Rising costs of raw materials
Finance and Economics: Copper up 38%, Plastic up 35%, Aluminum up 37%, Iron up 30%, Zinc alloy up 48%, Stainless Steel up 45%……. now the situation is still not stable, the material prices are stilling running with Rocket!
The last two years have been incredibly tough for the electric motor industry, facing massive increase in costs.
During the last two years, when major players declared heavy losses, largely the electric motor sector absorbed the impact of increase of inputs without passing it on to the end consumer. However, it is becoming extremely difficult for the electric motor sector to absorb the latest impact of growing price (from December 2020 –> End of February 2021) of raw material internationally.
Effective March 1, 2021, many electric motor producer are “again” implementing a 8-10% price increase at least on electric motors, because all raw material’s prices in globally keep on higher level than before.