC equipment, transportation and aerospace sector, industrial manufacturing, and residential buildings. Out of these, the adoption of electric motors is expected to be the highest in motor vehicles in the foreseeable future, which would be a result of the booming vehicle manufacturing sector in China. 

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Moreover, the flourishing automobile sector in other regional countries, such as India and Japan, is predicted to cause a huge upswing in the demand for electric motors in the coming years. 

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Bright Future Ahead for Asia-Pacific Electric Motor Market

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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