India Electric Motors Market to Cross $ 2.25 Billion by 2023
Growth in
industrial and residential sectors, increasing focus on energy efficient motors
and implementation of government sponsored housing projects to fuel India
electric motors market through 2023
According to TechSci Research report “India
Electric Motors Market By
Type, By End Use, By Application, Competition Forecast & Opportunities,
2013 - 2023’’, electric motors market in India is forecast to reach
$ 2.25 billion by 2023. Government initiatives such as Smart City Mission,
AMRUT, Make in India, etc.; increasing demand
from tier II and tier III cities; and growing focus on energy efficiency are
expected to result in augmenting demand for electric motors
in the country over the coming years. Few of the leading players operating in
India electric motors market include CG Power and Industrial Solutions Limited, Bharat Heavy Electricals
Ltd. and ABB India. Recent implementation of GST is anticipated to help these
organized players in increasing their market share over the next five years.
AC electric motors dominate the country’s electric
motors market, as these motors are more efficient and are widely used in industrial
and residential sectors. In 2017, industrial sector held the largest market
share in terms of value and is expected to maintain its market dominance during
the forecast period as well. The industrial compressors industry in India,
valued at $ 673 million in 2018, is forecast to grow at a CAGR of 7% until 2023,
thereby boosting demand for electric motors. In India, largest demand for
electric motors is being witnessed in the western region, backed by increasing number
of industries in the region. Moreover, growing number of government initiatives
can be attributed to the region’s dominance in India electric motors market.
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“As
of 2018, under Smart City Mission, more than 50% of the work has been completed
in 27 cities and rest is under implementation. Moreover, continuous growth is
being witnessed in the construction sector in India and foreign players are making investments under
the ‘Make in India’ initiative. All these developments
are expected to positively influence the electric motors market in India during
the forecast period.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“India Electric
Motors Market By Type, By End Use, By Application, Competition Forecast
& Opportunities, 2013 - 2023” has evaluated the future growth
potential of India electric motors market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
in India electric motors market.
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