I n d u s t r y B r i e f
India Electric Motors Market to Cross $ 2.25 Billion by 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.
“ 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.
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