Electric motor transforms electrical energy to mechanical energy by using electromagnetic phenomena. They are durable and effective, needing little upkeep, less energy, and withstanding voltage variations. Electric motors are used in different sectors, from transportation to oil and gas, where they are used in applications like industrial fans, machine tools, compressors, home appliances, electric cars, hard drives, and other things.
In 2021, the market for the electric motor was worth USD 121.81 billion, and by 2030 it will be worth USD 209.68 billion, growing at a 6.22% CAGR during the forecast period.
The primary factor promoting market expansion is rising consumer awareness of electric vehicles globally. Electric motors have experienced technological advancements in recent years to keep up with rising consumer demands. Because it lengthens the product lifecycle and improves operational effectiveness, the use of high-quality insulation material in electric motors helps with product sales.
Market Dynamics
Drivers
The market growth is driven by the rising use of electric motors in sectors like automotive and agriculture and by the expansion of the global manufacturing sector. Electric motors are used in several sectors, including consumer goods, transportation, construction, healthcare, and agriculture, and global development in these sectors will support market expansion. Other market-driving elements include rising demand for HVAC applications, rising demand for domestic appliances powered by electric motors, and government support for the development of high efficiency electric motors. During the forecast period, market development will be stimulated by rising energy efficiency awareness and rising electric vehicle adoption.
Restraints
Factors limiting the market growth of electric motor is the ever changing cost of raw materials and rough operating conditions.
Opportunity
Robotics technology will provide numerous growth opportunities to the electric motor market. They can also be used in settings with a high risk of being close to dangerous substances or radioactive materials. Technology is used for many duties, including military services, warehouse deliveries, surgery assistance, underwater mine clearing for duct cleaning, assembly line labor, commercialized agriculture, and space exploration. Industrial and portable robots use electric motors to move their tracks, wheels, legs, sensors, turrets, and weaponry systems.
Market Segmentation
Type Insights
The AC motor segment led the entire market with 70.7% of the revenue share in 2021 due to the growing use of AC motors in industrial applications. AC motors largest share is due to their wide application in advanced robotics and irrigation equipment. The use of electric AC motors has become increasingly common in the automotive sector due to the development of highly effective and affordable technology and improvements in permanent magnetic properties.
Output Power Insights
In 2021, the fractional horsepower segment led the entire market with a revenue share of nearly 87.3%. The largest market share of this segment is due to its numerous uses in home appliances, including hoovers, espresso makers, and coolers. Due to their effectiveness in a demanding industrial environment, they are also used in industrial machines.
Application Insights
The motor vehicle segment held the biggest market position in 2021, with a revenue share of 40.5%. The largest share of this market segment is due to the growing adoption of electric motors in the automotive industry. A typical car has about 40 electric motors with power levels ranging from low to high. Developing low-cost, high-efficiency technology and improvements in permanent magnetic materials are other key factors driving the automotive industry.
Regional Analysis
Asia Pacific led the entire regional market in 2021 with the largest revenue share of approximately 48.6%. The market is drive by expanding use of motor-powered electric cars and increased compliance with energy-efficient motors. As effective energy use becomes more widely available in response to worries about the atmospheric impact of energy generation from conventional sources such as natural gas and coal, the electric motor will expand.
Europe and North America are two major regions leading the regional market for the electric motor. The most significant growth in these sectors is in energy and resource motors used in HVAC, industrial applications, and hybrid autos. The markets in Africa, the Middle East, and Latin America will grow rapidly due to greater government assistance.
Ecological advantages presented by electric engines are supporting their execution in electric vehicles. These machines help in enlarging a gadget’s productivity, when contrasted with standard ones, and saving costs connected with energy consumed. In addition, rising responsiveness towards natural changes and the nursery impact is expect to move shoppers’ concentration towards electric sort, which is project to support the interest.
Key Players
- Dunmore Corp.
- Allied Motion Technologies, Inc.
- ABB Group
- Ametek, Inc.
- General Electric Company
- Hitachi, Ltd.
- Johnson Electric
- Kirloskar Electric Company, Ltd.
- Franklin Electric
- Hyosung Corp.
- Hyundai Electric Co, Ltd.
- Nidec Motor Corp.
- Regal Rexnord Corp.
- Lincoln Electric Holdings, Inc.
- Robert Bosch GmBH
- Teco Westinghouse
- Rockwell Automation.
- Siemens AG
- Schneider Electric
- Toshiba Corp.
In 2021, the market for the electric motor was worth USD 121.81 billion, and by 2030 it will be worth USD 209.68 billion, growing at a 6.22% CAGR during the forecast period. The rising implementation of electric motors in the industrial and automobile sectors is boosting the growth of the electric motor market.
The item is utilize in fans, siphons, blowers, machine devices, homegrown apparatuses, electric vehicles, air conditioning applications, power devices, and robotized robots. These high-productivity engines are acquiring significance, inferable from different elements. These incorporate long working life, low support, energy utilization, and a high capacity to bear fluctuating voltages, in this manner empowering cost reserve funds. Nations like Brazil, the U.S., Argentina, China, and India are significant business sectors, with a high reception rate for energy-effective items in both the modern and farming areas.
The interest for energy-productive engines is drive by rising power costs and rigid power utilization norms. The market is continuously moving towards the reception of productive mechanized frameworks. Be that as it may, absence of mindfulness about their benefits and high starting buy cost are holding the market back from understanding its most extreme potential.
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