Electric Motors Market Share

Introduction: Navigating the Competitive Landscape of Electric Motors

The electric motor market is in the midst of a period of great change, and the market is characterized by the rapid spread of the technology, the changes in the regulations, and the evolution of the consumers' demands for efficiency and safety. The motor manufacturers, IT service companies and electrical equipment manufacturers are competing for leadership in the market, and they are relying on the latest artificial intelligence, big data, IoT, automation and other advanced technology to enhance the performance of products and the efficiency of the whole process. The new entrants, especially the artificial intelligence-based smart motor solution companies, are reshaping the industry and challenging the traditional order. The green and energy-saving trend in the motor market is particularly prominent in North America and Asia-Pacific, where the strategic deployment trend is in line with the policy incentives and the growing demand for electric vehicles. The competition is fierce, and the future of the market will be determined by the technology.

Competitive Positioning

Full-Suite Integrators

These vendors offer comprehensive solutions encompassing design, manufacturing, and integration of electric motors.

Specialized Technology Vendors

These vendors focus on niche technologies and innovations within the electric motor sector.

Infrastructure & Equipment Providers

These vendors supply essential components and systems that support electric motor applications.

Emerging Players & Regional Champions

• NIHC CO., LTD. (Japan): Specializes in small, high-precision motors and has recently won a number of major contracts with car manufacturers for EV applications, thereby challenging the established players, such as Siemens and ABB.
• WEG S.A. (Brazil): Focuses on high-efficiency electric motors and has implemented several renewable energy projects in South America, complementing traditional vendors by providing localized manufacturing and support.
• Danfoss (Denmark): Offers variable frequency drives and electric motors for HVAC applications, recently partnering with smart building technology firms, which positions them as a challenger to larger players by integrating IoT capabilities.
• Invertek Drives (UK): Known for energy-efficient motor drives, they have expanded their market presence in Europe and Asia, providing solutions that enhance the performance of existing electric motors, thus complementing established vendors.
• Sungrow Power Supply Co., Ltd. (China): Focuses on electric motors for renewable energy applications, recently winning contracts for wind turbine projects, which positions them as a regional champion against traditional motor manufacturers.

Regional Trends: In 2024, the EV market and the development of the clean energy market in the Asia-Pacific region will have a major impact on the adoption of the electric motors. The European market continues to lead in terms of technology, especially in terms of energy efficiency and smart solutions. North America has seen a growing demand for electric motors in automation and air conditioning.

Collaborations & M&A Movements

• Siemens and General Electric entered a partnership to co-develop next-generation electric motors aimed at improving energy efficiency in industrial applications, enhancing their competitive positioning in the growing green technology sector.
• ABB acquired the electric motor division of a leading automotive supplier to expand its product portfolio and strengthen its market share in the electric vehicle segment, responding to increasing demand for sustainable transportation solutions.
• Nidec Corporation and Tesla announced a collaboration to innovate high-performance electric motors for electric vehicles, aiming to leverage each other's technological expertise to capture a larger share of the rapidly expanding EV market.

Competitive Summary Table

Conclusion: Navigating the Electric Motor Market Landscape

The Electric Motor Market in 2024 will be characterized by a high level of competition and a high degree of fragmentation, with both old and new players competing for market share. The trend in the region will be towards a greater emphasis on innovation and on sustainable development, which will force manufacturers to adapt their strategies. The big players are investing in automation and artificial intelligence to become more efficient. The new players are concentrating on a more flexible, sustainable approach to win over eco-conscious consumers. The market will continue to evolve, and the winners will be those who can offer the best combination of artificial intelligence, automation, sustainable development and flexibility.