Electromechanical devices known as electric motors rely on the electromagnetic induction theory. They are durable and effective, needing little upkeep, less energy, and withstanding voltage variations. Additionally, compared to fossil-fuel engines, electric motors are substantially less expensive. Electric motors are employed in many industries, from transportation to oil and gas. They are used in applications like industrial fans, machine tools, compressors, electric cars, home appliances, hard drives, and other things.

The market for an electric motor in 2021 was worth USD 121.81 billion, and it will be worth USD 209.68 billion by 2030, growing at a 6.22% CAGR During the forecast period.

Rapid technological advancement, increased electric vehicle manufacturing, increasing industrialization and urbanization, and more will fuel the expansion of the electric motor sales market. Additionally, consumer spending on customized electric motors and energy-efficient electric engines are two factors that will affect the growth of the electric motor sales market value.

Market Dynamics

Drivers

The electric motor market is anticipated to experience revenue growth due to the growing requirement to minimize energy consumption in high-energy-consumption industries. Energy-efficient electric motors are used in many industries to reduce power consumption and operating expenses. Additionally, the environmental problems caused by conventional fuel-driven motors are a major factor in the development of electric motors because they offer solutions to problems like pollution and global warming. Additionally, rising gasoline costs are driving up demand for electric motors.

Restraints

Electric motor utilization is constrained by the need for maintenance, which raises costs and results in downtime.

Opportunity

Globally, urbanization has increased along with population growth in new regions of nations. Over 79% of people in developed countries live in cities, making up 56% of the world’s population, according to the U.N. Rapid urbanization will result in a rise in demand for home and industrial goods.

Market Segmentation

Motor Type Insights

A.C. motor segment ruled the entire market due to the extensive use of A.C. motors in both commercial and residential machinery and systems. Making washing and drying machines is a significant application. According to data, there are washing machines in more than 80% of American households, and the market is expanding at a CAGR of 3.5%. As a result, there will be a rise in the demand for industrial and residential motors on a global scale, along with rising demand for domestic items and expanding industrial requirements.

Application Insights

The automotive segment led the entire market with the largest share of 40% due to the growing sales of electric vehicles worldwide. Global sales of electric vehicles surpassed 6.5 million in 2021, an increase of more than 100% from the previous year. Additionally, electric motors are used in automobiles to operate the A/C system, power windows, and windshield wipers. According to studies, the HVAC sector had a 4% CAGR and a value of USD 248.8 billion in 2020. The need for electric motors will increase soon due to their tremendous expansion in all major application areas, particularly for automotive and reluctance motors.

Power Output Insights

The market was ruled by the Fractional Horsepower (FHP) output segment in 2020, with the highest revenue share of 87.3%. This large share is due to the fact that it has a wide range of applications in various household appliances, from refrigerators and coffee makers to vacuum cleaners. Due to their suitability for usage in harsh industrial environments, they are also utilized in industrial equipment.

Regional Insights

In 2020, Asia Pacific held the greatest revenue share of 48.6% and led the electric motor industry. This is due to agricultural sector improvements and significant industrial investments made by nations like China, India, South Korea, and Australia. The presence of well-known OEMs like Honda Motor Co., Ltd., Hyundai Motor Company, Toyota Industries Corporation, and Nissan Motor Corporation is also expected to boost the market’s growth prospects in this area, as are the rising production and sales of electric vehicles in nations like China and Japan.

Key Players

  • WEG S.A.
  • Toshiba Corp.
  • Teco Westinghouse
  • Siemens AG
  • Schneider Electric
  • Rockwell Automation
  • Robert Bosch GmbH
  • Regal Rexnord Corp.
  • Nidec Motor Corp.
  • Lincoln Electric Holdings, Inc.
  • Kirloskar Electric Company, Ltd.
  • Johnson Electric 
  • Hyundai Electric Co, Ltd.
  • Hyosung Corp.
  • Hitachi, Ltd.
  • General Electric Company
  • Franklin Electric
  • Dumore Corp.
  • Ametek, Inc.
  • Allied Motion Technologies, Inc. 
  • ABB Group

The market for an electric motor in 2021 was worth USD 121.81 billion, and it will be worth USD 209.68 billion by 2030, growing at a 6.22% CAGR During the forecast period. The primary driver of market growth is the expansion of industrial automation and technological improvements. Additionally, replacing gas turbines with electric motors in sizable industrial plants is a trend boosting demand.

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