| Status : Published | Published On : May, 2023 | Report Code : VRSME9019 | Industry : Semiconductor & Electronics | Available Format :
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Page : 190 |
Global Electric Motor Market – Analysis and Forecast (2023 – 2030)
Industry Insights by Motor Type (Direct Current (DC) Motor, Alternating Current (AC) Motor and Hermetic Motor), by Output Power (Integral Horsepower Output and Fractional Horsepower Output), by Application (Industrial Machinery, Motor Vehicles, Transportation, Household Appliances and Others)
Industry Overview
In 2023, the worldwide electric motor market is projected to be worth approximately USD 139.3 billion. It is anticipated to experience significant growth, reaching a value of USD 178.4 billion by 2030, with a compound annual growth rate (CAGR) of 6.8% during the period from 2023 to 2030. This growth can be attributed to the comparatively lower cost of electric motors in comparison to traditional fossil-fuel engines. Consequently, electric motors are being increasingly utilized across a wide range of industries, including oil and gas and automotive sectors.
Electric motors are electro-automated procedures that perform operations on the basis of electromagnetic induction since they are extensively efficient and durable. Furthermore, these devices entail low maintenance, have high resolution for shifting voltages.
Market Segmentation
Insight by Motor Type
On the basis of motor type, the global electric motor market is segmented into DC motor, AC motor and hermetic motor. Among these segments, AC motor has been contributing largest revenue throughout the estimated period. The growth of this segment is attributed towards increasing adoption of various industries for instance cement, paper & pulp and chemicals and wastewater treatment thereby strengthening the growth of electric motor market across the globe.
Insight by Output Power
Based upon output power, the global electric motor market is categorized into integral horsepower output and fractional horsepower output. Fractional horsepower electric motor has been contributing larger revenue throughout the estimated period. The growth of this segment is attributed towards increasing demand for low power applications of household applications, HVAC equipment and transportation domain and motors used specifically in motor vehicles.
Global Electric Motor Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
By 2030 |
|
Market Size in 2023 |
$139.3 Billion |
|
Revenue Forecast in 2030 |
$178.4 Billion |
|
Growth Rate |
CAGR 6.8% |
|
Segments Covered in the Report |
By Motor Type, By Output Power |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Electric Motor Market
Industry Dynamics
Growth Drivers
The global electric motor market is experiencing significant growth due to the rising demand for energy-efficient electric motors and increased compliance standards. The adoption of electric vehicles plays a crucial role in mitigating air pollution and addressing the challenges associated with volatile crude oil prices. Despite the higher initial setup costs, electric vehicles offer substantial cost savings in terms of operational expenses, which contributes to their growing popularity worldwide. Moreover, many countries are prioritizing long-term sustainability and recognizing the cost-saving advantages of electric vehicles.
Moreover, increasing demand for commercial and residential sector is another factor that is driving the growth of global electric motor market. The ever increasing population of developing countries and increasing disposable income of citizens has exaggerated the construction of various business structures, malls, private buildings, plants and industrial facilities. Furthermore, with wide variety uses and application of these system electric motor market is growing at exponential rate across the globe.
Challenges
The high set up cost of the energy efficient electric motors is expected to hinder the growth of global electric motor market since the producing process associated with electric motors is complex and the cost pertaining to assembling and manufacturing is quiet high.
Industry Ecosystem
Globally industry players are leveraging market growth by enhancing the quality and reliability of their offerings along with maintenance of a widespread distribution network that will ensure increase in demand for their products. The key players across the globe are adopting various strategies such as mergers and acquisitions that help in strengthening and expanding their market base. In 2017 in order to diversify its product line Nidec Corporation had acquired motors, drives and power generation business of Emerson Electric Co.
Geographic Overview
Geographically, electric motor market in Asia-Pacific is the largest electric motor market. The key factor behind the largest share of the region is extensive acceptance of these systems in both passengers and commercial car segment in this region, accentuating growth in the construction and manufacturing domain in various developing countries of this region.
For instance, the make in India initiative introduced by the government of India in 2014 with an objective to create India into a manufacturing hub that is further strengthening the domestic manufacturing activities in the country that is thereby fueling the growth of electric motor market in Asia-Pacific
Competitive Insight
Siemens electric motors focus on quality, innovation, and high efficiency. It covers a wide range of industrial motors i.e., standard electric motors, servo motors, high voltage, and DC motors Siemens electric motors are an integral part of digital enterprises.
Johnson Electric is a leader in motor-driven pumps and valves that are used in automotive and industrial applications. The integration of motor-driven pumps and valves across industry verticals assures an increased level of reliability for complex and critical subsystems.
Some of the major companies operating in the global electric motor market includes Johnson Electric Holdings Limited, AMETEK, Inc., Franklin Electric Co., Inc., ASMO Co., Ltd., Denso Corporation, Robert Bosch GmbH, SL Montevideo Technology, Inc., Siemens AG, ABB LTd. and ARC Systems, Inc.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
The Electric Motor Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
- By Motor Type
- Direct Current (DC) Motor
- Alternating Current (AC) Motor
- Hermetic Motor Vibration
- By Output Power
- Integral Horsepower Output
- Fractional Horsepower
- By Application
- Industrial Machinery
- Motor Vehicles
- Transportation
- Household Appliances
- Others Industrial
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Electric Motor Market