Electric Motor Market | Contrive Datum Insights

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.
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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.

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.

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.

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.

Market Dynamics

Driving Factors

There are several driving factors that are contributing to the growth of the global electric motor market:

Growing industrialization: The increasing industrialization in emerging economies such as India and China is driving the demand for electric motors in various applications such as industrial machinery, pumps, and compressors.

Advancements in technology: Advancements in electric motor technology have led to the development of high-efficiency motors that are smaller, lighter, and more durable. These advancements are driving the market growth.

Increasing adoption of electric vehicles: With the increasing demand for electric vehicles, the demand for electric motors is also rising. Electric motors are a critical component of electric vehicles, and the growth of the electric vehicle market is driving the growth of the electric motor market.

Restraining Factors

There are several restraining factors that can affect the growth of the global electric motor market. Some of the major ones are:

Competition from alternative technologies: Electric motors face competition from other technologies like internal combustion engines, hydraulic systems, and pneumatics. Depending on the application, these technologies may be more suitable or cost-effective.

Regulatory constraints: Regulations and standards can pose a challenge to the adoption of electric motors. For example, some applications may require a certain level of power density or torque, which can be difficult to achieve with electric motors.

Lack of skilled workforce: Electric motors require skilled workers for their design, installation, and maintenance. However, there is a shortage of skilled workers in the industry, which can limit the adoption of electric motors.

Limited range of applications: Electric motors are most commonly used in applications that require high efficiency, precision, and control. However, they may not be suitable for all applications, such as those that require high power or speed. This can limit the overall market potential for electric motors.

Challenges Factors

The global electric motor industry faces several challenges, including:

Changing customer demands: Customers' demands are constantly evolving, and companies must adapt to meet these changing demands. This includes offering more efficient, durable, and cost-effective products.

Supply chain disruptions: The electric motor industry relies on a complex supply chain, which can be affected by natural disasters, political instability, and other disruptions. Companies must have contingency plans in place to mitigate the impact of such disruptions.

Cybersecurity threats: As electric motors become more connected and reliant on technology, the risk of cyber attacks increases. Companies must invest in robust cybersecurity measures to protect their products and customers.

Opportunity Factors

The global electric motor industry presents several opportunities, including:

Advancements in motor technology: Advancements in electric motor technology, including the use of rare earth metals and the development of more efficient designs, are driving the growth of the electric motor market. These advancements are improving the performance, efficiency, and durability of electric motors.

Adoption of IoT and Industry 4.0: The adoption of the Internet of Things (IoT) and Industry 4.0 is driving the demand for electric motors that are connected and intelligent. Electric motors that can communicate with other machines and systems can improve efficiency, reduce downtime, and enable predictive maintenance.

Government initiatives: Government initiatives aimed at reducing carbon emissions and promoting renewable energy are driving the demand for electric motors. These initiatives include tax incentives, subsidies, and regulations that favor the adoption of electric motors over traditional combustion engines.

Segmentation Analysis

Motor Type Outlook

AC motors are the most commonly used type of electric motors and find applications in a wide range of industries. Induction motors are the most common type of AC motors used due to their reliability, low maintenance, and high efficiency. Synchronous motors are also used in applications where high torque at low speeds is required, such as in cranes and hoists. The demand for AC motors is driven by the growing need for energy-efficient solutions and the increasing focus on reducing carbon emissions.

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.

Application Outlook

Industrial Machinery segment includes electric motors used in a wide range of industrial machinery such as pumps, compressors, fans, and conveyors. The demand for electric motors in this segment is driven by the need for energy-efficient solutions and the increasing adoption of automation in industries.

Motor Vehicles segment includes electric motors used in various types of vehicles, including electric cars, hybrid cars, and electric motorcycles. The demand for electric motors in this segment is driven by the increasing focus on reducing carbon emissions and the growing popularity of electric vehicles.

Regional Analysis

The North American electric motor market is expected to grow steadily due to the increasing adoption of electric vehicles, industrial automation, and renewable energy generation. The U.S. is the largest market in the region, followed by Canada and Mexico.
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Europe is a major market for electric motors due to the strong presence of automotive and industrial manufacturing industries. Germany is the largest market in the region, followed by France, Italy, and the UK.

The Asia-Pacific region is the largest market for electric motors due to the growing demand from the automotive and industrial sectors, as well as increasing urbanization and infrastructure development. China is the largest market in the region, followed by Japan, India, and South Korea.

The Middle East & Africa region is expected to experience significant growth due to the increasing demand for energy-efficient solutions in various industries, including oil & gas, mining, and manufacturing.

The Latin America electric motor market is expected to grow steadily due to the increasing adoption of electric vehicles and industrial automation, as well as increasing investment in renewable energy generation. Brazil is the largest market in the region, followed by Mexico and Argentina.

Scope Of Report:

The Global Electric Motor Market has been segmented into:

By Motor Type

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

By Power Output

• Integral HP Output
• Fractional HP Output

By Application

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

By Region

• 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

Market Players 

The global electric motor market is highly competitive and fragmented, with numerous players vying for market share. Some of the key companies in the market are:

• Baldor Electric Company, Inc.
• Ametek Inc.
• Franklin Electric Co., Inc.
• Asmo Co., Ltd.

ABB Ltd is a Swiss multinational company that specializes in power and automation technologies. The company has a strong presence in the electric motor market and offers a wide range of motors for various applications.

Siemens AG is a German multinational conglomerate that operates in various industries, including electrification, automation, and digitalization. The company has a strong presence in the electric motor market and offers a range of motors for industrial and commercial applications.

Nidec Corporation is a Japanese manufacturer of electric motors and related products. The company has a global presence and offers a wide range of motors for various applications, including automotive, industrial, and consumer products.

WEG S.A. is a Brazilian multinational company that specializes in electric motors, generators, and related equipment. The company has a strong presence in the electric motor market and offers a range of motors for various applications, including industrial and commercial applications. Regal Beloit Corporation is an American manufacturer of electric motors, generators, and related products. The company has a global presence and offers a wide range of motors for various applications, including HVAC, industrial, and commercial applications.

Strategic Developments

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.