The global electric motor market revenue stood at $105.5 billion in 2020, and it is predicted to rise to $195.1 billion by 2030, exhibiting a CAGR of 6.3% from 2020 to 2030.
1. Mushrooming Electric Vehicle Deployment: As per the International Energy Agency (IEA), from 2019 to 2020, the sales of electric cars surged from 2.1 million to around 3.24 million units. Furthermore, the share of electric vehicles (EVs) in global vehicle sales is expected to rise from nearly 3% in 2020 to 7% in 2023 and reach around 5.4 million units. This is fueling the requirement for electric motors as they are among the most-integral components of EVs
2. Growing Need for Energy-Efficient Electric Motors: The ballooning requirement for reducing the power consumption in high-energy-consuming industries is predicted to drive the advance of the electric motor market in the coming years. These devices can account for nearly 70% of the total power consumption of a manufacturing facility. Thus, to reduce power consumption and operating expenditure, many industries are employing energy-efficient electric motors.
The implementation of partial or complete lockdowns in several countries, in order to mitigate the spread of the COVID-19 infection, has negatively impacted the progress of the electric motor market. The restrictions on the movement of goods and operations of factories brought down the sale of automobiles and machinery. Therefore, leading automakers, such as BMW AG, Tesla Inc., Daimler AG, Kia Motors Corp., and Nissan Motor Co., witnessed a massive slowdown in their operations due to the pandemic, which further affected the market.
Electric Motor Market Segmentation Analysis
The electric motor market was dominated by the transportation category in the past, under the application segment. This was because of the large-scale deployment of EVs owing to the provision of government subsidies and the surging demand for eco-friendly automobiles.
In the coming years, the alternating current (AC) motor category is expected to register the highest CAGR in the electric motor market, within the type segment. This is credited to AC motors’ high energy efficiency and ability to operate at higher voltages, speed, and torque than other motors. Additionally, they are easier to maintain and need less wire. As a result, they are being increasingly used in various industrial applications and EVs.
Geographically, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the electric motor market in the coming years. This will be because of the presence of numerous manufacturing plants in emerging economies, such as India, China, Indonesia, and Bangladesh. Furthermore, many major players are making huge investments in the untapped countries of the region, which is also propelling the advance of the APAC market.
The leading players operating in the global electric motor market are Nidec Corporation, Regal Beloit Corporation, ABB Ltd., Mitsubishi Electric Corporation, Wolong Holding Group Co. Ltd., Johnson Electric Holdings Limited, WEG Equipamentos Elétricos S.A., DENSO CORP., AMETEK Inc., Rockwell Automation Inc., Valeo S.A., BorgWarner Inc., Robert Bosch GmbH, and Siemens AG.
The key growth drivers for the market are:
1. Mushrooming Electric Vehicle Deployment: As per the International Energy Agency (IEA), from 2019 to 2020, the sales of electric cars surged from 2.1 million to around 3.24 million units. Furthermore, the share of electric vehicles (EVs) in global vehicle sales is expected to rise from nearly 3% in 2020 to 7% in 2023 and reach around 5.4 million units. This is fueling the requirement for electric motors as they are among the most-integral components of EVs
2. Growing Need for Energy-Efficient Electric Motors: The ballooning requirement for reducing the power consumption in high-energy-consuming industries is predicted to drive the advance of the electric motor market in the coming years. These devices can account for nearly 70% of the total power consumption of a manufacturing facility. Thus, to reduce power consumption and operating expenditure, many industries are employing energy-efficient electric motors.
The implementation of partial or complete lockdowns in several countries, in order to mitigate the spread of the COVID-19 infection, has negatively impacted the progress of the electric motor market. The restrictions on the movement of goods and operations of factories brought down the sale of automobiles and machinery. Therefore, leading automakers, such as BMW AG, Tesla Inc., Daimler AG, Kia Motors Corp., and Nissan Motor Co., witnessed a massive slowdown in their operations due to the pandemic, which further affected the market.
Electric Motor Market Segmentation Analysis
The electric motor market was dominated by the transportation category in the past, under the application segment. This was because of the large-scale deployment of EVs owing to the provision of government subsidies and the surging demand for eco-friendly automobiles.
In the coming years, the alternating current (AC) motor category is expected to register the highest CAGR in the electric motor market, within the type segment. This is credited to AC motors’ high energy efficiency and ability to operate at higher voltages, speed, and torque than other motors. Additionally, they are easier to maintain and need less wire. As a result, they are being increasingly used in various industrial applications and EVs.
Geographically, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the electric motor market in the coming years. This will be because of the presence of numerous manufacturing plants in emerging economies, such as India, China, Indonesia, and Bangladesh. Furthermore, many major players are making huge investments in the untapped countries of the region, which is also propelling the advance of the APAC market.
The leading players operating in the global electric motor market are Nidec Corporation, Regal Beloit Corporation, ABB Ltd., Mitsubishi Electric Corporation, Wolong Holding Group Co. Ltd., Johnson Electric Holdings Limited, WEG Equipamentos Elétricos S.A., DENSO CORP., AMETEK Inc., Rockwell Automation Inc., Valeo S.A., BorgWarner Inc., Robert Bosch GmbH, and Siemens AG.
Key Findings of Global Electric Motor Market Report
- Increasing EV deployment driving electric motor sales
- Transportation sector registers highest use of electric motors
- Demand for AC motors will surge rapidly in coming years
- Market players focusing on product launches to strengthen their position
- Energy-efficient motors rising in popularity in industries
- APAC largest and fastest-growing market for electric motors
Frequently Asked Questions about the Electric Motor Market
What is the estimated value of the Electric Motor Market?
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Report Attribute | Details |
---|---|
No. of Pages | 492 |
Published | September 2021 |
Forecast Period | 2020 - 2030 |
Estimated Market Value ( USD | $ 105.5 Billion |
Forecasted Market Value ( USD | $ 191.5 Billion |
Compound Annual Growth Rate | 6.1% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |
Table of Contents
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 5. Definition of Market Segments
Chapter 6. Market Indicator
Chapter 7. Industry Outlook
Chapter 8. Global Market Size and Forecast
Chapter 9. North America Market Size and Forecast
Chapter 10. Europe Market Size and Forecast
Chapter 11. APAC Market Size and Forecast
Chapter 12. LATAM Market Size and Forecast
Chapter 13. MEA Market Size and Forecast
Chapter 14. U.S. Market Size and Forecast
Chapter 15. Canada Market Size and Forecast
Chapter 16. Germany Market Size and Forecast
Chapter 17. France Market Size and Forecast
Chapter 18. U.K. Market Size and Forecast
Chapter 19. China Market Size and Forecast
Chapter 20. Japan Market Size and Forecast
Chapter 21. India Market Size and Forecast
Chapter 22. Brazil Market Size and Forecast
Chapter 23. Mexico Market Size and Forecast
Chapter 24. Saudi Arabia Market Size and Forecast
Chapter 25. Competitive Landscape
Chapter 26. Company Profiles
Chapter 27. Appendix
Companies Mentioned
- Nidec Corporation
- Johnson Electric Holdings Limited
- AMETEK Inc.
- Robert Bosch GmbH
- Wolong Holding Group Co. Ltd.
- Toshiba Corporation
- Hitachi Ltd.
- maxon motor ag
- WEG Equipamentos Elétricos S.A.
- ARC Systems Inc.
- FAULHABER MICROMO LLC
- Hyosung Heavy Industries Co. Ltd.
- ABB Ltd.
- Mitsubishi Electric Corporation
- Rockwell Automation Inc.
- Regal Beloit Corporation
- Siemens AG
- Allied Motion Inc.
- TECO Electric & Machinery Co. Ltd.
- Bühler Motor GmbH
- Brook Crompton Holdings Ltd.
- YASKAWA Electric Corporation
- BorgWarner Inc.
- DENSO CORP.
- Valeo SA
Methodology
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