Market Trends of Separately Excited Motor Industry
This section covers the major market trends shaping the Separately Excited Motor Market according to our research experts:
Automobile Application to Grow Significantly
- Automotive traction control in vehicle improves the performance of vehicle motion and stability by providing anti-skid braking and anti-spin acceleration. The importance of traction control is rising for automated highway systems.
- The separately excited motors find large applications automobile industry such as in Automotive Traction Application. The technological upgrades, new product development in the vehicles is fueling the demand for vehicles. Thus, the use of separately excited has been increased in automotive traction application.
- Moreover, the vehicle sales significantly increased after the Covid-19 pandemic. For instance, in the calendar year 2021, all segments showed growth, and total sales increased by 5.8% to 18.49 million units, compared to 17.47 million units in January-December 2020.
- Two wheelers and passenger vehicles dominate the domestic Indian auto market. Passenger car sales are dominated by small and mid-sized cars. Two wheelers and passenger cars accounted for 81.21% and 14.56% market share, respectively, accounting for a combined sale of over 17.8 million vehicles in FY21. This rapid growth in the sale of passenger and other type of vehicles is expected to create to create demand for automotive traction application and add growth in the market studied.
- Furthermore, due to rising demand for electric vehicles the automobile manufacturing companies are expanding their capacities by investing in different geographical locations. For instance, Volkswagen AG plans to invest USD 7.1 billion over the next five years in North America.
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Asia Pacific to Hold Significant Market Growth
- The food and foodservice industry have grown rapidly owing to increased consumer spending. The packaging sector is expected to play a crucial role as the demand for paper for food packaging has grown rapidly that has increased the adoption of separately excited motors in paper machineries.
- Majorly catered by the foodservice industry, the rising trend of takeaways amid the COVID-19-led movement restrictions has generated the need for paper for different packaging application. According to industry body IPMA, paper consumption in India is projected to grow by 6-7% per annum in the next five years so as to reach 30 million tonnes by the year FY27, making it the fastest growing paper market in the world.
- The paper manufacturing companies are investing in capacity expansion in the Asia Pacific region to cater increasing demand for paper. For instance, in 2021, JK Paper Ltd commissioned 2,000 Crore capacity expansion project in Gujarat. The investment in plant will increase the capacity of packaging board by 1,70,000 tonnes per annum and 1.6 lakh pulp unit and take its total production capacity to close to 7.8 lakh tonnes per annum.
- Moreover, the growth in merchandise export has shown rapid growth in India. According to IBEF, India's merchandise exports in FY22 were at USD 417.8 billion, up 40% from the previous year. In October 2021, India's merchandise exports grew 43.05% YoY to reach USD 33.65 billion. This is likely to add growth in the separately excited motor in the forecast period.
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