ID: MRFR/E&P/1753-HCR | February 2021 | Region: Global | 111 pages
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 electric motors market 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 in the electric motors market worldwide. According to Market Research Future (MRFR)’s electric motors market analysis, this market is all set to witness a CAGR of 6.2% during the forecast period.
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 electric motors market 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 electric motors market trends till 2023.
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 electric motors 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.
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 electric motors 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 electric motors market in the process. Reports suggest that China will lead the global passenger electrical vehicles by claiming 50% of the global share by 2025.
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 electric motors market growth prospects.
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.
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:
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.
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.
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.
The key players detailed at length in this report are:
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:
|Market Size||2027: Significant Value|
|CAGR||6.2% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|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|
Frequently Asked Questions (FAQ) :
At 6.2% CAGR, the electric motors market is likely to surge between 2017 and 2023.
The electric motors market can touch a substantial valuation by 2023.
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.