Press Release

India Electric Motors Market to Cross $ 2 Billion by 2024

Growth demand from industrial and residential sectors, increasing focus on energy efficient motors and implementation of government sponsored housing projects to fuel India electric motors market through 2024

According to TechSci Research report “India Electric Motors Market By Type, By Voltage Rating, By End Use, By Application, By Region, Competition, Forecast & Opportunities, 2014 - 2024’’, the electric motors market in India is forecast to surpass USD2 billion by 2024. 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 Limited, ABB India Limited, Siemens Limited, GE Power India Limited, Bharat Bijlee Limited, Marathon Electric India Private Limited and Kirloskar Electric Company Limited. Recent implementation of GST is anticipated to help these organized players in increasing their market share over the next five years.

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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 2018, 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 USD673 million in 2018, is forecast to grow at a CAGR of 7% until 2024, 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 also 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 Voltage Rating, By End Use, By Application, By Region, Competition, Forecast & Opportunities, 2014 - 2024” 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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