According to Custom Market Insights (CMI), The Global Electric Motor Market size was estimated at USD 165 billion in 2021 and is anticipated to reach around USD 322 billion by 2030, growing at a CAGR of roughly 7% between 2022 and 2030. Our research report offers a 4.5-degree view of the Electric Motor market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Electric Motor market.
Electric Motor Market: Overview
Compressors, pumps, automobiles, shop equipment, lathes, power tools, home appliances, and electric autos all contain electric motors. Despite their high price, these very effective motors are chosen over regular engines for various reasons, including their longer operational life, low energy consumption, low maintenance requirements, and excellent tolerance for voltage variations. In addition, the demand for high-efficiency motors is anticipated to rise due to the need for increased productivity and low power consumption in electric motor applications.
Browse the full “Electric Motor Market Size, Trends and Insights By Type (AC, DC), By Output Power (>1HP, <1HP), By Rotor Type (Inner Rotor, Output Rotor), By End-user (Industrial, Commercial, Residential, Agriculture, Automotive, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/electric-motor-market/
HVAC systems ensure interior air quality while providing thermal comfort. Therefore, they are one of the critical components of modern infrastructures, particularly for enormous office or shopping complexes. Due to ongoing growth in China and India’s industrial and commercial sectors, the demand for HVAC systems is continuously increasing throughout the Asia Pacific. Additionally, HVAC systems are related to the construction sector because they will drive the global market in the upcoming ten years.
The rising interest in vector manufacturing is reflected in the growing number of alliances or collaborations between the various organizations involved in this sector. Depending on the purpose, these alliances had a variety of objectives. Associations have been established for many different purposes, including producing vector promoters, constructing or purchasing manufacturing facilities, and out- or in-licensing of vector manufacturing technology.
The market for Electric motors is segmented into type, output, rotor type, and end-user. By output power, from 2022 through 2030, the electric motor industry is expected to be dominated by motors with a horsepower of 1 or more. Electric motors are used in a wide range of consumer applications because of their small size, lightweight, and low maintenance. It is anticipated that the installation of electrical motors in industrial and transportation user applications will increase quickly.
Based on end-user, the automotive segment is anticipated to dominate the electric motor market. The increased use of electric motors in the automotive sector is responsible for this high percentage. A typical commercial vehicle includes about 40 electric motors, ranging in power from low to high.
The market in the automotive sector is further driven by the development of low-cost, highly effective electronics in conjunction with advancements in permanent magnetic materials. Furthermore, in industrialized and expanding economies like Germany, the U.S., China, and Japan, the demand for electric vehicles is rising quickly due to rising fuel prices and pollution. As a result, the market is significantly driven by the growing demand for electric motors from the electric car industry.
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In 2021, the Asia Pacific region held the most significant revenue share of nearly 45% in the electric motor market, dominating it. This is due to agricultural sector improvements and significant industrial investments made by nations like China, India, South Korea, and Australia. In addition, the presence of well-known OEMs like Honda Motor Co., Ltd., Hyundai Motor Company, Toyota Industries Corporation, and Nissan Motor Corporation is also expected to boost the market’s growth prospects in this area, as are the rising production and sales of electric vehicles in nations like China and Japan.
Following the Asia Pacific, Europe and North America regions held a significant market share in 2021 and are seeing an increase in product demand. These regions represent the largest market for premium efficiency motors, which are utilized in electric vehicles, industrial applications, and HVAC systems. Due to increased government support, the growth potential for the markets in Latin America, the Middle East, and Africa is anticipated to improve soon. The market in these regions is expanding with the rising need for motors from the oil & gas sector, the growth of the mining sector, as well as the substantial demand for cement across the construction sector.
- ABB Group
- ARC Systems Inc.
- Siemens AG
- General Electric
- Asmo Co. Ltd.
- Nidec Motor Corporation
- Regal Beloit Corporation
- Toshiba Corporation
- Emerson Electric
- Johnson Electric Holdings Limited
- Maxon Motors AG
- Rockwell Automation Inc.
- AMETEK Inc.
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