Mar, 2023 - By CMI
Throughout the projected period, the worldwide electric motor market is likely to rise due to rising demand for energy-efficient motors. Increased government measures to promote the usage of green cars are likely to generate many potential possibilities in the global electric motor market over the forecast period. A rising number of government incentives are promoting the purchase of electric cars in order to protect the environment from carbon emissions. There is increasing demand for electric motors and their technical progress. One of the primary reasons likely to stymie growth in the global electric motor market over the forecast period is fluctuating raw material prices. Moreover, increasing product costs, a scarcity of components, and supply chain challenges are expected to stymie expansion in the worldwide electric motor market during the projection period. The supply chain in the electric motor industry is more likely to have an influence on electric motors that are in production or have already been contracted.
According to coherent market insights, the global Electric Motor Market size was valued at USD 219.5 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030.
1. Nidec Corporation
Nidec Corporation, together with its subsidiaries, develops, manufactures, and sells motors, electronics and optical components, and other related products in Japan and internationally. The company was incorporated in 1973 and is headquartered in Kyoto, Japan. On February 2023, Nidec Completes the Acquisition of the Shares of Italian Machine Tool Manufacturer PAMA and its Affiliates. February 14, 2023, Nidec announced that Nidec Motor (Dalian), a subsidiary of the Company, has held a ceremony to open a new plant in the city of Dalian, Liaoning Province in the People's Republic of China.
2. ABB Ltd.
ABB India Limited develops and sells products and system solutions to utilities, industries, channel partners, and original equipment manufacturers in India and internationally. ABB India Limited was incorporated in 1949 and is based in Bengaluru, India.In December 2021, ABB LTD. entered into partnership with A1 electric motor Company for supporting customers across the globe in order to maximize uptime, increase performance and extend product lifetime.
3. Hitachi Ltd
Hitachi, Ltd. provides information technology, energy, industry, mobility, and smart life solutions in Japan and internationally. Hitachi, Ltd. was founded in 1910 and is headquartered in Tokyo, Japan.
4. Robert Bosch GmbH
Bosch Limited manufactures and trades in automotive products in India and internationally. . The company was incorporated in 1951 and is headquartered in Bengaluru, India. Bosch Limited operates as a subsidiary of Robert Bosch Internationale Beteiligungen AG. On January 2019, Bosch assumed and declared full control of EM-motive, one of Europe’s most successful manufacturers of electric motors.
5. Johnson Electric Holdings Limited
Johnson Electric Holdings Limited, an investment holding company sells motion products, control systems, and flexible interconnects worldwide. Johnson Electric Holdings Limited was founded in 1959 and is headquartered in Sha Tin, Hong Kong. In March 2022, Johnson Electric launched ECI-043 brushless motor that is capable of deliver high torque low speed applications and a stable torque output along with a high level of controllability.
6. Siemens AG
Siemens Aktiengesellschaft, a technology company, focuses in the areas of automation and digitalization in Europe, Commonwealth of Independent States, Africa, the Middle East, the Americas, Asia, and Australia. It operates through Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, and Siemens Financial Services segments. Siemens Aktiengesellschaft was founded in 1847 and is headquartered in Munich, Germany.
7. Toshiba Corp.
Toshiba Energy Systems & Solutions Corporation, a world leader in energy solutions, announced that Toshiba America Energy Systems Corporation ("TAES"),an affiliate of Toshiba ESS, completed its acquisition of the EtaPRO® business from GP Strategies Corporation, a global provider of workforce transformation solutions. The acquisition was originally announced in May 2021. Toshiba Corporation was founded in 1875 and is headquartered in Tokyo, Japan.
8. Rockwell Automation Inc.
On October 2021, Rockwell Automation, Inc., the world’s largest company dedicated to industrial automation and digital transformation, today announced that it has completed the acquisition of CUBIC, a company that specializes in modular systems for the construction of electrical panels. Rockwell Automation, Inc. was founded in 1903 and is headquartered in Milwaukee, Wisconsin.
9. TECO-Westinghouse Motor Company
TECO Electric & Machinery Co., Ltd. engages in the manufacture, installation, wholesale, and retail of electronic equipment, telecommunication equipment, office equipment, and home appliances worldwide. The company was incorporated in 1956 and is headquartered in Taipei, Taiwan.
*Definition- A machine that transforms electrical energy into mechanical energy is known as an electric motor. Motors are classified into three types: synchronous, induction, and single phase. These motors are utilised for a number of applications.