China's Domination of Global Electric Motor Market to Continue Through 2023, According to Freedonia Group Analysis

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Aug 06, 2019, 09:59 ET

CLEVELAND, Aug. 6, 2019 /PRNewswire/ -- A new Freedonia Group study analyzing the global market for electric motors projects demand in China will exceed the combined sales of Japan, North America, and Western Europe in 2023.

Sales opportunities will remain strong even in mature markets – such as North America and Western Europe – as production of energy-efficient heating and cooling equipment and hybrid and electric vehicles continues to ramp up.

However, rapid expansions in Chinese durable goods production – including aerospace equipment, heating and cooling equipment, household appliances, machinery, and motor vehicles – will ensure the country retains its world-leading market position.

China's leadership, explained

Following a decade of double-digit growth, demand for electric motors in China will decelerate through the forecast, but will nevertheless register the second fastest gains globally after India. Major market drivers include:

the country's status as the top electronics manufacturer in the world
high domestic demand for hybrid and electric vehicles, bikes, and motorcycles
rising per capita incomes
substantial exports to a broad range of developed and developing markets

Made-in-China 2025 plan courting investment from major multinationals

In addition, China's ambitious strategy to lead the world in high-tech manufacturing by 2025 is attracting substantial attention from multinationals, which will further serve to expand the country's electric motor market. For example:

Major aerospace concerns entering or expanding in China include Boeing (US) and Liebherr-Aerospace (Germany).
Toshiba Carrier (Japan) plans to have a new air conditioning equipment plant in Hangzhou fully operational by March 2020.

However, ongoing trade tensions between the US and China may limit the fruitfulness of these efforts to some extent – at least in the short term.

Want to learn more?

The Freedonia Group study Global Electric Motors provides a comprehensive view of the global electric motor market, including data analysis of historical demand trends and forecasts through 2023 by product, market, global region, and major national market. In addition, the study includes in-depth profiles of industry leaders, including market share by company, among other relevant topics.

About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at https://www.freedoniagroup.com/ and are also available on www.marketresearch.com and www.profound.com.

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SOURCE The Freedonia Group