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The global electric motor market size, which was $118.2 billion in 2019, is expected to witness a CAGR of 4.8% during the forecast period (2020–2030), to reach $195.2 billion in 2030. The consistently increasing sale of electric vehicles and heating, ventilation, and air conditioning (HVAC) appliances is among the major driving factors for the electric motor industry.
The effect of the coronavirus pandemic on economies is taking a toll on the manufacturing and technology world as well. The pandemic has severely affected supply chains globally, due to which manufacturing entities have been badly impacted. The players involved in component manufacturing, especially in the Asia-Pacific (APAC) region, are finding it difficult to continue, as they are short on inventories. Additionally, even the demand at the end-user level has shrunk, as restrictions have been put on the movement of people for non-essential goods. All these factors are responsible for the subdued growth of the electric motor market in 2020.
Induction Motor Category Accounted for Larger Revenue Share
Based on the type of AC motor, the induction motor category holds the larger market share, with three-phase induction motors being the most popular in industrial applications. Similarly, single-phase induction motors are commonly used in household appliances, such as mixers, grinders, fans, pumps, and washing machines. All these factors are contributing to the growing demand for induction motors, thereby driving the electric motor market.
Brushless DC (BLDC) Motor To Be Faster-Growing Category
BLDC motors, based on the type of DC motor, are predicted to be the faster-growing category in the electric motor market during the forecast period. This can be majorly attributed to the various advantages offered by BLDC motors, such as higher efficiency, better speed control, longer lifetime, no sparking, higher torque-to-weight ratio, and lesser noise. Additionally, the category growth will be driven by the surge in the demand for more-efficient, durable, and controllable, and low-noise electric motors in industrial applications.
Fractional Horsepower Category To Hold Larger Share in Market till 2030
Based on output power, the fractional horsepower category would observe the faster growth in the market during the forecast period, on account of the wide application of these variants in the automotive and electronics sectors. Further, the growing demand for fractional-horsepower motors for several low-power applications, such as electric windows, windshield wipers, office machinery, and powered seats, is predicted to fuel the growth of the electric motor market in the coming years.
Motor Vehicle Category Contributed Highest Revenue to Market
In the electric motor market outlook, based on application, the motor vehicle category held the largest revenue share during the historical period (2014–2019), and it is prognosticated to maintain its dominance throughout the forecast period. The rising environmental concerns and volatility in oil prices are some of the important developments shaping the development of the global electric vehicle market, which, in turn, would propel the electric motor market during the forecast period.
Asia-Pacific (APAC): Largest and Fastest-Growing Market
The increasing rate of industrialization and HVAC appliance and electric vehicle adoption in the two most populous countries, China and India, is expected to drive the industry growth in the future. For instance, in the beginning of 2018, Government of India introduced a subsidy scheme to roll out electric public transport services in 11 major cities. The incentive covers up to 60% of the purchase cost of electric buses. Such initiatives and developments are boosting the electric motor market growth in the region.
Customized Electric Motors Are Key Market Trend
Customization of electric motors is required to avoid compatibility issues. Presently, with the increasing competition in the electric motor industry, suppliers are customizing the motors to differentiate their products and meet the needs and specifications of buyers. The customization of electric motors can include the attachment of cables or addition of mounting plates, brackets, pulleys, gears or lead screws. With these kinds of customizations, the efficiency of the electric motor increases, which saves the time and money of buyers.
Increasing Compliance For Energy-Efficient Electric Motors Is Important Market Driver
The increasing need of high-power-consumption industries to reduce their energy consumption is expected to fuel the adoption of energy-efficient electric motors across the globe. In the manufacturing industry, electric motors can account for around 70% of the total energy consumption, and the highest consumption of electricity arises from the running of compressors. Therefore, industries are employing more-energy-efficient electric motors to reduce the operating cost, as well as contribute toward a greener future.
Increasing Usage of Electric Motors for Several Applications Is Driving Market
Electric motors find usage in several applications, as they are capable of efficiently converting electrical energy to mechanical energy. These motors are integrated in power tools, pumps, fans, grinding mills, alternators, compressors, metal rolling equipment, refineries, hoists, propulsion systems, and numerous other objects. The increasing demand for electric motors in the automotive, marine, oil and gas, agriculture, energy and power, metal, cement, mining, water and wastewater, and pulp and paper industries is improving the outlook for the global electric motor market.
|Base Year (2019) Market Size||$118.2 Billion|
|Forecast Period (2020-2030) CAGR||4.8%|
|Report Coverage||COVID-19 Impact Analysis, Market Trends, Drivers, Restraints and Opportunities, Value Chain Analysis, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Market Share Analysis, Major Countries Analysis, Companies’ Strategic Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||Motor Type, Output Power, Application, Region|
|Market Size of Geographies||U.S., Canada, France, Germany, Italy, Russia, Spain, U.K., China, India, Australia, Japan, South Korea, Brazil, Mexico, Saudi Arabia, Turkey, U.A.E., South Africa|
|Secondary Sources and References (Partial List)||Japan Automobile Manufacturers Association (JAMA), Military and Aerospace Electronics, National Electrical Manufacturers Association (NEMA), Organisation Internationale des Constructeurs d'Automobiles (OICA), Power Sources Manufacturers Association (PSMA), Electronic Industries Alliance|
Product Launches and Acquisitions Are Strongest Strategic Developments in Market
The global electric motor industry is fragmented in nature, owing to the presence of major players such as Nidec Corporation, Johnson Electric Holdings Limited, ABB Ltd., Mitsubishi Electric Corporation, AMETEK Inc., Franklin Electric Co. Inc., Siemens AG, Mitsuba Corporation, Robert Bosch GmbH, Asmo Co. Ltd., and Regal Beloit Corporation.
As per analysis, acquiring companies with similar product offerings is one of the primary strategic measures in the electric motor market, as it helps players in widening the product range and strengthening the presence in the industry, with an improved portfolio and business potential.
For instance, in April 2020, Voith completed the acquisition of mining electric motor supplier ELIN Motoren, to serve the market with a more comprehensive product portfolio.
Similarly, in July 2018, ABB Ltd. acquired GE Industrial Solutions, General Electric’s global electrification solutions business, for $2.6 billion. Under this acquisition, GE Industrial Solutions has been integrated into ABB’s Electrification Products (EP) division, to form Electrification Products Industrial Solutions. The acquisition is enabling ABB to provide better products to its customers and expand its global footprint.
The key players in the electric motor market report are:
The electric motor market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Motor Type
Based on Output Power
Based on Application