According to a new market report published by Transparency Market Research on the high efficiency low voltage aluminum motors market for the forecast period of 2019-2027, the global high efficiency low voltage aluminum motors market is expected to reach a value of ~US$ 5.8 Bn by 2027, expanding at a CAGR of ~5% from 2019 to 2027. In terms of volume, the global high efficiency low voltage aluminum motors market is expected to reach a volume of ~14,000 thousand units by 2027, expanding at a CAGR of ~5% from 2019 to 2027. Europe held the largest share in the global high efficiency low voltage aluminum motors market in 2018, and is expected to hold its position during the forecast period too.
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The induction motors segment holds a major share as compared to the other types, owing to their wide range of application and cost effectiveness. Induction motors hold over one-third of the global high efficiency low voltage aluminum motors market, and the segment is expected to retain its share throughout the coming years. The increasing use of induction motors in several low voltage electronic goods is boosting their demand.
The increasing demand for electronic products and growing food and beverage industry is surging the demand for high efficiency low voltage aluminum motors in Europe. The 0 kW to 7.5 kW segment of low voltage aluminum motors is expected to hold more than one-third market share across Europe.
Asia Pacific is the second-largest high efficiency low voltage aluminum motors market. Induction motors and synchronous motors dominate the Asia Pacific low voltage aluminum motors market, and together hold 80% share in the market. These motors are expected to retain their market share during the forecast period. Increasing industrialization and metal fabrication industries is the major driver of market growth in Asia Pacific. Additionally, increasing demand from the automotive sector is encouraging further growth. Among the Asia Pacific countries, China is the largest market for low voltage aluminum motors. China, which is known as the factory of the world, is seeing a rise in the sales of low voltage motors with a rise in industrial production. In China, induction motors and synchronous motors, combined, hold 80% of the market share, and are anticipated to retain their combined market share during the forecast period. Growing industrialization and boost in the demand for motors from different industries are anticipated to drive the China high efficiency low voltage aluminum motors market in the coming years.
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North America is the third-largest high efficiency low voltage aluminum motors market. Induction and synchronous motors command a lion’s share of the market, and together hold ~75% share in the North America market. Growing petrochemical and automotive sectors in the U.S and Canada are expected to boost the motors market in the near future. The increasing demand for permanent magnet motors from the auto sector is boosting this share.
MEA is the fourth-largest high efficiency low voltage aluminum motors market. In MEA, induction motors, synchronous motors, and other low voltage motors are increasingly used in fans, compressors, etc.
South America is the smallest high efficiency low voltage aluminum motors market. Rise in industrialization and urbanization is boosting the demand for low voltage aluminum motors in this region.
Some of the major players in the global high efficiency low voltage aluminum motors market include ABB Ltd., Toshiba Corporation, Siemens AG, Danfoss A/S, Hitachi, Ltd., General Electric, TECO Electric & Machinery Co., Ltd., Nidec Motor Corporation, Regal Beloit Corporation, and WEG.
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