by The Electric Motor Market is estimated to be valued at US$ 219.5 Billion In 2021 and is expected to exhibit a CAGR of 6.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The electric motor market encompasses a wide range of products used in various industries such as automotive, manufacturing, residential, commercial, and others. These motors play a crucial role in converting electrical energy into mechanical energy, making them an essential component in numerous applications. With the increasing adoption of electric vehicles and the growing focus on industrial automation, the demand for electric motors is expected to witness significant growth. Moreover, the favorable government initiatives promoting the use of electric vehicles and the need for energy-efficient solutions are further driving the market growth.
Market Dynamics:
The electric motor market is driven by a combination of factors. Firstly, the growing demand for electric vehicles is a key driver for market growth. The increasing concerns regarding carbon emissions and the need for sustainable transportation solutions are propelling the adoption of electric vehicles, thereby increasing the demand for electric motors. Secondly, the rising focus on industrial automation is boosting the market growth. Industries are adopting automation technologies to enhance operational efficiency and productivity, driving the demand for electric motors used in various industrial applications. Additionally, the development of advanced motor technologies, such as brushless DC motors and stepper motors, is further fueling market growth by offering improved performance and energy efficiency.
Segment Analysis:
The Electric Motor Market can be segmented based on type, power output, application, and region. By type, the market can be divided into AC motors and DC motors. AC motors dominate the market due to their widespread use in various applications such as HVAC systems, industrial machinery, and automotive sectors. By power output, the market is segmented into fractional horsepower (FHP) motors and integral horsepower (IHP) motors. The IHP motors segment holds a larger market share as they are used in heavy-duty industrial applications that require higher power output. By application, the market is classified into industrial machinery, motor vehicles, HVAC systems, aerospace and defense, and household appliances. The industrial machinery segment dominates the market as electric motors are extensively used in industries such as manufacturing, mining, and oil and gas for powering various equipment and machinery.
PEST Analysis:
Political: The political stability and favorable government policies promoting the adoption of electric vehicles and renewable energy sources are driving the growth of the electric motor market.
Economic: The rising demand for electric motors across various industries, especially in emerging economies, is boosting market growth. The economic growth and increased investments in infrastructure development are also contributing to market expansion.
Social: The growing awareness regarding environmental issues and the need for energy-efficient solutions are driving the demand for electric motors. The shift towards electric vehicles and the rising emphasis on sustainable manufacturing practices are also shaping market trends.
Technological: Advancements in motor technology, such as the development of brushless DC motors and the integration of smart features for remote monitoring and control, are fueling market growth. The increasing focus on research and development activities to enhance motor efficiency and performance is also propelling market expansion.
Key Takeaways:
The global electric motor market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period (2022-2030), due to increasing demand for energy-efficient solutions and the rising adoption of electric vehicles. The Asia-Pacific region is anticipated to be the fastest-growing and dominating region in the market, driven by rapid industrialization, infrastructure development, and government initiatives promoting the use of electric vehicles. Key players operating in the electric motor market include 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. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
