Published: August 2020 | Report Code: SE10748 | Available Format: PDF | Pages: 192
The electric motor market size is expected to grow from $118.2 billion in 2019 to $195.2 billion in 2030, while observing a CAGR of 4.8% between 2020 and 2030. This growth will be driven by the escalating demand for electric vehicles (EVs) and heating, ventilation, and air conditioning (HVAC) equipment.
The adverse impact of COVID-19 on economies is taking a toll on the technology and manufacturing arenas as well. The pandemic has severely affected the global supply chain, because of which manufacturing units have been badly impacted. The players involved in component production, especially in Asia-Pacific (APAC), are unable to continue with the manufacturing process, as they are short on inventories. Additionally, the demand at the end-user level has shrunk, as restrictions have been imposed on the movement of people for non-essential goods. All these factors have resulted in the restrained growth of the electric motor industry in 2020.
The induction motor classification of the AC motor category in the motor type segment accounted for the larger market share in 2020. The dominance of this category on the electric motor market is owed to the fact that three-phase induction motors have been the most popular in industrial applications, whereas single-phase induction motors are common in household appliances, such as washing machines, mixers, fans, pumps, and grinders.
The brushless bifurcation of the DC motor category under the motor type segment will register the faster growth during 2020–2030. This is primarily owed to the several benefits offered by BLDC motors, such as lower noise, better speed control, higher efficiency, no sparking, higher torque-to-weight ratio, and a longer operational life. In essence, the category growth will be driven by the spike in the demand for low-noise and more-durable, controllable, and efficient electric motors for industrial applications.
The fractional horsepower category will hold the larger share in the output power segment till 2030 due to the wide application of these variants in the electronics and automotive sectors. Thus, the burgeoning demand for fractional-horsepower motors for various low-power applications, including powered seats, electric windows, office machinery, and windshield wipers, will fuel the growth of this category in the coming years.
The motor vehicle category of the application segment accounted for the largest electric motor market share during 2014–2019, and it is expected to retain its dominance till 2030. This can be ascribed to the surging environmental concerns and fluctuating oil prices, which are propelling EV sales.
The rate of EV and HVAC adoption and industrialization is booming in China and India, which has made APAC the largest user of electric motors. For example, the Government of India announced a subsidy scheme in 2018 to roll out electric public transport services in 11 major cities. The incentive covers nearly 60% of the purchase cost of electric buses. Thus, with more people migrating to cities, the demand for automobiles is rising, which would keep benefitting electric motor manufacturers.
The customization of electric motors is necessary to avoid compatibility issues with machines. Currently, the rising competition in the market for electric motors has motivated the suppliers to customize these devices, so that they can differentiate their products and cater to the varying specifications of buyers. This could encompass the addition of brackets, mounting plates, gears, load screws or pulleys, and cables. Such customizations enhance the efficiency of electric motors, thereby helping in saving the time and money of customers.
The growing need for energy-efficient electric motors in high-power-consumption industries is expected to support the electric motor market growth in the coming years. In the manufacturing sector, electric motors consume around 70% of the total energy, with compressors requiring the highest amount of electricity. To curtail their operating costs and contribute toward a greener future, high-power-consumption industries are deploying energy-efficient motors in large numbers.
Electric motors are installed in propulsion systems, power tools, grinding mills, metal rolling equipment, compressors, fans, alternators, refineries, and hoists, as they convert electrical energy to mechanical energy efficiently. The mounting demand for electric motors in the water and wastewater, automotive, metal, oil and gas, marine, agriculture, cement, pulp and paper, and mining industries will have a positive impact on the market for electric motors.
|Base Year (2019) Market Size||$118.2 Billion|
|Forecast Period 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|
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 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
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