Vietnam Electric Motor Market is Expected to be Dominated by HVAC Application Segment Until 2028

Friday - 21/01/2022 10:29

Vietnam Electric Motor Market is Expected to be Dominated by HVAC Application Segment Until 2028

Increasing investments and rising power demand are expected to drive the growth of Vietnam Electric Motor Market during the forecast period of 2024-2028.
According to TechSci Research report, “Vietnam Electric Motor Market - By Region, Competition, Forecast & Opportunities, 2018-2028, the Vietnam Electric Motor Market is anticipated to register a robust growth during the forecast period, 2024-2028”, electric motors are electrical devices that convert electrical energy into mechanical energy. The majority of contemporary electrical motors function by generating torque, which is applied to the motor shaft as a result of the interaction between the magnetic field of the motor and an electric current flowing through a wire winding. These motors are mostly used in the automotive, agricultural, and industrial sectors. The demand for motors in the commercial and residential sectors, however, has increased as urbanization and technology have progressed. Additionally, the motor deployment industry with the fastest pace of growth is the HVAC sector.

However, when operating, industrial motors with high power ratings produce a significant amount of vibration, strain, and heating, which has the potential to have a significant impact on and lead to the failure of electronic components. Additionally, it is anticipated that throughout the forecast period, the owners of small and medium-sized businesses would not be aware of the advantages of smart motors for a variety of applications.

Recent Development in Vietnam Electric Motor Market:

In October 2022, in order to collaborate on projects such as the CIIC (CATL Integrated Intelligent Chassis) skateboard chassis products, which incorporate integrated battery packs and electric motors, CATL announced that it has signed a global strategic partnership with the Vietnamese electric vehicle manufacturer.

Vietnam Electric Motor Market is segmented into motor type, application, output power, voltage rating, end-user, and region. Based on motor type, the market is segmented into alternate current (AC) motor and direct current (DC) motor.

Based on output power, the market is segmented into integral horsepower (IHP) output and fractional horsepower (FHP) output.  Due to the increasing usage of electric motors with power ranges up to 1HP for small scale businesses such as paper & pulp industry, textile mills, warehouses, and other applications, the fractional horsepower (Up to 1HP) segment is anticipated to dominate the market. The integral horsepower (Above 1HP) market will get the majority of investments from big businesses.

Based on application, the market is further segmented into industrial, HVAC, medical equipment, industrial machinery, home appliances, and others. Owing to the growing investment in electric cars and the automotive industry's efforts to meet the carbon emission reduction objectives, it is anticipated that the motor vehicle segment will continue to lead the way. The need for industrial machinery and HVAC equipment is driven by rising industrial sector investment and soaring energy-efficient motor demand.

Based on Voltage Rating, the market is further segmented into low voltage (up to 690v), medium voltage (691V - 3300V), and high voltage (above 3300V)). Owing to rising demand from the residential and commercial sectors for home appliances including vacuum cleaners, coffee makers, refrigerators, washing machines, etc., the up to 1 kV category now commands the biggest market share. The industrial and agricultural sectors will represent the majority of the investment in the 1 kV-6.6 kV section. Owing to the high-power requirements of the equipment employed, operations in the industrial and agricultural sectors typically call for large capacity motors. Additionally, it is necessary to maintain a sufficient flow of water or coolant to guarantee that the entire industrial setup and agricultural activities operate well.

Based on end-user, the market is further segmented into residential, commercial, industrial, and transportation. As the government of Vietnam focuses on creating supportive rules and regulations to increase awareness regarding the use of electric cars in the respective nation, there has been an increase in demand for electric motors in the transportation sector. The investments in the transportation sector are being pushed by this trend, which is predicted to continue for a while.

Major market players operating in the Vietnam Electric Motor Market are:

    Hanoi Electromechanical Manufacturing Jsc.
    Hong Ky Corporation
    Oriental Motor Asia Pacific Pte. Ltd.
    Mabuchi Motor Co., Ltd.
    Schaeffler Vietnam Co., Ltd
    VinFast LLC
    Hungary electric motor
    Bonfiglioli Vietnam Co., Ltd
    BGM Viet Nam Technology Company Limited
    Dolin M&E Technology Manufacturing Co., Ltd.

“In Vietnam, there has been a significant rise in the demand for electric motors. The expansion of the electric motor industry as well as the rise in industrial output are primarily driven by stringent power consumption rules and a commitment to reducing greenhouse gas (GHG) emissions,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.

“Vietnam Electric Motor Market By Motor Type (Alternate Current (AC) Motor and Direct Current (DC) Motor) By Output Power (Integral Horsepower (IHP) Output and Fractional Horsepower (FHP) Output), By Application (Industrial, HVAC, Medical Equipment, Industrial Machinery, Home Appliances, and Others), By Voltage Rating (Low Voltage (Up to 690V), Medium Voltage (691V - 3300V), High Voltage (above 3300V)), By End-User (Residencial, commercial, Industrial, and transportation), By Region, Competition, Forecast & Opportunities, 2018-2028”, has evaluated the future growth potential of Vietnam Electric Motor Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam Electric Motor Market.

Source: TechSci Research

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