Published: September 2021 | Report Code: CM10748 | Available Format: PDF | Pages: 492
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.
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.
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.
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.
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.
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.
|Base Year (2020) Market Size||$105.5 Billion|
|Market Size Forecast in 2030||$191.5 Billion|
|Forecast Period CAGR||6.3%|
|Report Coverage||Market Trends, Drivers, and Restraints, Revenue Estimation and Forecast, Segmentation Analysis, Country Breakdown, Impact of COVID-19, Companies’ Strategic Developments, Company Profiling|
|Market Size by Segments||By Application, By Type, By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, U.K., Italy, Spain, Russia, Japan, China, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, U.A.E., Turkey, South Africa|
|Secondary Sources and References (Partial List)||Association of Electrical and Mechanical Trades (AEMT), Association for Advancing Automation, China Association of Automobile Manufacturers (CAAM), Copper Development Associations, Electric Apparatus and Service Association (EASA), Electric Motor Education & Research Foundation (EMERF), India Brand Equity Foundation (IBEF), Institute of Electrical and Electronics Engineers (IEEE), International Monetary Fund (IMF), Military and Aerospace Electronics, National Electrical Manufacturers Association, Motion Control and Motion Association (MCMA)|
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:
The global electric motor market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Application
Based on Type
In 2030, the value of the electric motor market will be $195.1 billion.
Transportation is the largest category under the application segment of the electric motor industry.
The major electric motor market drivers are increasing compliance for energy-efficient electric motors, rising adoption of electric vehicles (EVs), and increasing usage of electric motors for several applications.
Asia-Pacific (APAC) is the fastest-growing electric motor market.
Most electric motor market players are adopting product launch strategy to sustain their business growth.
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