Electric Motor Market

Global Electric Motor Market Size (2023 to 2028)

The global electric motor market size is expected to be worth USD 126.60 Billion in 2023. It is expected to grow at a CAGR of 5.70% during the forecast period and reach a value of USD 167.03 Billion by 2028.

Electric motors will continue to expand as a key market due to globalization and rising carbon and air pollution emissions. Improved insulating materials and electric motor technology are predicted to drive up the market value of green vehicles in developing nations. Furthermore, increased expenditure in research and development coupled with increased automobile production will expand the market.

Global Electric Motor Market Drivers:

The growth of the global electric motor market is primarily driven by rising government activities to encourage minimum energy depletion, altering consumer preferences towards eco-friendly autos, and increasing environmental consciousness. Also, technological advancements made by key players in product design and production such as including new features as per consumer behavior, are anticipated to fuel the growth. Growth for municipal water treatment will boost the sales of electric motors. The global market is expected to increase at an exponential rate because of the investments in civic infrastructure, such as wastewater treatment and municipal water supply, which will require substantial pumps and electric motors.

Advances in robotics technology are further fuelling the growth rate of the electric motor market. In the coming years, companies will have numerous opportunities due to the development of robot technology. Robots are commonly used in industry for straightforward repetitive jobs along with in dangerous settings where they are directly exposed to radioactive and explosive materials. Assembling lines, space exploration, military operations, warehouse distribution, medical support, mine clearing, underwater exploration, duct cleaning, and commercialized agriculture are just a few of the specialized jobs that this technology is employed for. For moving their wheels, tracks, legs, sensor turrets, or weapon systems, industrial and portable robots employ electric motors such as brushless DC motors, AC motors, and stepping motors.

Rapid digitalization coupled with increasing automation across various industries are creating the demand for electric motors; combined with the benefits of low maintenance requirements, long life, and automated control, these are the major factors that are driving the target market. Proliferating applications of electric motors across diverse applications which include the commercial, industrial, & residential sectors, and the growing demand for such motors, as well as replacing conventional fuel-based engines are the other factors that are propelling the electric motor market's growth. The rising demand for electric home appliances like refrigerators, air conditioners, water coolers, washing machines, microwave ovens, electric fans, and vacuum cleaners among others is affecting the electric motor market growth positively. Emerging economies are starting multiple initiatives to reduce CO2 emissions from vehicles by adopting electric vehicles, thereby enhancing the market growth over the forecast timeframe.

Global Electric Motor Market Restraints:

Substantial maintenance expenses and supply chain interruptions are major obstacles in the electric motor market. The costly nature of operating certain settings and servicing electric motors is a significant problem that could limit economic development. When a motor has a large power output but a low load factor, it can have an expensive operating cost per hour. Furthermore, inadequate cooling causes inadequate motors to heat up, which in turn causes equipment to get blocked. Various bearings are required for diverse applications of electric motors. A bearing failure scan is required to reveal short circuits in the motor power supply. Therefore, market growth can be restricted by these considerations.

Material shortages and supply chain problems are driving up the cost of the product. Logistics will have the biggest short-term effects on electrical motors, which are currently under contract or in the production phase. CEOs in the industry are expecting slower delivery and construction because of volatile energy prices, increased inflation, and downturns in the economy. China, the United States, and Europe supply a number of the parts and components used in the production of electric motors. Over the next few years, manufacturing disruptions in China and the US may be a factor in the slow growth of the market.

Impact of COVID-19 on the global electric motor market:

Every business suffered as a result of the health emergency caused by COVID-19. Industries suffered significant losses as a result of the tight regulations. As a result, the pandemic has changed the electric motor market. Since the industry's size and wide sales channels covered several nations, production operations were halted, and the market has reached a standstill due to labor shortages and travel restrictions. The pandemic negatively impacted global currencies, leading to a sharp decline in value and a difference in imports and exports in US dollars, causing financial losses for equipment makers.

REPORT COVERAGE:

This research report on the global electric motor market has been segmented and sub-segmented based on the sales type, sales power output, sales application, & region.

Global Electric Motor Market - By Sales Type:

• AC Motor
  • Synchronous AC Motor
  • Induction AC Motor
• DC Motor
  • Brushed DC Motor
  • Brushless DC Motor
• Hermetic Motor

The AC motor segment is anticipated to hold the biggest share of the electric motor market. This is primarily due to their effectiveness, durability, quietness, and versatility, making them a good choice for a variety of power generation applications. The simplest and most dependable electric motors available are induction motors. Since AC motors are lightweight, more affordable, and smaller, they are used extensively in ventilation and air conditioning systems. The application of these motors in automobiles has increased dramatically because of developments in permanent magnetic materials and incredibly efficient and inexpensive electronics. Moreover, there is an increasing demand in other industries, such as chemicals, wastewater treatment, cement, paper and pulp, and others.

Global Electric Motor Market – By Sales Power Output:

• Integral HP Output
• Fractional HP Output

The fractional HP output is projected to have the largest size during the forecast period. These motors are utilized in electric windows, power seats, wing mirrors, central locking systems, roof and trunk openers, and other automotive applications. One of the main markets for these motors is the automotive industry. In the oil and gas sector, fractional HP motors are utilized in upstream, midstream, and downstream activities. They are employed in the upstream industry for lifting equipment and well pumping. In midstream applications, they are used for storage and transportation; in downstream applications, they are used to refine crude oil. Additionally, the motors are found in hazardous site motors, vertical thrust handling motors, and pump motors in small appliances to power compressors and pumps.

Global Electric Motor Market – By Sales Application:

• Industrial Machinery
• Motor Vehicles
• HVAC Equipment
• Aerospace & Transportation
• Household Appliances
• Others

The household appliances segment is estimated to have a faster growth rate in the coming years. Electric motors are increasingly used in many appliances like hair dryers, mixer grinders, stoves, microwave ovens, fans, etc. Likewise, a key factor propelling market growth is the increasing demand for smart homes with modular kitchens and bathrooms equipped with technology. As a result of their affordability, durability, and simple use, induction pumps are utilized in a wide range of electric applications, contributing more than 65 percent of the world's industrial energy usage.

Global Electric Motor Market – By Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

North America is expected to continue to be the dominant market during the forecast period. The most technologically sophisticated manufacturing industry is found in the United States, which presents a significant opportunity for electric motor producers due to the high demand for robotics and automation in both industrial and domestic settings. In addition, growing reliance on renewable energies, implementation of new technology, the rising popularity of electric vehicles, and increased funding for infrastructure improvements are greatly influencing the market size.

Europe is anticipated to have a higher CAGR in the electric motor market in the future. Consumers growing environmental concerns, the growing popularity of electric vehicles, and the rising demand for high-end and energy-efficient motors are anticipated to fuel the market growth rate. European Green Deal and Fit for 55, the European Commission has approved around 1.8 billion dollars in a German plan to expand the infrastructure for high-power charging of electric vehicles. Furthermore, businesses are also tapping new markets and growing here since raw materials are more accessible and affordable. Therefore, the demand from a variety of industries is growing.

Asia Pacific is projected to grow at a faster growth rate in the electric motor market. China's renewable energy investments, influenced by electric vehicles, green energy projects, and infrastructure development, are driven by geopolitical concerns and new laws attracting foreign capital. The regional countries are rapidly industrializing and moving towards internet-based industrial processes across all industries.

Latin America's electric motor market is estimated to have an upward trend in market share during the forecast period. The growing emphasis on renewable energy sources is one of the key factors. Solar and wind power are providing increased utilization of renewable energy policy by nations. Electric motors are a great option for powering renewable energy systems because of their high efficiency and low emissions. Rapid industrialization and automation in the manufacturing, construction, and automotive industries are other important factors contributing to market expansion.

Middle East and Africa's electric motor market is expected to grow at a steady pace in the coming years. Expansion in the last few years was a spike in the construction industry and the rising automotive industry. The market share is predicted to elevate because of expanding government efforts, machine learning, and technology advancements. Growing urbanization, industrialization, decreasing reliance on the oil industry, expanding infrastructure, and rising demand for electric vehicles are the main factors driving the Middle East's electric motor market share.

KEY MARKET PLAYERS:

The Major Players in the Electric Motor Market are Abb Group, Allied Motion Technologies, Inc., Ametek, Inc., Arc Systems Inc., Brook Crompton UK Ltd. (Subsidiary Brook Crompton Holdings), Denso Corporation, Faulhaber, Emerson Electric Co., Franklin Electric Co., Inc., Johnson Electric Holdings Ltd., Maxon Motors Ag, Nidec Corporation, Regal Beloit Corporation, Rockwell Automation Inc., Siemens

RECENT HAPPENINGS IN THE MARKET:

• Siemens AG has completed the grid connection of the 50-megawatt solar plant of Gharo Solar Ltd. in the Thatta district of Pakistan's Sindh Province with the 132 kilovolts (kV) grid station. This grid station was equipped with digital technology that enhanced reliability and controllability while suppressing operating expenses.
• Mitsubishi Elevator India Private Limited has announced that it has offered a significant order from the AIIMS (All India Institute of Medical Science) in Bilaspur, Himachal Pradesh that consists of 64 elevators, which includes 48 models that are exclusive to the Indian market.