The mushrooming deployment of electric vehicles is fueling the demand for electric motors, which is, in turn, will cause the expansion of the Asia-Pacific (APAC) electric motor market from $50,948.1 million in 2017 to $77,876.8 million by 2023, at a 6.9% CAGR during the forecast period (“018–2023). According to many reports, the manufacturing of electric cars in the APAC region recorded a 90% growth from 2013 to 2017. The main factor propelling the popularity of these vehicles is the growing implementation of several environmental protection policies in the region.
Moreover, the governments of various APAC countries such as India and China are introducing sales targets for electric vehicles and offering financial incentives and subsidies on the purchase of these vehicles. For example, in 2017, the Chinese government started offering subsidies of more than $10,000 per vehicle. This pushed up the sales of electric vehicles in the country by more than 42% from 2016. Furthermore, Beijing implemented a policy in 2018 aimed at capping the number of car plates issued every month to almost 100,000. Electric vehicles were exempted from this policy and as a result, their sales grew massively in the city during that year.Additionally, the escalating pollution levels and the rising need for energy conservation in the Asia-Pacific (APAC) region are pushing up the requirement for lower energy consumption, especially by high power-consuming industries. This is another key driver for the APAC electric motor market, as such devices account for nearly 70% of the total power consumption in a manufacturing plant. The operation of compressors and electric motors together account for the highest consumption of power in a manufacturing facility. Many industries are adopting energy-efficient electric motors in large numbers for reducing the overall energy consumption and mitigating the operating costs. Besides this, in many industries, motor-driven electric vehicles are increasingly being used for curbing the soaring power consumption levels. Since an electric motor is a critical component of an electric vehicle, the ballooning usage of motor-driven electric vehicles is boosting the sales of electric motors in the APAC region.
