Motor Starter Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is estimated to dominate majority revenue share of 40% by 2035, impelled by the growing personal disposable income. In urban India, over 20% of the more than 1,000 respondents reported a net gain in their discretionary income driven by factors such as taxes, and wage growth. As a result, the country will become a consumer powerhouse. For instance, India's per capita household disposable income is expected to reach around USD 26 in 2024.
In addition, several EV promotion initiatives have been put into place in China's largest cities to expedite the adoption of electric vehicles. Particularly, between 2009 and 2022, China spent over USD 25 billion on tax reductions and subsidies for electric vehicles. All these factors are expected to drive the demand for motor starters in the region.
North American Market Insights
The North America motor starter market is estimated to be the second largest, during the forecast timeframe led by the presence of energy efficiency regulations. For instance, the United States Department of Energy has set energy-efficiency requirements for specific equipment and appliances, and it presently covers over 60 different goods. When a product bears the DOE certification mark, it means that it satisfies energy-saving requirements as a result of which the US can cut consumer energy costs and promote employment creation.
