India Electric Motor Market Overview
India electric motors market is projected to surpass $ 2.08 billion by 2024. Anticipated growth in the market can be attributed to increasing number of industries and construction activities across the country, in addition to growing government focus towards adoption of energy efficient motors. Moreover, rising population in tier II and tier III cities, increasing urbanization, and introduction of various major government initiatives such as Make in India, Smart City Mission, affordable housing, AMRUT, etc., are expected to positively influence the electric motors market in India during forecast period.
Electric motor market is highly fragmented in India with presence of a large number of players. The market is competitive due to the presence of un-organized players in the industry. Recent implementation of GST is anticipated to help organized players in increasing their market share over the next five years.
India Electric Motor Market Regional Insights
Regionally, the western market played a vital role in generating revenues in the Indian electric motor market, with states like Gujarat, Maharashtra and Madhya Pradesh being the key markets in the region. Gujarat and Maharashtra are the two leading demand generating states for electric motors in the western region. Growing number of government initiatives such as Green Energy Corridor in Gujarat, Maharashtra and Madhya Pradesh are scheduled for implementation by 2020.
India Electric Motor Market Competitive Landscape
In order to boost sales, the major vendors in the market for electric motor aim at introducing technologically advanced solutions and energy efficient systems at cheaper rates. This helps vendors to differentiate themselves from counterparts and thereby sustain competition. Moreover, strategic partnerships & collaborations with distributors and investment in R&D activities are some of the other major strategies adopted by major market players to enhance their existing product portfolio and expand their market footprints. Some of the major players operating in India electric motors market are CG Power and Industrial Solutions Limited, Bharat Heavy Electricals Limited, ABB India Limited, Siemens Limited, GE Power India Limited, Bharat Bijlee Limited, Kirloskar Electric Company Limited, Marathon Electric India Private Limited and WEG Industries India Private Limited.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
- The primary objective of the study is to understand and gain insights about India electric motors market and its segmental analysis by type, by voltage rating, by end use, by application and by region.
- To estimate and forecast India electric motors market size.
- To categorize and forecast India electric motors market by type such as AC motors and DC motors.
- To categorize and forecast India electric motors market by end use such as residential, commercial, industrial and transportation.
- To categorize and forecast India electric motors market by application such as fans, pumps, compressors and mechanical movement.
- To categorize and forecast India electric motors market by regions such as north, east, south and west.
- To identify major drivers and challenges for India electric motors market.
- To identify major trends in India electric motors market.
- To profile major companies operating in India electric motors market.
Some of the major players operating in India electric motors market are CG Power and Industrial Solutions Limited, Bharat Heavy Electricals Limited, ABB India Limited, Siemens Limited, GE Power India Limited, Bharat Bijlee Limited, Kirloskar Electric Company Limited, Marathon Electric India Private Limited and WEG Industries India Private Limited, etc.
To analyze and forecast India electric motors market, both top-down and bottom-up approaches have been used. Multiple employees from the leading companies have been interviewed through telephonic conversations to extract and verify the information being collected at the source. A brief study of the major players operating in India electric motors market was also undertaken, which included analysis of information such as ongoing projects, followed by the details of expected year of commissioning and estimated investments along with the expansion plans of various projects in India.
Moreover, detailed and in-depth scrutiny of information was done to understand each policy or external or internal factor which could increase or decrease the demand for electric motors in India. To extract data, primary surveys were conducted with key players and stakeholders in the industry. The future plans of major players were studied and projects which have commissioned in the country were identified.
Various secondary sources such as white papers and secondary literature on electric motors, Smart Cities Mission, Federation of Indian Chambers of Commerce and Industry (FICCI), Ministry of Housing & Urban Poverty Alleviation, electric motors companies’ annual reports, International Monetary Fund and World Bank were also studied by TechSci Research.
Key Target Audience:
- Electric motor manufacturing companies, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, associations and alliances related to electric motors
- Market research and consulting firms
The study is essential in delivering useful information to industry stakeholders such as electric motor manufacturing companies and end users. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities in specific market segments and geographies.
In this report, India electric motors market has been segmented into the following categories in addition to the industry trends which have also been listed below:
- Market, by Type:
o AC Motors
o DC Motors
- Market, by Voltage Rating:
o Low Voltage (Upto 690V)
o Medium Voltage (691V - 3300V)
o High Voltage (above 3300V)
- Market, by End Use:
- Market, by Application:
o Mechanical Movement
- Market, By Region:
Company Profiles: Detailed analysis of the major companies present in India electric motor market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.