Electric Motor Market is Expected to Grow at a CAGR of 6.5% from 2022 to 2028
As stated in our extensive report; providing insights on Type, Power Rating, Output Power, Rotor Type and End User; the Global Electric Motor Market accounted for USD 112.1 Billion in 2021.
Electric motors are used to convert electrical energy into mechanical energy. The rotor, bearings, stator, air gap, windings, and commutator are the components of an electric motor. Due to features such as angular motions, torque requirements, acceleration, speed, and control, AC motors are a great choice for robotic system designers. Shunt, series, and permanent magnets are examples of DC motors, while synchronous machines and reluctance motors are examples of AC motors. Electric motors are widely used in OEM products, pumps, conveyor systems, compressors, fans, and industrial machinery. The integration of electronic hardware and sensors can be used to create AC and DC motors that offer predictive maintenance and reduce downtime during maintenance. The increase in demand for superior machine control in the automotive industry due to high efficiency of AC synchronous motors is likely to fuel the growth of the market during the forecast period.
The increase in demand for HVAC systems among residential, commercial, and industrial end users is anticipated to augment the growth of the Electric Motor Market during the forecast period. Heating, ventilation, and air conditioning (HVAC) systems ensure that the interior air quality is maintained while also providing thermal comfort. They're a crucial aspect of modern infrastructure, especially in large office buildings and commercial malls. Electric DC motors are mostly used in HVAC systems to increase their life and power while achieving great productivity and efficiency in airflow systems. The need for HVAC systems is expanding across Asia Pacific, particularly in China and India, as their industrial and commercial sectors continue to grow. According to the Timetric Construction Intelligence Center (CIC) report, USD 1.08 trillion is predicted to be invested in the global construction sector over the next four to five years, particularly for the development of industrial structures. Furthermore, brushless DC motors, which is a common type of electric motor, is widely used in automotive and HVAC applications. The overall number of brushless DC motors installed in electric cars (EV)/hybrid electric vehicles (HEV) has increased as a result of substantial advancements in electric vehicle technology. The ongoing rise of China's and India's industrial and commercial sectors has further increased the demand for HVAC systems in Asia Pacific, propelling the growth of the market in near future.
However, the fluctuating prices of raw material and shortage of components and parts are expected to hamper the growth of the market in the years to come. Moreover, the increased shift of the global automotive industry toward electric vehicles is expected to create immense opportunities for the growth of the market within the estimated timeframe. Furthermore, emerging robotics technology is also expected to contribute significantly to the adoption of electric motors during the forecast period.
Asia Pacific dominated the Global Electric Motor Market in 2021 and is likely to continue with the same trend during the forecast period. This is attributable to rapid industrialization income due to which Asia Pacific countries are shifting toward internet-based industrial activities operations in each sector. Furthermore, the rising demand from various industries such as industrial, commercial and residential among others is also expected to fuel the regional growth of the market. Additionally, Asia Pacific is considered to be the largest producer of automobiles in the world which is also expected to support the growth of the market in the region.
Some of the prominent players operating in the Global Electric Motor Market include ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), WEG (Brazil), Johnson Electric (China), Regal Beloit Corporation (US), Toshiba Corporation (Japan), TECO Electric & Machinery (Taiwan), Hyosung Heavy Industries (South Korea) and others.
Browse the full Report - Electric Motor Market Size, Share & Trends Analysis Report by Type (AC, DC), by Power Rating (<1 KW, 1-2.2 KW, 2-375 KW, >375 KW), by Output Power (<1 HP, >1 HP), by Rotor Type (Inner Rotor, Outer Rotor), by End User (Industrial, Residential, Commercial, Agriculture), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)