Electric Motor Market Research Report: By Application (Industrial, Transportation, Non-Industrial Robotics, Medical, Commercial Aerospace, Space, Marine, Defense), Type (DC Motor, AC Motor, Hermetic Motor) - Global Industry Analysis and Growth Forecast to 2030

Market Overview

The global electric motor market generated $105.5 billion revenue in 2020, and it is expected to grow at a CAGR of 6.3% during the forecast period (2020–2030). The key factors responsible for the growth of the market include the increasing compliance for energy-efficient electric motors, rising adoption of electric vehicles (EVs), and increasing usage of electric motors for several applications.

The COVID-19 infection has stepped into almost every country and turned the world upside down. In the wake of this outbreak and in an effort to curtail the spread of the disease, several countries have opted for either partial or complete lockdown. The electric motor industry has been facing a slowdown due to the lockdown in several countries that has restricted the assembly of vehicles and other operations. The operations of some crucial companies, including Nissan Motor Co., Kia Motors Corp., BMW AG, Daimler AG, and Tesla Inc., have been suffering from COVID-19 epidemics. It is assumed that post lockdown, companies would start operations; however, it might take few months for companies to function at full capacity or become fully operational. Hence, it is predicted that by the end of 2021, most of the economies will gain momentum and get back on the recovery trajectory, eventually transitioning from recovery to growth.

Transportation Category Held Largest Share in 2020, due to Increasing Adoption of EVs

The transportation category held the largest share in 2020 in the electric motor market, based on application. This is majorly attributed to the increasing adoption of EVs, due to government-funded subsidies and environmental benefits, and the surging demand for motor vehicles, which have led to the rise in adoption of electric motors.

AC Motor Category To Witness Fastest Growth, due to Growing Adoption of Energy-Efficient Motors

The AC motor is expected to witness the fastest growth in the electric motor market during the forecast period, based on type. This will primarily be due to the capability of AC motors to operate at higher voltages and are energy efficient, and they have greater torque and speed. Also, the AC motors are comparatively easy to maintain and require less wire. Moreover, these motors are used increasingly in the production of motor vehicles as well as growing adoption of energy-efficient motors for industrial applications.

Asia-Pacific (APAC) Market To Witness Fastest Growth, due to Developments of Manufacturing Facilities

Geographically, the APAC electric motor market is expected to witness the fastest growth during the forecast period. This can be ascribed to the fact that the region has a large number of manufacturing facilities in developing countries like China, India, Bangladesh, and Indonesia. Moreover, major players, as a part of their business strategy, are investing in untapped markets of the region, which, in turn, is contributing to the regional market growth.

Increasing Compliance for Energy-Efficient Electric Motors

The increasing need to reduce energy consumption by high-power consumption industries is expected to fuel the demand for energy-efficient electric motors across the globe. In the manufacturing industry, electric motors can account for around 70% share of the total energy consumption, and the highest consumption of electricity arises from the running of compressors in the industry, and half of all the energy consumed is used by electric motors. Therefore, to curb this, industries employ more energy-efficient electric motors to reduce the operating cost. Thus, increasing compliance for energy-efficient electric motors is fueling the growth of the electric motor market, globally.

Rising Adoption of EVs

The demand for EVs has shown an explosive growth in recent years, with electric motor being one of the major components in these vehicles. According, to the International Energy Agency (IEA), about 3.24 million electric cars were sold in 2020, globally, as compared to 2.1 million in 2019. Moreover, according to the Electric Vehicle Outlook 2020 report by BNEF, EVs’ share of global sales was relatively flat in 2020 at around 3%, but they will continue rising and hit 7% in 2023, with sales of around 5.4 million. Thus, with the growing adoption and sales of EVs are expected to support the electric motor market growth during the forecast period.

Market Players Involved in Product Launches to Gain Significant Position

In recent years, the players in the electric motor industry have been involved in product launches, in order to attain a significant position in the market. For instance:

• In June 2021, maxon motor AG launched BIKEDRIVE Air, which is an e-bike system consisting of a mid-mounted motor, integrated battery, and control element. It weighs 3.5 kg (including battery), and it can be integrated into frames by e-bike manufacturers.
• In February 2021, Johnson Electric Holdings Limited announced the launch of a new series of low-voltage DC motors for smart furniture. The motors are designed for actuators used in smart recliners, height-adjustable desks, hospital beds, and other smart furniture.

Key Players in Global Electric Motor Market Include:

• Nidec Corporation
• ABB Ltd.
• Regal Beloit Corporation
• Mitsubishi Electric Corporation
• Wolong Holding Group Co. Ltd.
• WEG Equipamentos Elétricos S.A.
• Johnson Electric Holdings Limited
• AMETEK Inc.
• Siemens AG
• DENSO CORP.
• Robert Bosch GmbH
• Rockwell Automation Inc.
• BorgWarner Inc.
• Valeo S.A.

Market Size Breakdown by Segments

The global electric motor market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.

Based on Application

• Industrial
  • Oil & gas/downhole
  • Factory automation
  • Robotics
  • Equipment
• Transportation
• Non-Industrial Robotics
• Medical
• Commercial Aerospace
• Space
• Marine
• Defense

Based on Type

• Direct Current (DC) Motor
  • Brushed
  • Brushless
• Alternating Current (AC) Motor
  • Synchronous
  • Induction
  • Permanent magnet
• Hermetic Motor

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Russia
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • Saudi Arabia
  • U.A.E
  • Turkey
  • South Africa