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. Considering the growing demand for electricity, the global electric motor market is expected a strong growth during the forecast period. The industry is mainly driven by the developments in technology and rising concern for environmental pollution. Moreover, the increased use of energy-efficient products in developing countries is also anticipated to drive the growth of the electric motor market.
Global Electric Motor Market: Regional Insights
Among regions, North America is expected to dominate the global electric motor market over the forecast period, owing to strong industrial infrastructure in the U.S., high per capita consumption of electricity, and the high demand for electric motors in the region. Moreover, increasing construction activities and growing electric and automobile sales in the Canada are also supporting growth of the global electric motor market during the forecast period.
Moreover, Asia Pacific is anticipated to witness substantial growth in the global electric motor market during the forecast period. This is due to increasing awareness toward conservation of energy, improvement in industrial infrastructure, growing adoption of electric vehicles, and rapid growth of HVAC industry in the region. Moreover, growing urbanization, and strict regulations regarding consumption of power across the region.
Figure 1. Global Electric Motor Market Share (%), by Region, 2021
Global Electric Motor Market Drivers:
Rise in adoption of electric vehicles around the globe is expected to propel growth of the global electric motor market over the forecast period. The use of clean energy in transportation sector is growing all over the world, this has led to rise in adoption of electric vehicles. Several governments around the globe are forming supportive policies to boost the adoption of EVs. Moreover, rise in technological developments is also leading to increasing adoption of electric vehicles. Due to this demand for electric motors is growing all over the globe, which in turn is driving growth of the global electric motor market during the forecast period.
Furthermore, the use of electric motors is increasing in industrial sectors, which is also projected to boost growth of the global electric motor market during the forecast period. Electric motors are used several applications in various industries including chemical, power, petrochemicals among others. Due to the increasing demand for electricity across various regions around the globe, industrial sectors are gaining pace and technological development such as combined heat & power has widened the scope for use of electric motors in various industries. Thus, this factor is expected to propel growth of the market in the near future.
Global Electric Motor Market Opportunities:
Advancement in technology of electric motors is creating growth opportunities in the global electric motor market. In past few years, there has been significant advancements in electric motor technology such as induction motors, internal permanent management motors, and switched reluctance motors. As the regulations regarding exhaust gas emission are becoming stringent in all over globe, development of electric motors is growing in order to design them to become more adaptable in the automobile sector. Thus, this factor is creating several opportunities in the market.
Furthermore, increasing spending on research and development activities for electric motors by market players is expected to generate growth opportunities in the global electric motor market over the forecast period. Companies such as Hitachi are investing in R&D of electric motors and are adopting internal permanent magnet motor synchronous motors to use them in vehicles as an electric drive motors. This is hence, is likely to provide several growth opportunities for market players in the global electric motor market.
|Base Year:||2021||Market Size in 2021:||US$ 126.4 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||6.9%||2030 Value Projection:||US$ 219.5 Bn|
Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp., Rockwell Automation Inc., and TECO-Westinghouse Motor Company
|Restraints & Challenges:||
Global Electric Motor Market Trends:
Key players in the market are focusing on development of novel products, which is a growing trend in the global electric motor market. In May 2021, Mahle GmbH announced that it is developing a novel magnet-free electric motor for EVs. As per the company, this new motor will not require high cost rare earth metals. Moreover, it consists a contactless power transmission, which allows the motor to run at high speeds offering significant efficiency. Thus, this trend is expected to continue in the market during the forecast period.
The AC motor segment is gaining traction in the global electric motor market, which is expected to propel growth of the global electric motor market during the forecast period. AC motors have widespread applications that range from modern-day robotics to irrigation pumps. Along with this, electric motors are widely used in HVAC equipment. Moreover, as the automotive industry is growing all over the world, the adoption of electric AC motors is increasing, owing to their high efficiency and low cost. Thus the segment is likely to witness strong growth in the near future.
Global Electric Motor Market Restraints:
Fluctuation in cost of raw materials is one of the major factors expected to hinder growth of the global electric motor market during the forecast period. To develop electric motors, raw materials such as aluminum, steel, copper and other metals are required. The cost of these materials keeps fluctuating, which leads to manufacturers to increase the cost of their products, which may affect the sales and end customers. Thus, this factor is likely to impede growth of the market during the forecast period.
Moreover, higher cost of products and lack of components as well as supply chain issues are also projected to impede growth of the global electric motor market during the forecast period. The supply chain in electric motor market is most likely to impact the electric motors that are in manufacturing process or that are already contracted. Executives in the industry anticipate that the delivery and construction will slowdown, owing to higher inflation, economic downturns, and changing energy prices. Thus, this is likely to restrain growth of the global electric motor market during the forecast period.
Figure 2. Global Electric Motor Market (%), by Segment Type, 2021
Global Electric Motor Market Segmentation:
The global electric motor market report is segmented into Motor Type, Voltage, Application, and Region.
Based on Motor Type, the market is segmented into AC and DC. Out of which, AC is expected to dominate the global market over the forecast period and this is attributed to rise in automation in various industrial processes leading to rise in use of AC motors in various applications. Moreover, the use of AC motors has increased in applications such as consumer goods, healthcare, construction, among several others, which is also driving growth of the segment.
DC segment is also expected to witness significant growth in the near future and this is owing to the various benefits of DC motors leading to rise in demand. DC motors and controllers are not expensive as compared to inverter-duty AC drivers and motors. Thus, they are highly in demand, which in turn drives growth of DC segment among Motor Types.
Based on Voltage, the market is segmented into Less Than 1 kV, Between 1 kV – 6 kV, and Higher Than 6 kV. Out of which, Less than 1kV is expected to dominate the global market over the forecast period and this is attributed to the increase in consumer spending on small appliances along with rise in demand for small pumps and fans utilized in equipment such as pumping machines, hairdryers and others.
Between 1 kV – 6 kV segment is also expected to witness significant growth in the near future and this is owing to the use of these motors in wide range applications such as electric vehicles, commercial spaces, and agriculture. Electric motors used in this range are single-phase, due to which they are used in big series for integrating into specific appliances and machines.
Based on Applications, the market is segmented into Residential and Commercial. Out of which, Residential is expected to dominate the global market over the forecast period and this is attributed to the rise in use of electricity in residential sector due to growing annual disposable income and increasing urbanization in non-OECD countries.
Commercial segment is also expected to witness significant growth in the near future and this is owing to the rise in data centers, hotels, commercial offices, IT & telecom, and hotel sector driving the demand for electric motors in commercial segment.
Global Electric Motor Market: Key Developments
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.
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.
Global Electric Motor Market: Key Companies Insights
The global electric motor market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.
Some of the key players in the global electric motor market are Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp., Rockwell Automation Inc., and TECO-Westinghouse Motor Company.
An electric motor is a machine that converts electrical energy into mechanical energy. There are several different kinds of motors, including synchronous, induction and single phase. These types of motors are used for a variety of purposes.
An electric motor is a machine which converts electrical energy into mechanical energy. The motor can be used to produce a rotary force or a linear force. There are a variety of types of motors and different ways of controlling them. The basic working principle of an electric motor is that current flowing through the wire generates a magnetic field around the wire. This magnetic field induces a torque on the rotor conductors. The torque is the force required to turn the shaft.
A large motor can have a power rating of over 100 megawatts. This is due to the rotor conductors are short-circuited at each end. The induced voltage is reduced as the rotor moves and the torque is proportional to the induced voltage. The most common speed for a 60-hertz motor is 1,800 and 1,200 revolutions per minute. The speed can be adjusted by adjusting the voltage and reducing the time the motor is left on.
The increasing use of electric vehicles and the demand for industrial automation are some of the major factors driving the electric motors market. The major players in the electric motors industry are focusing on innovation and development of highly efficient and energy-efficient electric motors. These companies are constantly investing in R&D activities to develop new and advanced electric motors. Moreover, the rapid urbanization in this region is expected to generate revenue for the market.
However, the lack of awareness about energy-efficient products is a major constraint on the market's growth.
Key features of the study: