Electric Motors Accessories Market size to grow by USD 1,160.06 million from 2022 to 2027

May 30, 2023

NEW YORK, July 28, 2023 /PRNewswire/ -- The electric motors accessories market size is estimated to increase by USD 1,160.06 million from 2022 to 2027, at a CAGR of 5.43%, according to the recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report -Request a sample report

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.Find Technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria

One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.

Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.

Furthermore, market adoption rates for all regions have been covered.

The Electric Motors Accessories Market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed below -

ABB Ltd., Bodine Electric Co., Brook Crompton UK Ltd., Danfoss AS, ESR Pollmeier Gmbh, Kollmorgen Corp., Lenze SE, MSC Industrial Direct Co. Inc., Nanotec Electronic GmbH and Co. KG, Nidec Corp., Oriental Motor Co. Ltd., Parker Hannifin Corp., Regal Rexnord Corp., Sdtronics Pvt. Ltd., Selec Controls Pvt. Ltd. KB, Siemens AG, TAMAGAWA SEIKI Co. Ltd., TVH Parts Holding NV, WEG Equipamentos Eletricos S.A., and Yaskawa Electric Corp. Download a Sample Report

Electric Motors Accessories Market - Segmentation Analysis

The electric motors accessories market report extensively covers market segmentation by channel (aftermarket and OEM), end-user (automotive, household appliances, HVAC, industrial machinery, and others), and geography (APAC, Europe, North America, South America, and the Middle East and Africa).

The market share growth by the aftermarket segment will be significant for market growth during the forecast period. Factors such as the growing consumer awareness about the maintenance and repair to extend the useful life of products such as vehicles, appliances, and water pumps are significantly contributing to the growth of this segment in the global electric motors accessories market. This segment comprises the manufacture, remanufacture, distribution, redistribution, retail, resale, and installation of electric motor accessories. Additionally, it also includes the replacement of electric motor accessories post the sale to maintain efficiency and mobility throughout the lifetime of the electric motor. Hence, such factors are expected to drive market growth during the forecast period.

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Electric Motors Accessories Market - Market Dynamics

Key Drivers

Government subsidies and incentives for electric vehicles drive the global electric motors accessories market growth during the forecast period. Several government funding, incentives, and subsidies are significantly fuelling the manufacturing as well as wider adoption of electric vehicles which are significantly contributing to the market growth. As the manufacturing of energy-efficient electric motor accessories must comply with stringent designs and production requirements, it is positively impacting the market. There is an increasing government focus on energy-efficient motors due to the growth of industrial and construction sectors leading to the high growth of electric motor accessories globally. Hence, such factors are expected to drive the global electric motors accessories market growth during the forecast period.

Significant Trends

The growing demand for HVAC systems is a primary trend in the global electric motors accessories market during the forecast period. There is an increase in demand for HVAC systems across sectors such as residential, commercial, and industrial end users due to its several benefits, such as maintaining indoor air quality and offering thermal comfort. HVAC systems are one of the essential components of modern infrastructure, such as large offices and shopping complexes. There is wide adoption of electric motor accessories in HVAC systems in order to increase life and performance as well as achieve high airflow system efficiency. Furthermore, the rapid expansion of industrial and commercial sectors in China and India has significantly fuelled the demand for HVAC systems which has positively impacted the market. Hence, such factors are expected to drive the global electric motor accessories market growth during the forecast period.

Major Challenges

Limitations of power rating are a major challenge that significantly hinders the global electric motors accessories market growth during the forecast period. High-performance electric motor accessories require strong permanent magnets which are very expensive and hence add to the overall cost of manufacturing. The strong permanent magnets are manufactured from rare earth materials such as neodymium whose prices tend to fluctuate due to its limited availability in some countries such as China and Australia. Furthermore, several incidences of trade wars in which China has limited the export of such rare metals which has significantly contributed to the huge supply and demand gap, which has influenced the neodymium prices. Hence, such factors are expected to hinder the global electric motors accessories market growth during the forecast period.

Electric Motors Accessories Market - Regional Analysis

The market is segmented by region APAC, Europe, North America, South America, and Middle East and Africa. An analysis of key leading countries has been included.

APAC is estimated to account for 55% of the growth of the global market during the forecast period. Factors such as growth in the agricultural sector and increase in investment in industrialization by several countries including China, India, South Korea, and Australia, have significantly contributed to the global electric motors accessories market growth in the region. Additionally, there is an increase in the manufacturing and sales of electric vehicles in several countries, such as China and Japan and the rising presence of established OEMs such as Honda Motor Co., Ltd., Hyundai Motor Co., Toyota Industries Co., Ltd., and Nissan Motor Co., Ltd. is fuelling the demand for global electric motors accessories in APAC region. Hence, such factors are expected to drive the global electric motors accessories market growth in the region during the forecast period.

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What are the key data covered in this Electric Motors Accessories Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the electric motors accessories market between 2023 and 2027

Precise estimation of the electric motors accessories market size and its contribution to the market with a focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the electric motors accessories market across APAC, Europe, North America, South America, and the Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of electric motors accessories market vendors

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Electric Motors Accessories Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.43%

Market growth 2023-2027

USD 1160.06 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.93

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 55%

Key countries

US, China, Japan, Germany, and France

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Bodine Electric Co., Brook Crompton UK Ltd., Danfoss AS, ESR Pollmeier Gmbh, Kollmorgen Corp., Lenze SE, MSC Industrial Direct Co. Inc., Nanotec Electronic GmbH and Co. KG, Nidec Corp., Oriental Motor Co. Ltd., Parker Hannifin Corp., Regal Rexnord Corp., Sdtronics Pvt. Ltd., Selec Controls Pvt. Ltd. KB, Siemens AG, TAMAGAWA SEIKI Co. Ltd., TVH Parts Holding NV, WEG Equipamentos Eletricos S.A., and Yaskawa Electric Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global electric motors accessories market 2017 - 2021

4.2 Channel Segment Analysis 2017 - 2021

4.3 End-user Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Channel

6.1 Market segments

6.2 Comparison by Channel

6.3 Aftermarket - Market size and forecast 2022-2027

6.4 OEM - Market size and forecast 2022-2027

6.5 Market opportunity by Channel

7 Market Segmentation by End-user

7.1 Market segments

7.2 Comparison by End-user

7.3 Automotive - Market size and forecast 2022-2027

7.4 Household appliances - Market size and forecast 2022-2027

7.5 HVAC - Market size and forecast 2022-2027

7.6 Industrial machinery - Market size and forecast 2022-2027

7.7 Others - Market size and forecast 2022-2027

7.8 Market opportunity by End-user

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 US - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Germany - Market size and forecast 2022-2027

9.12 France - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 ABB Ltd.

12.4 Bodine Electric Co.

12.5 ESR Pollmeier Gmbh

12.6 Lenze SE

12.7 MSC Industrial Direct Co. Inc.

12.8 Nanotec Electronic GmbH and Co. KG

12.9 Nidec Corp.

12.10 Oriental Motor Co. Ltd.

12.11 Parker Hannifin Corp.

12.12 Regal Rexnord Corp.

12.13 Siemens AG

12.14 TAMAGAWA SEIKI Co. Ltd.

12.15 TVH Parts Holding NV

12.16 WEG Equipamentos Eletricos S.A.

12.17 Yaskawa Electric Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About Us

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