India Electric Motors Market to Cross $ 2 Billion by 2024
Growth demand from industrial and residential sectors,
increasing focus on energy efficient motors and implementation of government
sponsored housing projects to fuel India electric motors market through 2024
According to TechSci Research report “India
Electric Motors Market By Type, By Voltage Rating, By End Use, By
Application, By Region, Competition, Forecast & Opportunities, 2014 - 2024’’,
the electric motors market in India is forecast to surpass USD2 billion by
2024. 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 Limited, ABB India Limited, Siemens Limited,
GE Power India Limited, Bharat Bijlee Limited, Marathon Electric India Private
Limited and Kirloskar Electric Company Limited. Recent implementation of GST is
anticipated to help these organized players in increasing their market share
over the next five years.
Browse 46 market data Figures and Tables
spread through 90 Pages and an in-depth TOC on "India Electric Motors Market "
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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 2018, 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 USD673 million in 2018, is forecast to grow at a CAGR of 7% until
2024, 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.
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“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 also 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.
“India Electric Motors Market By Type, By Voltage
Rating, By End Use, By Application, By Region, Competition, Forecast &
Opportunities, 2014 - 2024” has evaluated the future growth potential of India
electric motors market and provides statistics and information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India electric motors
market.
About TechSci Research
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