Global Electric Motor Market By Overview
Electric Motor Market accounted for US$ 114.2 billion in 2020 and is estimated to be US$ 204.38 billion by 2030 and is anticipated to register a CAGR of 6.1%.
An electric motor is a device which converts electrical energy into mechanical energy. Electric motors operate through interaction between magnetic field of motor and winding currents to generate force in the form of rotation. Electric motors can be minimizing energy loss, prevent environmental pollution, decrease acoustic noise and power harmonics, and increases productivity, flexibility, and robustness. Electric motor is used in vacuum cleaners, dishwashers, computer printers, fax machines, video cassette recorders, water pumping stations, machine tools, automobiles, subway systems, sewage treatment plants, and printing presses. Electric motor is able to convert electrical energy into mechanical energy. Electric motor is used in motor vehicles, heating ventilating and cooling (HVAC) equipment, and home appliances such as fans, refrigerators, pumps, compressors, and elevators. The torque output of a motor is the amount of rotational force that the motor develops. The torque of a small electric motor is commonly measured in either inch pounds, newton meters or other directly converted units of measure.
Global Electric Motor Market By Drivers & Restraints
Rising demand of electric motor by end user industries
Stringent electricity consumption regulations, coupled with increasing need to reduce greenhouse gas effects are major factors driving growth of the electric motor market. In addition, rising disposable income as well as improve standards of living are factors propelling growth of the target market. Furthermore, growing demand for electric motor in end-use application such as industrial, commercial, agricultural, and residential is another factor expected to boost growth of the electric motor market over the forecast period. Moreover, rising adoption of motor-driven electric vehicle is also expected to promote the growth of electric motor market. Increasing demand for energy efficient electric motors to reduce energy consumption and pollution is expected to create lucrative growth opportunity for the major players operating in the electric motor market.
However, lack of skilled professional and using conventional methods is expected to hamper the growth of the target market. Moreover, maintaining cost and short life span of these motors is another factor which restrain the growth of electric motor market.
Global Electric Motor Market By Segmentations & Regional Insights
The electric motor market is segmented based on type, output power, applications, and region. On the basis of type, the target market is categorized into hermetic motors, alternate current (AC) motor, and direct current (DC) motor. Alternate current sub-segment is divided into synchronous AC motor and induction AC motor. Direct current sub-segment is classified into brush DC motor and brushless DC motor. On the basis of output power, the electric motor market is bifurcated into horsepower motors and fractional horsepower motors. On the basis of application, the target market is classified into commercial, aerospace, transportation equipment, household appliances, industrial machinery, heating ventilating and cooling equipment, and motor vehicles.
Regional Insights:
The electric motor market accounted for US$ 114.2 billion in 2020 and is estimated to be US$ 204.38 billion by 2030 and is anticipated to register a CAGR of 6.1%. On region the electric motor market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific electric motor market is expected to account for significant revenue share in the electric motor market over the forecast period. China is expected to account for significant revenue share in the electric motor market, owing to strict government regulations regarding energy consumption and reduce pollution. The markets in North America and Europe are expected to register moderate growth in terms of revenue over the forecast period, owing to increasing disposable income in the countries of the region.
Electric Motor Market Report Scope:
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Billion & CAGR from 2020 – 2030 |
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Market Segmentation |
By Type- Hermetic Motors, Alternate current (AC) motor (Synchronous AC motor & Induction AC motor), Direct current (DC) motor (Brushed DC motor & Brushless DC motor) By Output Power– Horsepower motors and Fractional horsepower motors By Application– Commercial, Aerospace, Transportation equipment, Household appliances, Industrial machinery, Heating ventilating and cooling equipment and Motor vehicles |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global electric motor market report based on type, output power, application, and region.
Electric Motor Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Electric Motor Market By Competitive Landscape & Key Players
The key players operating in the electric motor market includes Danaher Corporation, Baldor Electric India Pvt Ltd, AMETEK, Inc., Asmo Co Ltd, ABB Ltd, ARC Systems, Inc., Brook Crompton UK Ltd, Maxon Motors AG, and Rockwell Automation, Inc.
Danaher Corporation:
They have announced to supply new brushless servo motors to Segway Company. The motor we developed for Segway is a breakthrough technology for our company, demonstrating our ability to collaborate with our customers to bring innovative solutions to their motion challenges," says Tom Gross, Danaher Group Executive.
Global Electric Motor Market By Recent News
- In June 2024, New advanced cathode active materials developed by Integrals Power. Integrals Power is developing a range of high-performance cathode active materials that will enable batteries to become smaller, lighter, and more durable.
- In May 2024, BMW-backed electric motor startup looks to shake up EV sector. DeepDrive says its dual-rotor motor topology can help EVs reach a range of more than 800 km while also saving automakers more than €1 billion in costs when deployed at scale.
- In March 2024, Tata Motors' Electric Cars Are Now More Affordable. See New Prices. According to reports available online, prices of lithium-ion battery fell by around 14% last year and the trajectory is downwards with commodity prices cooling off.
- In November 2023, Bosch reveals new integrated 6 kW electric motor at EICMA. Bosch states that its new 6 kW motor will enable manufacturers to electrify two-wheeler segments that have so far tended to feature combustion-engine technology.
Global Electric Motor Market By Company Profile
- Danaher Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Baldor Electric India Pvt Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- AMETEK, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Asmo Co Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Regal Beloit Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- ABB Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- ARC Systems, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Brook Crompton UK Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Maxon Motors AG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Rockwell Automation, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
Global Electric Motor Market By Highlights
FAQs
The Global Electric Motor Market is segmented into basis of type, output power, applications, and region.
Technological improvement and innovation will drive the growth of the electric motors market throughout the forecast period.
The market in Asia Pacific is expected to account for major revenue share as compared to that of other regions. This can be attributed to stringent government regulations regarding reduce pollution in the countries of the region.
The Key players operating in the global electric motor market includes Danaher Corporation, Baldor Electric India Pvt Ltd, AMETEK, Inc., Asmo Co Ltd, ABB Ltd, ARC Systems, Inc., Brook Crompton UK Ltd, Maxon Motors AG, and Rockwell Automation, Inc.