Electric motors are electromechanical devices that operate on the principle of electromagnetic induction. They are strong and efficient, need little upkeep, use less energy, and can withstand voltage fluctuations for a long time. As a result, electric motors are utilized in industrial fans, machine tools, compressors, electric cars, home appliances, hard drives, etc., in various industries ranging from transportation to oil and gas.
In 2021, the market for the electric motor was worth USD 121.81 billion, and by 2030 it will reach USD 209.68 billion, growing at a 6.22% CAGR during the forecast period.
Factors boosting market expansion are increasing environmental concerns and rising electrical energy consumption. Growth in industrial automation and technological advancements are the main market growth-inducing factors. Also, replacing gas turbines with electric motors in major industrial plants is a trend boosting demand for electric motors. Read more electric repair services el cerrito.
Market Dynamics
Drivers
- Growing demand for electric motors from the HVAC industry is accelerating market growth.
The HVAC industry has grown significantly during the past few years. The growth is due to the growing implementation of conditioning systems, the rising construction industry, and the growing desire for energy-efficient systems.
- Growing government schemes will boost market growth.
The government’s growing awareness campaigns to achieve emission-free automobiles have caused a sudden rise in demand for electric vehicles over the past several years. As a result, several powerful corporations pour enormous resources into growing their sectors and the vehicle industry. Thus, the growing demand for electric vehicles will significantly boost the electric motor market’s growth over the forecast year.
Restraints
Electric motor utilization is constrained by the need for maintenance, which raises costs and results in downtime.
Opportunity
Globally, urbanization has increased along with population growth in new regions of nations. According to the United Nations, cities house 56% of the world’s population, with cities housing more than 79% of the population in developed countries. Rapid urbanization will increase the desire for industrial and domestic goods.
Market Segmentation
By Type of Motor
On the basis of motors, the electric motor market is segmented into DC motors and AC motors.
The AC motor segment was the global market leader in 2020, with a revenue share of nearly 70.7%. The largest market share is due to the implementation of AC motors in industrial & domestic machines. The implementation of AC motors has grown tremendously in the automotive sector due to the development of highly effective and inexpensive electronics and advancements in permanent magnetic materials. The segment’s expansion will be further aided by rising demand for them in a number of industries, including wastewater treatment, cement, paper and pulp, and chemicals.
By Application
On the basis of application, the electric motor market is segmented into HVAC, automobile, medical equipment, industrial machinery, household appliances, medical equipment, and others.
The automobile segment ruled the entire market with the largest revenue share of 40% due to the expanding sales of electric vehicles worldwide. In 2021, nearly 6.5 million electric cars were sold globally, representing a more than 100% increase over the previous year. Additionally, electric motors are used to operate power windows, windshield wipers, and AC systems.
By Power Output
On the basis of power output, the market is segmented into IHP or integral horsepower output and fractional horsepower output.
The fractional horsepower output segment ruled the entire market in 2020, with the largest revenue share of 87.3%. It is due to its broad application in household applications, from vacuum cleaners to refrigerators. They are also employed in industrial equipment as they are suitable in the heavy industrial environment for operational purposes.
By End-Use
On the basis of end-use, the electric motor market is segmented into medical, industrial, residential, HVAC & refrigeration, transportation, municipal water treatment, and others.
The industrial segment will expand rapidly during the forecast period. Because most industries rely on motorized automation, this sector offers excellent opportunities for motor manufacturers. Electric motors are used in various industries, including utilities, oil and gas, cement and manufacturing, metal and mining, oil and gas, renewables, petrochemicals and chemicals, water and wastewater, and paper and pulp.
Regional overview
In 2020, Asia Pacific held the greatest revenue share at 48.6%. This is due to agricultural sector improvements and significant industrial investments made by nations like China, India, South Korea, and Australia. Furthermore, rising electric vehicle production and sales in countries such as China and Japan and the presence of established OEMs such as Honda Motor Co., Ltd., Hyundai Motor Company, Toyota Industries Corporation, and Nissan Motor Corporation will boost the market’s growth prospects in this region.
Key Players
- Allied Motion Technologies, Inc.
- ABB Group
- Dunmore Corp.
- Ametek, Inc.
- Franklin Electric
- Hitachi, Ltd.
- General Electric Company
- Hyosung Corp.
- Johnson Electric
- Hyundai Electric Co, Ltd.
- Kirloskar Electric Company, Ltd.
- Nidec Motor Corp.
- Lincoln Electric Holdings, Inc.
- Robert Bosch GmBH
- Schneider Electric
- WEG SA.
- Regal Rexnord Corp.
- Rockwell Automation.
- Teco Westinghouse
- Siemens AG
- Toshiba Corp.
In 2021, the market for electric motor was worth USD 121.81 billion, and by 2030 it will reach USD 209.68 billion, growing at a 6.22% CAGR during the forecast period. A major factor propelling market growth is rising consumer awareness about electric vehicles.
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