An electric motor is an electrical equipment that can convert electrical energy into mechanical energy. Its magnetic field and electric current interact in a wire, enabling more effective operation. It has six key components: a rotor, a field magnet, a commuter, an axle, brushes, and a D.C. power source.
The market for an electric motor in 2021 was USD 121.82 billion, and by 2030 it will be worth USD 209.68 billion, expanding at a 6.22% CAGR during the forecast period.
Rapid urbanization and industrialization, together with the rising demand for uninterrupted power supply, are the main factors stimulating market overall growth. Additionally, quick technical developments in the industry and the growing usage of robotics and automation technologies across numerous industries generate abundant prospects for the market to flourish.
Market Dynamics
Drivers
The main factor contributing to the growth of the electric motor industry globally is rising compliance with energy-efficient electric motors. Electric vehicles aid in lessening air pollution and stabilizing the issue with the price of crude oil. Along with a high initial investment cost, electric vehicles also allow for lower operating costs for the users, increasing demand for them globally.
A further element propelling the expansion of the global electric motor market is the rising demand from the commercial and residential sectors. The construction of diverse office buildings, shopping centers, homes, industrial facilities, and other structures has increased due to emerging nations’ constantly growing populations and inhabitants’ rising disposable income. Furthermore, the global electric motor market is expanding exponentially due to the vast range of uses and applications of these systems.
Restraints
The high setup cost of energy-efficient electric motors will restrain the growth of the worldwide electric motor market as the manufacturing process for electric motors is complex, and the cost associated with assembling and manufacturing is also high.
Opportunity
Globally, urbanization has increased along with population growth in new regions of nations. According to the United Nations, cities house 56% of the world’s population, with cities constituting more than 79% of the people in developed countries. Rapid urbanization will result in a rise in demand for home and industrial goods.
Market Segmentation
By Type
A.C. motors ruled the entire market, accounting for over half of sales. This is owing to the increased use of alternating current motors in industrial and home machinery and systems. A significant application is in the production of washing and drying machines. According to data, more than 80% of American households own a washing machine, and the market is increasing at a CAGR of 3.5%. Similarly, between 2020 and 2021, the use of alternating current motors in heavy industries increased to 14.46%. As a result of expanding domestic demand and higher industrial requirements, global demand for industrial and domestic motors will expand.
By Application
In 2021, the motor vehicle segment was the market leader, with 40.5% of the revenue share. The large percentage of this segment is due to the expanding use of electric motors in the automotive industry. A typical car has about 40 electric motors with power levels ranging from low to high. The development of low-cost, high-efficiency technology and improvements in permanent magnetic materials are other key factors driving the automotive industry.
By Power Output
The fractional horsepower segment led the market with the biggest market share of 87.3% in 2021. It is due to its application in home appliances, including hoovers, espresso makers, and coolers. Due to their effectiveness in a demanding industrial environment, they are also used in industrial machines. Just two of the advantages of such motors are their high starting torque and dependability under changing electric current conditions.
Regional Analysis
Asia Pacific was the biggest regional market in 2021, with a revenue share of 48.6%. The regional market is driven by expanding use of motor-powered electric cars and increased compliance with energy-efficient motors. The market will expand due to the availability of effective energy in response to concerns about the atmospheric impact of energy generation from conventional sources such as natural gas and coal.
Europe and North America are leading the regional market after Asia Pacific. The most significant growth in these sectors is in energy and resource motors used in HVAC, industrial applications, and hybrid autos. The markets in Africa, the Middle East, and Latin America will grow rapidly due to greater government assistance.
Key Players
- Allied Motion Technologies, Inc.
- Dunmore Corp.
- ABB Group
- General Electric Company
- Hyosung Corp.
- Ametek, Inc.
- Franklin Electric
- Hitachi, Ltd.
- Hyundai Electric Co, Ltd.
- Kirloskar Electric Company, Ltd.
- Johnson Electric
- Lincoln Electric Holdings, Inc.
- Rockwell Automation.
- Regal Rexnord Corp.
- Nidec Motor Corp
- Robert Bosch GmBH
- Siemens AG
- Schneider Electric
- Teco Westinghouse
- WEG S.A.
- Toshiba Corp.
The market for an electric motor in 2021 was USD 121.82 billion, and by 2030 it will be worth USD 209.68 billion, expanding at a 6.22% CAGR during the forecast period. The market for electric motors is driven by rising household electric motor usage, rising E.V. adoption, and rising industrial process automation.
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