Vietnam
Electric Motor Market is expected to increase during the forecast period owing to
a number of factors, including increasing growth of electric vehicles,
increasing residential sector, increasing adoption of electric motors in
commercial sector and rising demand for HVAC applications.
Electric
motors use electrical energy to create mechanical energy, typically in the form
of rotating motion. Simply put, they are machines that utilise electricity to
produce motive power. The electromagnetism theory, which holds that an electric
current in a magnetic field creates a force, continues to govern how they
function. Moreover, a vast variety of gadgets use electric motors, including
drills, water pumps, hard drives, washing machines, and industrial machinery.
Emerging Robotics Technology Will Increase Demand for
Electric Motors
Emerging
companies in the electric motors market should have more opportunities as a
result of the rapidly developing field of robotics. Robots are frequently used
in industry for simple, monotonous tasks as well as in risky scenarios
including direct chemical and radioactive substance exposure. Specific jobs
including assembly lines, space exploration, military services, warehouse
deliveries, etc. are carried out using this technology. Furthermore, the
wheels, tracks, legs, sensor turrets, and armament systems of industrial and
portable robots are operated by electric motors including AC motors and DC
motors. This will increase demand for robots' use of electric motors.
Increasing Adoption of HVAC Application to Propel the
Market:
Increasing
power demand is due to expansion in energy producing capacity. Additionally,
the use of electric machinery in the agricultural sector is directly affected
by crop cultivation since motors are crucial for irrigation of crops. In the
upcoming years, these variables are anticipated to support the expansion of the
electric motor market.
The
demand for heating and cooling in residential, commercial, and industrial areas
has led to an expansion of the heating and air-conditioning (HVAC) industry.
This has prompted the new construction activities to consider the HVAC
equipment supply in the buildings as a crucial element while they are being
built. Moreover, it has ultimately increased demand for the use of electric
motors. Due to the expansion of commercial areas and improving standards of
living, developing economies account for the majority of the HVAC industry's
development.
The
high maintenance cost of the motor is the main element that may limit the
growth of the important market. Its adoption by customers may be hampered in
some situations by the operation's high cost. For instance, if a high
horsepower motor is used with a low load factor, the operation's cost per hour
rises noticeably. Induction motors are an example of a motor that does not have
a self-starting torque. Additionally, auxiliaries could be needed to start
single-phase motors. As a result, these issues might hinder the market's
growth.
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Increasing Focus on Adopting Vehicles Running on
Renewable Sources to Aid Growth
The
use of electrical motors as a power source enables it to broaden and enhance
its position in the Vietnam electric motor market. These applications include
those in the transportation, electricity, and other sectors. The industrial
sector has accelerated and new technologies like combined heat and power are
being brought to the market as a result of the huge increase in power
consumption over the past ten years. Due to this, the industrial sector's use
of electric machinery has expanded. Similarly, the introduction of electric
vehicles (EVs) and the rise in the demand for automobiles have fuelled this
market's expansion.
Moreover,
companies have developed battery-powered electric cars and fuel cell electric
vehicles (FCEVs) that are powered by fuel cell reactions. As a result, the
demand for electric vehicle is likely to augment during the forecast period.
Market Segments
Vietnam
Electric Motor Market is segmented into motor type, application, output power,
voltage rating, end-user, and region. Based on motor type, the market is
segmented into alternate current (AC) motor and direct current (DC) motor.
Based on output power, the market is further segmented into integral horsepower
(IHP) output and fractional horsepower (FHP) output. Based on application, the market is segmented
into Industrial, HVAC, medical equipment, industrial machinery, home
appliances, and others. Based on voltage rating, the market is segmented into
low voltage (Up to 690V), medium voltage (691V - 3300V), and high voltage
(above 3300V)). Based on end-user, the market is further segmented into
residential, commercial, industrial, and transportation.
Market Players
Vietnam
electric motor market players include Hanoi
Electromechanical Manufacturing Jsc., Hong Ky Corporation, Oriental Motor Asia
Pacific Pte. Ltd., Mabuchi Motor Co., Ltd., Schaeffler Vietnam Co., Ltd,
VinFast LLC, Hungary electric motor, Bonfiglioli Vietnam Co., Ltd, BGM Viet Nam
Technology Company Limited, and Dolin M&E Technology Manufacturing Co.,
Ltd.
Recent Developments:
- In October
2022, in order to collaborate on projects such as the CIIC (CATL
Integrated Intelligent Chassis) skateboard chassis products, which
incorporate integrated battery packs and electric motors, CATL announced
that it has signed a global strategic partnership with the Vietnamese
electric vehicle manufacturer VinFast.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018
– 2022
|
|
Estimated Year
|
2023
|
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Forecast Period
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2024
– 2028
|
|
Quantitative Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments covered
|
By Motor Type
By Application
By Output Power
By Voltage Rating
By End-User
By Region
|
|
Regional Scope
|
Northern
Vietnam, Central Vietnam, Southern Vietnam
|
|
Key companies profiled
|
Hanoi
Electromechanical Manufacturing Jsc., Hong Ky Corporation, Oriental Motor
Asia Pacific Pte. Ltd., Mabuchi Motor Co., Ltd., Schaeffler Vietnam Co., Ltd,
VinFast LLC, Hungary Electric Motor, Bonfiglioli Vietnam Co., Ltd, BGM Viet
Nam Technology Company Limited, Dolin M&E Technology Manufacturing Co.,
Ltd
|
|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to country, regional
& segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research needs.
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
|
Report Scope:
In this
report, Vietnam Electric Motor Market
has been segmented into following categories, in addition to the industry
trends which have also been detailed below:
- Vietnam Electric Motor Market, By Motor Type:
- Alternate Current (AC) Motor
- Direct Current (DC) Motor
- Vietnam Electric Motor Market, By Output Power:
- Integral Horsepower (IHP)
- Output and Fractional Horsepower (FHP)
- Vietnam Electric Motor Market, By Application:
- Industrial
- HVAC
- Medical Equipment
- Industrial Machinery
- Home
- Appliances
- Others
- Vietnam Electric Motor Market, By Voltage Rating:
- Low Voltage (Up to 690V)
- Medium Voltage (691V - 3300V)
- High Voltage (above 3300V)
- Vietnam Solar Photovoltaic Equipment market, By End-User:
- Residencial
- Commercial
- Industrial
- Transportation
- Vietnam Electric Motor Market, By Region:
- Northern Vietnam
- Central Vietnam
- Southern Vietnam
Competitive
Landscape
Company
Profiles: Detailed analysis of the major companies present
in Vietnam Electric Motor Market.
Available
Customizations:
With the
given market data, Tech Sci Research offers customizations according to a company’s
specific needs. The following customization options are available for the report:
Company
Information
·
Detailed analysis and profiling of additional
market players (up to five).
Vietnam
Electric Motor Market is an upcoming
report to be released soon. If you wish an early delivery of this report or want
to confirm the date of release, please contact us at [email protected]