The US market for electric motors is forecast to expand 5.4 percent per year through 2018 to $16.2 billion, accelerating from the 2008-2013 period. Electric motors are key components in many durable goods, and as a result, suppliers will benefit from solid gains in heating, ventilation, and air conditioning (HVAC) equipment, machinery, and motor vehicle output. Rising demand for more efficient, more expensive motor products will also boost market value. However, pricing pressure from original equipment manufacturers (OEMs), as well as competition from lower cost imports, will limit value gains moving forward to a certain extent.
US demand for AC motors will grow faster than the market for DC motors and remain the largest product category, with 2018 sales of $9.6 billion. Motor vehicles are expected to make up approximately one-third of incremental AC motor dollar gains, the result of a rise in hybrid and electric vehicle (H/EV) production. H/EVs use integral horsepower (IHP) AC synchronous motors for motive power, and as a result, this product will register by far the fastest gains of any major type. Increased shipments of HVAC equipment and machinery, industries that are heavy users of AC motors, will provide additional support moving forward. Demand for DC motors will approach $6.7 billion in 2018. DC motors are used extensively in transportation applications, and suppliers will benefit from increases in motor vehicle output and aerospace and other nonautomotive transportation equipment shipments. Universal motors, which can run on AC or DC power and are grouped with DC motors for the purpose of this study, are widely used in HVAC equipment and machinery, and higher shipments of these products will boost motor use.
Motor vehicles are expected to post the most rapid gains and remain the largest domestic market for electric motors through 2018. In addition to an increase in total motor vehicle output, as well as a significant rise in H/EV production, gains will be spurred by the growing number of electric motor-dependent systems in the average vehicle. The HVAC and machinery markets will also provide significant sales opportunities for electric motor suppliers as shipments climb. HVAC electric motor demand will be spurred by greater construction spending, which will require the installation of entirely new systems, while machinery motor sales will be supported in part by replacement demand driven by efficiency mandates.
Through 2018, fractional horsepower (FHP) motors, those with a power rating of less than one, will continue to account for a greater share of the electric motor market, in both value and volume terms, than IHP models. FHP motors are utilized in the mechanical systems of products ranging from aerospace and HVAC equipment to motor vehicles, all of which will enjoy favorable growth prospects. Nevertheless, demand for IHP motors is projected to grow faster than that for FHP motors in both value and volume terms. IHP motor sales gains will be fueled by greater H/EV production and increased HVAC equipment output. Additionally, the cost savings to industrial firms for buying more efficient equipment like IHP motors will further bolster the market.
This industry study, Electric Motors, presents historical demand data for 2003, 2008 and 2013, plus forecasts for 2018 and 2023 by product and market. The study also considers market environment factors, evaluates company market share and profiles 35 competitors in the US industry.
TABLE OF CONTENTS
INTRODUCTION viii I. EXECUTIVE SUMMARY 1 II. MARKET ENVIRONMENT 4 General 4 Macroeconomic Environment 5 Personal Income & Expenditures 10 Demographic Outlook 13 Fixed Investment Trends 17 Manufacturing Outlook 20 Pricing Patterns 24 Historical Market Trends 28 Regulatory & Legal Environment 31 Technology & Material Trends 33 International Environment 37 World Supply & Demand Trends 38 US Foreign Trade 41 Imports 43 Exports 46 III. PRODUCTS 50 General 50 Electric Motor Types 51 AC Motors 55 Fractional Horsepower AC Motors 58 Single Phase 59 Polyphase 63 Integral Horsepower AC Motors 65 Induction 67 Synchronous 69 Demand by Market 71 DC Motors 74 Fractional Horsepower DC Motors 78 Brushed 79 Brushless 82 Integral Horsepower DC Motors 84 Brushed 86 Brushless 88 Demand by Market 90 Power Rating 92 Fractional Horsepower Motors 95 Demand by Type 95 Demand by Market 99 Integral Horsepower Motors 100 Demand by Type 100 Demand by Market 104 IV. MARKETS 106 General 106 Motor Vehicles 108 Motor Vehicle Outlook 109 Electric Motor Demand 113 Internal Combustion Engine Light Vehicles 116 Hybrid/Electric Light Vehicles 118 Medium & Heavy Duty Vehicles 121 Heating & Cooling Equipment 123 Heating & Cooling Equipment Outlook 124 Electric Motor Demand 125 Machinery 128 Machinery Outlook 129 Electric Motor Demand 131 Household Appliances 134 Household Appliances Outlook 135 Electric Motor Demand 136 Major Appliances 138 Small Appliances 140 Aerospace & Other Nonautomotive Transportation Equipment 142 Aerospace & Other Nonautomotive Transportation Equipment Outlook 142 Electric Motor Demand 144 Commercial & Service Industry Equipment 147 Commercial & Service Industry Equipment Outlook 148 Electric Motor Demand 149 Other Markets 151 V. INDUSTRY STRUCTURE 154 General 154 Industry Composition 155 Market Share 158 Product Development 165 Manufacturing 167 Marketing & Distribution 168 Cooperative Agreements 170 Mergers & Acquisitions 172 Company Profiles 174 ABB Limited 175 Allied Motion Technologies Incorporated 178 AMETEK Incorporated 181 Baldor Electric, see ABB Bodine Electric Company 184 Bosch (Robert) GmbH 186 Brose Fahrzeugteile GmbH & Company KG 188 Danaher Corporation 190 DENSO Corporation 192 Dunkermotoren, see AMETEK Dynetic Systems, see SL Industries Elco Group, see Regal Beloit Electric Machinery, see WEG ElectroCraft Incorporated 194 Emerson Electric Company 196 FAAC, see Somfy Fasco, see Regal Beloit GE Global Research, see General Electric General Electric Company 198 General Motors Company 201 Globe Motors, see Allied Motion Technologies Hansen, see ElectroCraft HBD Industries Incorporated 202 Hitachi Limited 204 Hub City, see Regal Beloit Inteva Products LLC 206 ITT Corporation 207 Johnson Electric Holdings Limited 209 Kollmorgen, see Danaher LEESON Electric, see Regal Beloit Lenze SE 212 Mabuchi Motor Company Limited 214 Magnetek Incorporated 216 Marathon Motors, see Regal Beloit Minebea Company Limited 217 Mitsuba Corporation 219 Mitsubishi Electric Corporation 221 Morrill Motors, see Regal Beloit Nidec Corporation 224 NMB Technologies, see Minebea Ohio Electric Motors, see HBD Industries Peerless Electric, see HBD Industries Powertec Industrial Motors, see HBD Industries Ramu, see Regal Beloit Regal Beloit Corporation 229 Remy International Incorporated 234 Rockwell Automation Incorporated 236 Siemens AG 238 Simu, see Somfy SL Industries Incorporated 241 Somfy SA 243 TECO Electric & Machinery Company Limited 245 Toshiba Corporation 247 Unico, see Regal Beloit United Starters and Alternators Industries, see Remy International USA Industries, see Remy International Valeo SA 250 WEG SA 252 Yaskawa Electric Corporation 255 Other Companies Mentioned in the Study 257 LIST OF TABLES TABLE NUMBER PAGE SECTION I -- EXECUTIVE SUMMARY Summary Table 3 SECTION II -- MARKET ENVIRONMENT 1 Macroeconomic Indicators 9 2 Personal Consumption Expenditures 13 3 Population & Households 17 4 Nonresidential Fixed Investment 20 5 Manufacturers’ Shipments 24 6 Electric Motor Pricing 27 7 Electric Motor Historical Market, 2003-2013 30 8 World Electric Motor Demand by Region 41 9 US Foreign Trade in Electric Motors 43 10 US Electric Motor Imports by Source, 2003-2013 45 11 US Electric Motor Exports by Destination, 2003-2013 48 SECTION III -- PRODUCTS 1 Electric Motor Supply & Demand 51 2 Electric Motor Supply & Demand by Type 53 3 AC Motor Demand 56 4 Fractional Horsepower AC Motor Demand 59 5 Single Phase Fractional Horsepower AC Motor Demand 62 6 Polyphase Fractional Horsepower AC Motor Demand 65 7 Integral Horsepower AC Motor Demand 67 8 Induction Integral Horsepower AC Motor Demand 69 9 Synchronous Integral Horsepower AC Motor Demand 71 10 AC Motor Demand by Market 73 11 DC Motor Demand 76 12 Fractional Horsepower DC Motor Demand 79 13 Brushed Fractional Horsepower DC Motor Demand 82 14 Brushless Fractional Horsepower DC Motor Demand 84 15 Integral Horsepower DC Motor Demand 86 16 Brushed Integral Horsepower DC Motor Demand 88 17 Brushless Integral Horsepower DC Motor Demand 90 18 DC Motor Demand by Market 91 19 Electric Motor Supply & Demand by Power Rating 94 20 Fractional Horsepower Motor Demand by Type 97 21 Fractional Horsepower Motor Demand by Market 99 22 Integral Horsepower Motor Demand by Type 102 23 Integral Horsepower Motor Demand by Market 104 SECTION IV -- MARKETS 1 Electric Motor Demand by Market 107 2 Motor Vehicle Indicators 112 3 Motor Vehicle Electric Motor Demand by Type, Power Rating, Segment, & Application 115 4 Internal Combustion Engine Light Vehicle Electric Motor Demand 118 5 Hybrid/Electric Light Vehicle Electric Motor Demand 121 6 Medium & Heavy Duty Vehicle Electric Motor Demand 123 7 Heating & Cooling Equipment Shipments 125 8 Heating & Cooling Equipment Electric Motor Demand by Type & Power Rating 128 9 Machinery Shipments 131 10 Machinery Electric Motor Demand by Type & Power Rating 134 11 Household Appliance Shipments 136 12 Household Appliance Electric Motor Demand by Type, Power Rating, & Segment 138 13 Major Appliance Electric Motor Demand 140 14 Small Appliance Electric Motor Demand 141 15 Aerospace & Other Nonautomotive Transportation Equipment Shipments 144 16 Aerospace & Other Nonautomotive Transportation Equipment Electric Motor Demand 147 17 Commercial & Service Industry Equipment Shipments 149 18 Commercial & Service Industry Equipment Electric Motor Demand 151 19 Other Markets Electric Motor Demand 153 SECTION V -- INDUSTRY STRUCTURE 1 US Electric Motor Sales by Company, 2013 157 2 Selected Cooperative Agreements 171 3 Selected Acquisitions & Divestitures 173 LIST OF CHARTS CHART NUMBER PAGE SECTION II -- MARKET ENVIRONMENT 1 Electric Motor Prices, 2003-2023 28 2 Electric Motor Historical Market, 2003-2013 30 3 US Electric Motor Imports by Source, 2013 46 4 US Electric Motor Exports by Destination, 2013 49 SECTION III -- PRODUCTS 1 Electric Motor Demand by Type, 2013 54 2 AC Motor Demand by Type, 2013 57 3 AC Motor Demand by Market, 2013 73 4 DC Motor Demand by Type, 2013 77 5 DC Motor Demand by Market, 2013 92 6 Electric Motor Demand by Power Rating, 2003-2023 95 7 Fractional Horsepower Motor Demand by Type, 2013 98 8 Fractional Horsepower Motor Demand by Market, 2013 100 9 Integral Horsepower Motor Demand by Type, 2013 103 10 Integral Horsepower Motor Demand by Market, 2013 105 SECTION IV -- MARKETS 1 Electric Motor Demand by Market, 2013 108 2 Motor Vehicle Electric Motor Demand by Segment, 2003 116 SECTION V -- INDUSTRY STRUCTURE 1 US Electric Motor Market Share, 2013 159