The global electric motor market is estimated to demonstrate a CAGR of 5.9% during the forecast period attaining a market size of USD 145.3 billion by 2024. The driving parameters for the growth of the market include rise in adoption of electric motors across industries for automating operations, high demand of electric motors for commercial and residential application, and the increasing requisite for energy efficient motors.
Based on type, the electric motor market is categorised into DC motor, AC motor and hermetic motor, with AC motor leading the market by size. The low maintenance associated with AC motors marks its increased demand over other types. On the basis of output power, the market for electric motor is fragmented into integral horsepower output and fractional horsepower output. Of these, fractional horsepower output of electric motors is estimated to generate the larger revenue during the forecast period, owing to the increasing usage of these motors across automotive and consumer goods industries.
During the forecast period, it is expected that the largest application area of electric motor will be motor vehicles. The growing automotive industry is considered to act as a flux for the high demand of electric motors in motor vehicles. Some of the other application areas of electric motor include industrial machinery, transportation, household appliances and others.
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APAC is projected to lead the global electric motor market even during the forecast period. The increasing number of original equipment manufacturer (OEMs) across the region with focus on the usage of electric motors across varied sector, particularly agriculture, automotive, and commercial is expected to contribute to the market growth in APAC. Moreover, the government of developing countries of the region is primarily focusing on promoting in-house manufacture of components, in accordance to the huge investments for industrialization which is further propelling the growth of the electric motor market in APAC.
Market players are incorporating business strategies such as mergers and acquisitions that help in strengthening and expanding their market base. For instance, in July 2018, Nidec Corporation (Nidec) acquired CIMA S.p.A., an Italian commercial motor manufacturer. The acquisition is made as part of the company’s strategic development of new growth platforms with particular emphasis on appliance, commercial and industrial motors and solutions. The acquired company is a provider of motors for ventilations and fans for agricultural and industrial purposes, which will enhance Nidec’s current product portfolio, thereby its market position. Some of the other leading players in the electric motor industry include Johnson Electric , Holdings Limited, AMETEK, Inc., Franklin Electric Co., Inc., Denso Corporation, Robert Bosch GmbH, SL Montevideo Technology, Inc., Siemens AG, ABB Ltd., and ARC Systems, Inc.
Global Electric Motor Market Coverage
Motor Type Insight and Forecast 2014-2024
Output Power Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Electric Motor Market System Market by Region
Rest of the World (RoW)