Market Overview
India’s electric motor market is expanding rapidly as demand increases across various sectors, including automotive, industrial machinery, HVAC systems, and renewable energy. As industries and transportation shift toward electrification, the need for high-performance and energy-efficient electric motors has become more prominent. Government initiatives and a focus on sustainability are also driving the demand for electric motors in India.
The 2023 valuation of the Indian electric motor market was $1.35 billion USD. The Indian electric motor market is expected to expand at a 17.45% compound annual growth rate.
Key Developments in the Indian Electric Motor Market
- Electric Vehicles Drive Growth: The rapid adoption of electric vehicles (EVs) in India has created a strong demand for electric motors, particularly in the automotive sector. As the government incentivizes the shift to electric mobility through policies like FAME II, the demand for EV-specific motors is expected to increase exponentially.
- Renewable Energy and HVAC Sector Growth: The growing focus on renewable energy sources, such as solar and wind, is boosting demand for electric motors used in energy generation and power transmission. Additionally, the expansion of the HVAC (Heating, Ventilation, and Air Conditioning) sector, driven by increasing urbanization, is fueling the need for energy-efficient electric motors.
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Regional Developments
- Vietnam, Thailand, Singapore: Southeast Asian countries are emerging as key players in the global supply chain for electric motor components. The export of high-quality motors from these countries to India is supporting the domestic market’s growth. India’s focus on improving its manufacturing capabilities is creating opportunities for partnerships and investments with Southeast Asian companies.
- Japan & South Korea: Japan and South Korea are leading innovation in the electric motor market, particularly in the automotive and industrial sectors. Indian companies are increasingly collaborating with Japanese and South Korean firms to integrate advanced technologies, such as brushless DC motors and high-efficiency motors, into their offerings.
- Europe & US: European and American companies are bringing their expertise in manufacturing energy-efficient and high-performance electric motors to the Indian market. The demand for electric motors in sectors like automotive, manufacturing, and HVAC is being met with global collaborations and investments.
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Mergers and Acquisitions in the Electric Motor Market
The Indian electric motor market is witnessing a wave of mergers and acquisitions as companies look to expand their product portfolios and strengthen their market position:
- Siemens and CG Power: Siemens has expanded its footprint in the Indian electric motor market with the acquisition of CG Power and Industrial Solutions. This acquisition strengthens Siemens’ position in the Indian motor and automation market, especially in industrial applications.
- Bharat Heavy Electricals Limited (BHEL) and GE Electric: BHEL has partnered with GE Electric to create a joint venture focusing on the production of high-efficiency electric motors for the industrial and power sectors. This collaboration aims to meet the increasing demand for energy-efficient solutions in India.
- ABB India and Baldor Electric: ABB India has completed the acquisition of Baldor Electric, a global leader in electric motor manufacturing. This acquisition allows ABB to expand its motor product offerings and strengthen its position in the renewable energy and automotive sectors in India.
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India Electric Motor Market Segmentation:
by Motor Type
Alternating Current (AC) Motor
Direct Current (DC) Motor
by Voltage
Low Voltage
Medium Voltage
High Voltage
by Power Capacity
Fractional Horsepower
Integral Horsepower
by Application
Industrial
Commercial
Residential
Transportation And Agricultural
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India Electric Motor Market Key Players:
- Siemens Limited: Siemens is a global leader in the electric motor market, offering a wide range of products for automotive, industrial, and renewable energy applications. The company continues to innovate with energy-efficient and sustainable motor technologies.
- ABB India: ABB India is a key player in the Indian electric motor market, providing high-performance motors for industries like automotive, manufacturing, and HVAC. ABB is investing heavily in developing new technologies to meet the growing demand for electric motors in India.
- Bharat Heavy Electricals Limited (BHEL): BHEL is one of the largest manufacturers of electric motors in India, particularly in the industrial and power sectors. The company is investing in energy-efficient motor technologies to stay competitive in the market.
1. ABB India Ltd.
2. Siemens India Ltd.
3. CG Power And Industrial Solutions Limited
4. Bharat Heavy Electricals Ltd.
5. Marathon Electric India
6. Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
7. WEG Industries (India) Pvt. Ltd.
8. Kirloskar Electric Company Ltd.
9. Hindustan Electric Motors
10. Bharat Electric Motors
11. Bharat Bijlee Limited
12. Fuji Electric India Pvt. Ltd.
13. Regal Beloit Corporation
14. WEG Industries (India) Pvt Ltd.
15. GE Power India Limited
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