The Global electric motor market was valued at USD 107.2 billion in 2022 and is expected to reach USD 185.3 billion by 2030, growing at a CAGR of 7.1% from 2022 to 2030. The market is expected to be driven by factors such as increasing demand for electric vehicles, rising adoption of energy-efficient appliances, and growing industrialization in emerging economies.

Browse 218 market data Tables and 96 Figures spread through 310 Pages and in-depth TOC on "Electric Motor Market Size, Share & Trends Estimation Report By Outlook, By Region, And Segment Forecasts, 2022 - 2030" View detailed Table of Content here-https://www.contrivedatuminsights.com/product-report/electric-motor-market-248703/

The global electric motor market is a rapidly growing industry that is driven by increasing demand for energy-efficient and eco-friendly products across various industries. Electric motors are used in a wide range of applications, including industrial machinery, transportation, household appliances, and HVAC systems.

Market Dynamics

Increasing demand for energy-efficient products: With growing awareness about environmental sustainability, there is a rising demand for energy-efficient products across industries. Electric motors are more energy-efficient than their traditional counterparts, which is driving the market growth.

Government initiatives and regulations: Governments across the world are implementing regulations and initiatives to promote the use of electric motors and reduce greenhouse gas emissions. For instance, several countries have introduced incentives and subsidies to promote the adoption of electric vehicles, which is driving the growth of the electric motor market.

High initial investment: The initial investment required for electric motors can be quite high, especially for high-performance motors. This can make it difficult for some companies to adopt electric motors in their operations.

Limited availability of rare earth metals: Many electric motors require rare earth metals like neodymium and dysprosium for their magnets. These metals are not widely available, and their prices can be volatile. This can create supply chain issues and increase the cost of electric motors.

Intense competition: The electric motor industry is highly competitive, with many companies vying for market share. Companies must continuously innovate and improve their products to stay ahead of the competition.

Technological advancements: The electric motor industry is constantly evolving, with new technologies emerging regularly. Companies must stay up-to-date with the latest advancements to remain competitive.

Environmental concerns: The electric motor industry must address environmental concerns related to the manufacturing, use, and disposal of electric motors. This includes reducing energy consumption, minimizing the use of hazardous materials, and improving recycling efforts.

Growth in electric vehicle market: The increasing demand for electric vehicles is driving the growth of the electric motor market. As more automotive manufacturers shift towards electric and hybrid vehicles, there is a growing need for electric motors that are smaller, lighter, and more efficient.

Expansion of renewable energy sector: The expansion of the renewable energy sector, including wind and solar power, is driving the demand for electric motors. Electric motors are used in wind turbines, solar panels, and other renewable energy applications.

Increased automation: The growth of automation in industries such as manufacturing, healthcare, and agriculture is driving the demand for electric motors. Electric motors are used in automation to control machinery, reduce energy consumption, and improve efficiency.

DC motors are used in applications that require high torque and precise control. Brushed DC motors are the simplest type of DC motors and find applications in consumer electronics and small appliances. Brushless DC motors are more efficient and find applications in industries such as automotive, aerospace, and robotics. The demand for DC motors is driven by the growing demand for electric vehicles and the increasing adoption of automation in industries.

Overall, the AC motor segment dominates the global electric motor market due to its wide range of applications and high efficiency. However, the DC motor segment is expected to grow at a faster rate due to the increasing adoption of electric vehicles and automation in industries.

HVAC Equipment segment includes electric motors used in heating, ventilation, and air conditioning equipment such as air handlers, chillers, and refrigeration units. The demand for electric motors in this segment is driven by the increasing demand for energy-efficient solutions in the building and construction industry.

Regional Analysis

Aerospace and Defense segment includes electric motors used in various aerospace and defense applications such as unmanned aerial vehicles (UAVs), missiles, and spacecraft. The demand for electric motors in this segment is driven by the need for lightweight and high-performance solutions.

Others segment includes electric motors used in various other applications such as household appliances, medical devices, and power tools.

Region-wise, Asia-Pacific is expected to dominate the electric motor market due to the presence of several manufacturing industries and the increasing demand for electric vehicles in countries such as China, Japan, and India. North America and Europe are also expected to witness significant growth due to the increasing demand for electric motors in the automotive and aerospace industries.

Competitive Analysis

Some of the key players in the global electric motor market include ABB Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Nidec Corporation, and WEG S.A.

In September 2021, Siemens AG acquired Culgi, a Dutch software company, to strengthen its simulation capabilities for electric motor design.

In August 2021, Nidec Corporation announced its plan to acquire Mitsubishi Heavy Industries Machine Tool Co., Ltd., a Japanese manufacturer of machine tools, to expand its business in the industrial sector.

In June 2021, WEG S.A. announced its plan to invest $25 million in the expansion of its electric motor manufacturing plant in Mexico, to increase its production capacity and meet the growing demand in the region.

In April 2021, ABB Ltd and CORYS SAS, a French software company, signed a partnership agreement to develop a digital twin of ABB's electric motor and drive systems for simulation and optimization purposes.

In January 2021, Regal Beloit Corporation acquired Nicotra Gebhardt S.p.A., an Italian manufacturer of fans and blowers, to expand its product portfolio in the HVAC market.

Segmentation Analysis of The Global Electric Motor Market 2016-2030

The report forecasts revenue growth at global, regional, and country matrics and analyzes the latest industry trends in each of the sub-segments ranging from 2016-2030. For this, CDI has segmented the global Electric Motor market report based on capacity, vehicle, application, and propulsion type along with regional analysis. 

Motor Type Outlook (Revenue, USD Billion, 2016 - 2028)

• AC Motor
• Synchronous AC Motor
• Induction AC Motor
• DC Motor
• Brushed DC Motor
• Brushless DC Motor
• Hermetic Motor

Power Output Outlook (Revenue, USD Billion, 2016 - 2028)

• Integral HP Output
• Fractional HP Output

Application Outlook (Revenue, USD Billion, 2016 - 2028)

• Industrial Machinery
• Motor Vehicles
• HVAC Equipment
• Aerospace & Transportation
• Household Appliance
• Others

Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America