The electric motors market size is expected to advance at a CAGR of 6.75% during 2022–2030, to reach USD 208.70 million by 2030.
The expanding adoption of electric vehicles (EVs), the rising compliance for energy-efficient electric motors, and the booming use of electric motors in several applications are the main drivers for market expansion.
One of the main market drivers is consumers' growing awareness of green vehicles. In addition, the market will benefit from an increase in government subsidies to promote the purchase of green cars in order to protect the environment from carbon emissions. Over the past few years, electric motors have seen a number of technological breakthroughs, which has increased the demand for them.
Additionally, the market has been driven by the development of superior insulation materials, which have increased operational efficiency and product life. Due to a rise in automotive manufacturing over the forecast period, the industry will experience a notable growth.
With the rising demand for heating and cooling in residential, commercial, and industrial sectors, the heating, ventilation, and air-conditioning (HVAC) business has grown. This has caused the supply of HVAC equipment in the buildings to be considered an important during new construction. It has also ultimately increased the demand for the use of electric motors. Growing standards of living and an increase in commercial space are the main drivers of the HVAC industry's expansion.
Due to the rapid expansion of the industrial sector, APAC is currently the biggest host for the electric motors industry with the share of 36% of the global revenue and is predicted to maintain this position going forward. The region is experiencing growth in sectors, including automotive, chemical, fertilizer, and petrochemical industries, which will present enormous opportunities for the global electric motor players.
China has played a significant role in the global manufacturing industry. The nation leads the world in the production of steel, chemicals, electricity, and cement. It is also a major participant in the petrochemical and refining sectors. There are a lot of new industrial projects waiting to be added to the nation’s industrial portfolio.
The Chinese government recently approved new refinery projects in collaboration with foreign firms. The final investment decision for the construction of a sizable integrated refinery and petrochemical complex in Northeast China was made in January 2022 by a joint venture led by Aramco. The new facility will be in the city of Panjin. It will be operational by 2024 and will have a 300,000 BPD capacity.
India continues to make progress as the world's second-largest producer of crude steel. Arcelor Mittal said in 2021 that it intends to build a sizable greenfield steel factory in Odisha. For the project, the business formed a 60:40 joint venture with Nippon Steel of Japan. About 12 million tons per annum (mtpa) of production will from the project, which would be added to India's portfolio, which now has 140 mtpa of installed capacity. In three to four years, the plant will be ready for operation.
The current electric motors market players are ABB Ltd, Siemens AG, WEG Equipamentos Elétricos S.A., Wolong Electric Group Co. Ltd, Nidec Corporation, Regal Rexnord Corporation, Toshiba Corporation, Hyosung Heavy Industries, TECO Electric & Machinery Co., Hitachi Industrial Equipment & Solutions America LLC, Robert Bosch GmbH, and Johnson Electric Holdings Limited.