LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global electric motors market and the market is poised to experience spend growth of more than USD 30 billion between 2017-2022 at a CAGR of over 6% during the forecast period. Request Free Sample Pages.
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The growing environmental concerns are triggering an increase in the sales of electric vehicles that do not require fuel to run. This is acting as the chief spend accelerator in the global electric motors market. Factors such as infrastructure and economic development in emerging countries are driving the consumption of HVAC and home appliances at an exponential rate which is contributing to the demand growth in the electric motors market.
In terms of regional spend-share, APAC is gaining dominance as it is witnessing an increase in the demand for electric motors due to the growth of the HVAC segment, rising adoption of EVs, and increasing industrialization. Meanwhile, in Europe, the prevalence of stringent regulations that mandate the use of energy-efficient equipment is driving the demand for electric motors from the industrial automation segment.
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Insights into market price trends:
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Electric motor suppliers will tackle a substantial rise in their manufacturing expenses owing to the rise in the prices of raw materials such as steel, aluminum, and copper. This is expected to propel buyers’ procurement expenditure in the electric motors market.
- The growing demand for energy-efficient motors has compelled buyers to increase their spend on R&D activities for the development of new energy-efficient products. This is expected to impact the cost structure of suppliers.
What are the strategies that buyers must adopt to optimize procurement spend in this market?
Strategic partnerships with suppliers will play vital roles in unlocking avenues to save costs for buyers during the contract period. Insights into some of the strategies that buyers must follow while negotiating and during the contract period with suppliers are given below:
Engage with suppliers who are highly capable in predictive maintenance of electric motors
Maintenance cost is a vital component of buyers’ TCO in the electric motors market and is susceptible to a gradual increase over time. This makes it imperative for buyers to partner with suppliers who exhibit a high level of efficiency in providing predictive maintenance, which helps avoid the sudden failure of electric motors. In the predictive maintenance approach, the testing of equipment on a regular basis improves the operational efficiency of the procured electric motors and reduces the chances of recurring expenses on rectifying a machine breakdown.
Prefer suppliers who are efficient in the re-engineering of electric motors
Buyers are advised to engage with suppliers who provide highly efficient re-engineering services for electric motors. Most end-user industries consist of a high volume of legacy equipment including electric motors in plant facilities, and the replacement of such electric motors will result in high switching costs. The re-engineering of electric motors in terms of parameters such as modification of magnet, installation of speed drives with AC motors, re-engineering of stators, and change of windings will improve the reliability and operational efficiency of old electric motors. Thus, buyers can avail the advantages of cost savings by avoiding the replacement of electric motors.
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Some of the key topics covered in this report are:
- Electric motors market spend segmentation by region
- Total cost of ownership analysis in the electric motors market
- Regional spend opportunity for electric motors suppliers
- Electric motors suppliers cost structure
- Electric motors pricing models analysis
- Electric motors procurement best practices
- Category management objectives
- Cost saving opportunities in the electric motors market
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