Electric motors are electro-automated processes that work with electromagnetic induction because they are highly effective and long-lasting. The extensive use of electric motors in automotive, agricultural, and industrial sectors stimulates market growth. Electric motors are utilized in sectors including consumer products, transportation, construction, healthcare, and agriculture. Other market-driving elements include rising demand for HVAC applications, rising demand for household appliances powered by electric motors, and government funding for the development of high-efficiency electric motors.
In 2021, the market for electric motor was USD 121.81 billion, and by 2030 it will reach USD 209.68 billion, growing at a 6.22% CAGR during the forecast period.
Market Dynamics
Drivers
The primary driver of market growth is the expansion of industrial automation and technological improvements. Additionally, the replacement of gas turbines with electric motors in sizable industrial plants is a trend that is boosting demand. Additionally, the industry is developing due to increased consumer spending power and rising vehicle demand, both of which are backed by rising living standards. In addition, government programs designed to increase the sales of electric vehicles in order to lower carbon emissions will fuel the growth of the electric motor market.
Restraints
Electric motor utilization is constrained by the need for maintenance, which raises costs and results in downtime.
Opportunity
Globally, urbanization has increased along with population growth in new regions of nations. Over 79% of people in developed countries live in cities, making up 56% of the world’s population, according to the U.N. In the upcoming years. Rapid urbanization will result in a rise in demand for home and industrial goods.
Renewable energy is being produced at an ever-increasing rate on a worldwide scale. Renewable energy makes up 12% of the nation’s total energy consumption, according to the U.S. Energy Information Administration (EIA). Eurostat estimates that renewable sources provided 22.1% of the energy used in the EU in 2020.
Market Segmentation
By Type of Motor
On the basis of the type of motors, the electric motor market is segmented into DC motors and AC motors.
The AC motor segment was the global market leader in 2020, with a revenue share of nearly 70.7%. It is due to the implementation of AC motors in industrial & domestic machines. The implementation of AC motors has grown tremendously in the automotive sector due to the development of highly effective and inexpensive electronics and advancements in permanent magnetic materials. The segment’s expansion will be further aid by rising demand for them in several industries, including wastewater treatment, cement, paper and pulp, and chemicals.
By Application
On the basis of application, the electric motor market is segment into HVAC, automobile, medical equipment, industrial machinery, household appliances, medical equipment, and others.
The automobile segment ruled the entire market with the largest revenue share of 40% due to the expanding sales of electric vehicles worldwide. In 2021, nearly 6.5 million electric cars were sold globally, representing a more than 100% increase over the previous year. Electric motors are also use to operate power windows, windshield wipers, and AC systems.
By Power Output
On the basis of power output, the electric motor market is segment into IHP or integral horsepower output and fractional horsepower output.
The fractional horsepower output segment ruled the entire market with a share of 87.3%. It is due to its broad application in household applications, from vacuum cleaners to refrigerators. They are also employ in industrial equipment as they are suitable in heavy industrial environments for operational purposes.
By End-Use
On the basis of end-use, the electric motor market is segment into medical, industrial, residential, HVAC & refrigeration, transportation, municipal water treatment, and others.
The industrial segment will expand rapidly during the forecast period. Because most industries rely on motorized automation, this sector offers excellent opportunities for motor manufacturers. Electric motors are use in various industries, including utilities, oil and gas, cement and manufacturing, metal and mining, oil and gas, renewables, petrochemicals and chemicals, water and wastewater, and paper and pulp.
Regional overview
In 2020, Asia Pacific held the greatest revenue share at 48.6%. This is due to agricultural sector improvements and significant industrial investments by nations like India, China, Australia, and South Korea. Furthermore, rising electric vehicle sales &production in countries such as China & Japan and established OEMs like Hyundai Motor Company, Honda Motor Co., Ltd., and Nissan Motor Corporation will boost the market’s growth prospects in this region.
Key Players
- Allied Motion Technologies, Inc.
- ABB Group
- Dunmore Corp.
- Ametek, Inc.
- Franklin Electric
- Hitachi, Ltd.
- General Electric Company
- Hyosung Corp.
- Johnson Electric
- Hyundai Electric Co, Ltd.
- Kirloskar Electric Company, Ltd.
- Nidec Motor Corp.
- Lincoln Electric Holdings, Inc.
- Robert Bosch GmBH
- Schneider Electric
- WEG SA.
- Regal Rexnord Corp.
- Rockwell Automation.
- Teco Westinghouse
- Siemens AG
- Toshiba Corp.
In 2021, the market for electric motor was USD 121.81 billion, and by 2030 it will reach USD 209.68 billion, growing at a 6.22% CAGR during the forecast period. The consumers’ growing awareness of green vehicles is a major factor boosting market growth.
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