Electric Motors market in India is anticipated to register a Compound Annual Growth Rate (CAGR) of 5.9 percent till 2026, as per a Research and Market report. Electric motors
have created an impact in almost every aspect of today’s modern living. A multitude of appliances and devices such as refrigerators, vacuum cleaners, air conditioners, fans, computer hard drives, automatic car windows, etc. use electric motors for converting electrical energy
into mechanical energy. Also, electric motors play a major and critical role in majority of industrial processes.
Electric motors are used in the manufacturing process
of almost all imaginable products which are manufactured in modern factories, these days. They are used in various equipment throughout the industry such as compressors, pumps, lathes, HVAC systems, crushers, fans & blowers, heavy-duty equipment. Owing to the unlimited number of applications for electric motors, it is easy to imagine that there are around 700 million-plus motors that come in different sizes and are in operation around the globe and these wide ranges of motors and motor drives have made a notable impact on the world, due to the amount of power consumed by them.
Rising demand for electric motors
The increased recognition and acceptance of electric vehicles is bolstering the electric motors market growth both globally as well as in India. Furthermore, the increase in demand for automotive electric motors due to increasing fuel prices and stringent regulations followed towards decreasing air pollution levels across the country is anticipated to drive the market growth.
Also, the FAME II scheme - which is launched to drive increased adoption of Electric Vehicles in the country, is anticipated to be one of the major reasons boosting the demand for the electric motors in India. Other significant initiatives such as the Make in India program, with an aim of making India a global manufacturing hub, Smart City Mission, AMRUT, affordable housing, etc. are anticipated to promote the electric motor market growth in the future.
Revision in the FAME (II) policy
Electric 2-wheeler makers on June 12th, 2021, termed as ‘’a phenomenal move’’ by the Indian government to raise the subsidy for such EVs by 50 percent under the Fame-II scheme. They stated that it will be a game-changer in the adoption of an eco-friendly vehicle.