Electric Motors Market Research Report - Forecast to 2030

Electric Motors Market Report: By Motor Type (AC, DC, Hermetic), Voltage (Up to 1 kV, 1 kV–6.6 kV, Above 6.6 kV), By Output Power (Upto 1 hp, Above 1 hp), By End-Use (Industrial, Commercial, Residential, Agriculture, Transportation) - Forecast till 2030

ID: MRFR/E&P/1753-HCR | February 2021 | Region: Global | 188 pages

Electric Motors Market Overview

Electric Motors Market is projected to be worth USD 184.17 billion by 2028, registering a CAGR of 5.42% during the forecast period (2021 - 2028), The market was valued at USD 115.9 billion in 2020.

COVID-19 Analysis:

Supply chain disturbances across the world due to the COVID-19 pandemic will be the chief cause of any recent impacts on the global electric motors market and its value. Widespread construction slowdown, delivery halts and labour shortages created due to worldwide shutdowns in 2020 will affect the global electric motors industry in the near-term. China-US trade wars, manufacturing and supply chain disruptions in Europe and China – major sources for components and spare parts of electric motors – has adversely affected the global market share and this impact will continue to be seen for at least another year before the market booms back completely.

The pandemic situation also affected currencies all over the world and many have undergone a swift depreciation. This has created an imbalance in the value of exports and imports globally which are paid for in US dollars. Currency depreciation will therefore lead to financial losses to components manufacturers and is expected to dampen the global electric motors market further.

Competitive Landscape

Quite a few major companies operate in the lectric market domain. The chief among them are ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil). The companies in this domain, as with other technology based domains, survive and thrive by means of knowledge-sharing partnerships, and other expansion strategies such a mergers & acquisition.

The key players detailed at length in this report are:

  • ABB Ltd. (Switzerland)

  • Siemens AG (Germany)

  • General Electric Company (U.S.)

  • Nidec Corporation (Japan)

  • Denso Corporation (Japan)

  • Allied Motion Technologies, Inc. (U.S.)

  • Ametek, Inc. (U.S.)

  • Robert Bosch GmbH (Germany)

  • Emerson Electric Co. (U.S.)

  • Hitachi, Ltd. (Japan)

  • Johnson Electric Holdings Limited (Hong Kong)

  • Rockwell Automation (U.S.)

  • WEG S.A. (Brazil)

  • ARC Systems, Inc. (U.S.)

  • Toshiba International Corporation (U.S.)

Industry News

In March 2020, Wolong Electric, a subsidiary of Wolong, absorbed GE's small industrial motors business for USD 160 million. This acquisition is anticipated to help Wolong gain a leading position in terms of market share.

In February 2020, Nidec Corporation introduced two new traction motor systems -- the 200 kW Ni200Ex and 50 kW Ni50Ex -- based on the company's original 150 kW E-Axle (fully integrated traction motor system with an electric motor, reduction gearbox, and inverter).

Market Dynamics

HVAC Industry Drives Global Market

The global electric motors market growth will be directly driven by the radical pace of industrialisation and commercialisation that will be powering construction activities around the world – especially the Asia Pacific region. The resulting demand for industrial equipment will increase the demand for electric motors globally. The HVAC (Heating, ventilation, and Air Conditioning) industry – an important consumer for electric DC motors) is also connected with the construction industry and will propel the global market upwards during the forecast period.

Electric Vehicles And Long-Term Growth Opportunities Of Electric Motors Market

Environment awareness and global focus on reducing carbon footprint are major factors driving the electric vehicles market. With various new technological innovations transforming the façade of automotive industry and the world moving toward electric mobility, the electric vehicular segment provides an excellent growth opportunity for global market growth.

Governments all over the world are also providing a growth-conducive environment for electric vehicles manufacturers by providing tax exemptions, etc., thereby promoting the market in the process. Reports suggest that China will lead the global passenger electrical vehicles by claiming 50% of the global share by 2025.

Market Restraints

China dominates, and practically dictates, the market for raw materials required for making electric motors. Global export of materials such as steel bars, copper wires, and precision thin metals such as specialty alloys, required for making electric motors are controlled by a small number of manufacturers and suppliers in China. The products are entirely identical and the only competing point is the price – whichever product is cheaper gets more traction in the global market. Price fluctuations as such are then borne by importers and consumers of these products and when a product price increases, profit margins are reduced and this creates a threat for the growth of the entire market growth prospects.

Unorganised Market Challenges Overall Growth Of Market

The electric motors market is a very fragmented one with a vast number of organised as well as unorganised players offering different qualities of the same product at varying prices. While the organised sector provides a higher quality product and focuses on the industrial buyers, the unorganised sector offers cheaper quality products for the local markets. The brand recall of organised sector may be high but the price of the products creates vast difference in the affordability of the product. Therefore, biggest industrial challenge is when the high-priced organised sector products face an enormous competition from the lower-priced unorganised sector offerings.

Market Segmentation Based On Various Factors:

The report seeks to analyse and understand the electric motor market dynamics at length and segments the market based on various factors to attain that understanding. The following are the key segmentation metrics of this market:

By Type

  • Alternate Current (AC) Motors

    • Synchronous AC motors

    • Induction AC motor

  • Direct Current (DC) Motors

    • Brushed DC motor

    • Brushless DC motor

In 2017, it was the AC electric motor segment that had the largest share, due to its role in the energy-efficient conveyor systems across the global manufacturing and automotive industries.

By Power Rating

  • Integral Horsepower (IHP) output

  • Fractional horsepower (FHP) output.

Growing automobile market has increased the global demand for several low-power applications, such as electric windows, windshield wipers, power steering and power seats, etc. This demand will power the growth of the electric motor market in the coming years, making FHP electric motors the fastest growing segment during the forecast period.

By Voltage Range

  • 9 Volts & below

  • 10-20 Volts

  • 21-60 Volts

  • 60 Volts & above

In 2017, the largest share under this segmentation was claimed by the 60 V & above category due to its application and extensive use in heavy industrial machinery used in manufacturing and automotive industries.

By Speed (RPM)

  • Low-Speed Electric Motors (Less Than 1,000 RPM)

  • Medium-Speed Electric Motors (1,001-25,000 RPM)

  • High-Speed Electric Motors (25,001-75,000 RPM)

  • Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)

By End User

  • Industrial machinery

  • Motor vehicles

  • Heating, Ventilating, And Cooling Equipment (HVAC)

  • Aerospace & transportation

  • Household appliances

  • Other commercial applications

By Region

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa

Regional Analysis

Asia Pacific is expected to witness the fastest electric motor market growth during the forecast period owing to rapid industrialization, and widespread commercialisation in the region. The automotive industry in the APAC region will also grow at an accelerated rate during the forecast period, driving the market trends further up in the forecast period till 2023. The developed economies are expected to grow at a sustained rate andwill be providing a definitive direction in the industry by investing in innovative eco-friendly technologies that would impact the overall structure.

Report Overview:

An electric motor is a device that powers devices by converting electrical energy into mechanical energy. Such motors function along electromagnetism and are considered highly durable, energy efficient and are low maintenance. The global market of electric motors finds a strong growth globally owing to its wide use in various household appliance, industrial equipment and even motor vehicles. Escalation in the rate of industrial activity and a latest upswing in the electric vehicles market will be driving a major growth worldwide.

Fed by various factors such as massive construction and commercialisation across the developing countries, the global electric motors market will register its sustained growth backed by increase in the demand for electric vehicles also. World Health Organization (WHO) reports state that about 7 million people globally lose their lives to complications arising out of air pollution every year. Statistics like this have inspired many governments to promote the use of electric vehicles in their countries, as a way of dealing with vehicular pollution. They set national sales targets for such vehicles and also help manufacturers by providing subsidies essential for the growth of this rather nascent market.

All this, and much more, is covered in the market research report that details the growth opportunities and market driving factors of this industry. The report essentially provides all major information required by companies for making an assessment of the global market trends till 2023.

The report explores the electric motors market in detail and provides forecast for upcoming trends by analysing all the information collected from the market. The report includes the following:

  • An all-encompassing analysis of the current and emerging market trends and dynamics.

  • Detailed analysis of the market in line with key product positioning and monitoring of the competitive landscape.

  • A complete analysis of all regions to determine the prevailing opportunities, market driving forces, challenges faced and market growth restraints.

  • An in-depth analysis of electric motor market trends and market outlook in the light of the recent COVID-19 pandemic.

  • Global electric motor market forecast analysis from till 2027.

  • A brief understanding of the key market players, within the electric motor market, and their strategies in order to understand the competitive framework of the industry and technological innovations therein.

Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2028: USD 184.17 billion
  • 2030: Significant Value
  •   CAGR   5.42% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Motor Type, Voltage, Output Power and End-Use
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Nidec Corporation (Japan), Denso Corporation (Japan), Allied Motion Technologies, Inc. (U.S.), Ametek, Inc. (U.S.), Robert Bosch GmbH (Germany), Emerson Electric Co. (U.S.), Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong Kong), Rockwell Automation (U.S.), WEG S.A. (Brazil), ARC Systems, Inc. (U.S.), Toshiba International Corporation (U.S.)
      Key Market Opportunities   Environment awareness and global focus on reducing carbon footprint
      Key Market Drivers   The growing incorporation of high efficacy motors by automakers

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    Frequently Asked Questions (FAQ) :

    At 5.42% CAGR, the electric motors market is likely to surge between 2021 and 2028.

    Electric Motors Market is projected to be worth USD 184.17 billion by 2028, registering a CAGR of 7.32%

    General Electric Company (U.S.), Denso Corporation (Japan), Nidec Corporation (Japan), and Allied Motion Technologies, Inc. (U.S.) are some well-established companies in the electric motors market.

    The growing incorporation of high efficacy motors by automakers can propel the global electric motors market growth.

    The rapidly expanding automobile industry in APAC can bolster the regional electric motors market growth.