Sri Lanka Electric Motor Market (2024-2030) | Trends, Size, Outlook, Growth, Value, Revenue, Share, Industry, Analysis, Companies & Forecast

Sri Lanka Electric Motor Market | Country-Wise Share and Competition Analysis

In the year 2021, China  was the largest exporter in terms of value, followed by India. It has registered a growth of 101.55% over the previous year. While India registered a growth of 25.13% as compare to the previous year. In the year 2017 China was the largest exporter followed by India. In term of Herfindahl Index, which measures the competitiveness of countries exporting, Sri Lanka has the Herfindahl index of 3198 in 2017 which signifies high concentration also in 2021 it registered a Herfindahl index of  4857 which signifies high concentration in the market.

Sri Lanka Electric Motor Market - Export Market Opportunities

Topics Covered in the Sri Lanka Electric Motor Market

Sri Lanka Electric Motor Market report thoroughly covers the market by motor type, by voltage range, by application, and by speed. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Sri Lanka Electric Motor Market Synopsis

Sri Lanka Electric Motor Market is an evolving space with significant opportunities and challenges. As the demand for electric motors continues to increase, new technologies and evolving customer preferences necessitate manufacturing companies to remain innovative and adaptable. To thrive in this competitive space, electric motor manufacturers must focus on providing energy-efficient, durable, and high-quality motors and leverage emerging technologies such as IoT to improve customer experience and increase efficiency. Whether by developing innovative motors for EVs or catering to specific requirements of the manufacturing sector, electric motor manufacturers must remain agile to capture the opportunities presented by the Sri Lanka Electric Motor Industry.

According to 6Wresearch, the Sri Lanka Electric Motor Market size is expected to reach USD 180.4 million, growing at a CAGR of 10.2% during the forecast period. The rising cost of electricity and the need for energy efficiency are the primary drivers of the Sri Lanka Electric Motor Market. The government's focus on reducing greenhouse gas emissions by promoting electric vehicles (EVs) is also a key factor driving adoption. Moreover, the increase in industrial and commercial activities in Sri Lanka, coupled with the rising demand for electronic appliances and machines, presents a significant opportunity for electric motor manufacturers. Also, the Sri Lanka Electric Motor Market is experiencing several trends, including the increasing demand for premium electric vehicle models, new technologies such as IoT, and the growth of affordable EVs. Additionally, modernization and automation of the manufacturing sector are also driving the demand for customized, efficient, and reliable electric motors. However, limited government policies to promote electric vehicle adoption, high initial costs for electric vehicles, and lack of infrastructure to support EVs are the primary barriers of the Sri Lanka Electric Motor Market Growth. Issues around range and charging times pose additional barriers to EV adoption in remote areas. Further, cheaper imported electric motors from China and India pose significant competition to local electric motor manufacturers in Sri Lanka. Despite the challenges, the Sri Lanka Electric Motor Market offers immense opportunities. For instance, Sri Lanka's rural electrification program provides a significant opportunity for electric motor manufacturers to produce energy-efficient motors that can be deployed in remote areas. Additionally, the government's incentives for EV manufacturers and the increase in private and public sector partnerships present opportunities for electric motor manufacturers to innovate.

Government policies and schemes introduced in the Sri Lanka Electric Motor Market

The Government of Sri Lanka has launched various schemes and initiatives to promote the manufacture and supply of electric motors in the country. One such initiative is the "National policy on Electrical, electronic & Communication Equipment Manufacturing and related services," which aims to develop and promote the manufacturing of electrical and electronic equipment and related services in Sri Lanka. This policy provides support to the electric motor industry through reduced duties on essential raw materials, components, and machinery for manufacturing. This policy has contributed to the increasing production of electric motors in the country, leading to a rise in domestic demand. Another government initiative that has boosted the Sri Lanka Electric Motor Market is the "National Policy Framework for Electricity Generation and Supply in Sri Lanka 2018-2037." This policy framework aims to secure a reliable and affordable power supply to promote sustainable economic development in Sri Lanka. The policy framework focuses on developing renewable energy sources and reducing greenhouse gas emissions.

Leading players in the Sri Lanka Electric Motor Market

There are several leading players in the Sri Lanka Electric Motor Market. One such company is Maxmech, a leading manufacturer of high-quality electric motors. Maxmech produces a range of electric motors, including induction motors, DC motors, and servo motors, among others. Another prominent player in the market is Ceyoka Electric Motors, which manufactures and supplies high-quality electric motors and gearboxes to meet the growing demand in the country. The company also provides repair and maintenance services for their products.

Market Analysis by Motor Type

According to Shivani, Senior Research Analyst, 6Wresearch, the AC motor segment holds the largest share of the market as they are more efficient than their DC counterparts and can be used in various applications, such as pumps, compressors, conveyors, and fans.

Market Analysis by Speed

By Speed, the high-speed segment (25,001-75,000 RPM) is forecast to lead the Sri Lanka Electric Motor Market Share. This growth is mainly attributed to the emergence of new technologies that require high-speed motors in sectors such as manufacturing, HVAC, and aerospace.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Sri Lanka Electric Motor Market Outlook
• Market Size of Sri Lanka Electric Motor Market, 2023
• Forecast of Sri Lanka Electric Motor Market, 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Revenues & Volume for the Period 2020 - 2030
• Sri Lanka Electric Motor Market Trend Evolution
• Sri Lanka Electric Motor Market Drivers and Challenges
• Sri Lanka Electric Motor Price Trends
• Sri Lanka Electric Motor Porter's Five Forces
• Sri Lanka Electric Motor Industry Life Cycle
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Motor Type for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Alternate Current (AC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Direct Current (DC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Hermetic Motor for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Voltage Range for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By 9 V & Below for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By 10-20 V for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By 21-60 V for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By 60 V & Above for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Application for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Industrial Machinery for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Motor Vehicles for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Heating, ventilating, and cooling (HVAC) equipment for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Aerospace & transportation for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Household Appliances for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Other for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Speed (RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Low-Speed Electric Motors (Less Than 1,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Medium-Speed Electric Motors (1,001-25,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By High-Speed Electric Motors (25,001-75,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Electric Motor Market Revenues & Volume By Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM) for the Period 2020 - 2030
• Sri Lanka Electric Motor Import Export Trade Statistics
• Market Opportunity Assessment By Motor Type
• Market Opportunity Assessment By Voltage Range
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Speed (RPM)
• Sri Lanka Electric Motor Top Companies Market Share
• Sri Lanka Electric Motor Competitive Benchmarking By Technical and Operational Parameters
• Sri Lanka Electric Motor Company Profiles
• Sri Lanka Electric Motor Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Motor Type

• Alternate Current (AC) Motor
• Direct Current (DC) Motor
• Hermetic Motor

By Voltage Range

• 9 V & Below
• 10-20 V
• 21-60 V
• 60 V & Above

By Application

• Industrial Machinery
• Motor Vehicles
• Heating
• Ventilating
• And Cooling (HVAC) Equipment
• Aerospace & Transportation
• Household Appliances
• Other

By Speed (RPM)

• Low-Speed Electric Motors (Less Than 1,000 RPM)
• Medium-Speed Electric Motors (1,001-25,000 RPM)
• High-Speed Electric Motors (25,001-75,000 RPM)
• Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)

Sri Lanka Electric Motor Market (2024-2030): FAQs