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. Most modern electric motors operate by generating torque through the interaction of a magnetic field and electric current flowing through wire windings, applied to the motor shaft.
These motors find extensive use in automotive, agricultural, and industrial sectors. However, urbanization and technological advancements have driven increased demand for motors in commercial and residential applications. The HVAC sector, in particular, stands out as the fastest-growing segment in motor deployment.
Industrial motors with high power ratings can generate significant vibration, strain, and heat during operation, potentially affecting electronic components and leading to failures. Additionally, there remains a lack of awareness among small and medium-sized business owners regarding the benefits of smart motors across various applications.
Recent Developments in the Vietnam Electric Motor Market:
In October 2022, CATL announced a global strategic partnership with Vietnamese electric vehicle manufacturer VinFast to collaborate on projects involving CIIC (CATL Integrated Intelligent Chassis) skateboard chassis products. These products integrate battery packs and electric motors, marking a significant development in the market.
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The Vietnam Electric Motor Market is categorized into motor type, application, output power, voltage rating, end-user, and region. In terms of motor type, it is segmented into alternating current (AC) motors and direct current (DC) motors.
Regarding output power, the market is divided into integral horsepower (IHP) output and fractional horsepower (FHP) output. The fractional horsepower (Up to 1HP) segment is expected to dominate the market due to increased adoption in small-scale businesses such as paper & pulp industries, textile mills, warehouses, and other applications. Conversely, the integral horsepower (Above 1HP) market will attract substantial investments from larger enterprises.
Application-wise, the market includes industrial, HVAC, medical equipment, industrial machinery, home appliances, and others. The motor vehicle segment is poised to lead, driven by growing investments in electric cars and efforts within the automotive industry to meet carbon emission reduction goals. Demand for industrial machinery and HVAC equipment stems from increased industrial sector investments and a rising need for energy-efficient motors.
In terms of Voltage Rating, segmentation covers low voltage (up to 690V), medium voltage (691V – 3300V), and high voltage (above 3300V). The up to 1 kV category holds the largest market share, driven by rising demand from residential and commercial sectors for home appliances such as vacuum cleaners, coffee makers, refrigerators, and washing machines. The 1 kV-6.6 kV segment will see significant investments from industrial and agricultural sectors.
Industries like agriculture and heavy industry typically require large capacity motors due to high-power equipment needs, necessitating adequate water or coolant flow to ensure operational efficiency.
End-user segmentation includes residential, commercial, industrial, and transportation sectors. The transportation sector is experiencing increased demand due to supportive regulations by the Vietnamese government promoting electric vehicle usage. This trend is driving investments in the transportation sector, expected to continue in the foreseeable future.
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.
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“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.
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