Global Market for Motors Slips Due to Economic Downturn

July 21, 2009
Global market for motors slips due to economic downturn.

Global Industry Analysts Inc.,

The near global meltdown of the economy and tightening of the credit markets has taken a bite out of the motor market, according to a study published by Global Industry Analysts Inc., San Jose, Calif. Other factors that have put a crimp in motor sales are the reduction in housing starts and construction and a weakening demand in residential HVAC. But there are some bright spots. The energy bill passed in 2007 raises the level of efficiency demanded of industrial motors in the U.S., so sales of premium-efficient motors should rise faster than those of standards motors. The report estimates the world market for electric motors will climb to $39.1 billion by 2015.

The motor industry is dominated by companies based in the U.S., Europe, and Asia-Pacific, with those in Asia-Pacific expected to spearhead global growth, especially in fractional-horsepower motors. The largest market for motors has been China, and motor companies will likely shift manufacturing to China to reduce labor costs and be closer to their customers.

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