Electric Motor Market

Electric Motor Market

Electric Motor Market- By Type, Power Rating, Output Power, Rotor Type and End user.

Market Synopsis:

The Global Electric Motor Market is valued at USD 119.06 Billion in the year 2022 and is projected to reach a value of USD 194.11 Billion by the year 2030. The Global Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.30% over the forecast period.

Electric Motors are electromechanical devices that operate on the principle of electromagnetic induction. They are long-lasting and efficient, requiring little maintenance, consuming less energy, and being able to withstand voltage fluctuations. In addition, Electric Motors are significantly less expensive than fossil-fuel engines. Electric Motors are used in a variety of industries, ranging from vehicles to oil and gas, where they can be found in industrial fans, machine tools, compressors, electric cars, residential appliances, hard disc drives, and other applications. Several factors are propelling the Global Electric Motor industry forward at the moment. The market's key growth-inducing element is the expansion of industrial automation combined with technological improvements.

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Additionally, the market is gaining traction as a result of increased car demand, which is fueled by rising living standards and consumer purchasing power. Furthermore, government actions aimed at promoting electric vehicle sales in order to reduce carbon emissions are expected to boost the electric vehicle industry. Robotics and automation have penetrated a variety of industrial verticals in the previous decade, including electronics manufacturing, food and beverage sectors, and automotive. Furthermore, expenditures in intelligent industrial automation, particularly in large manufacturing plants, have been steadily increasing. Electric Motor demand for use in drive units will increase as automation and robotics technology become more widely adopted.

Market Segmentation:

The Electric Motor Market is segmented on the basis of Type, Power Rating, Output Power, Rotor Type and End user. On the basis of Type, the market is segmented into AC and DC. On the basis of Power Rating, the market is segmented into <1 KW, 1-2.2 KW, 2-375 KW and >375 KW. On the basis of Output Power, the market is segmented <1 HP and >1 HP. On the basis of Rotor type, the market is segmented Inner Rotor and Outer Rotor. On the basis of End user, the market is segmented Industrial, Residential, Commercial, Agriculture and Transportation.

Based on Type:

On the basis of Type, the market is segmented into AC and DC. In 2020, the AC category dominated the Electric Motor Market. This high percentage is due to the wide range of uses for AC motors, which include everything from irrigation pumps to sophisticated robotics. Additionally, they are smaller, less expensive, and lighter in weight, and they are widely employed in HVAC equipment. Because of the development of extremely efficient and low-cost electronics, as well as improvements in permanent magnetic materials, the adoption of electric AC motors in the automotive sector has expanded tremendously. Increasing demand for them in a variety of industries, such as chemicals, paper and pulp, cement, and wastewater treatment, is expected to fuel the segment's rise. Growing sales of electric vehicles, as well as the machine type's subsequent scope, are predicted to drive the segment's expansion throughout the projection period.

Based on Output Power:

On the basis of Output Power, the market is segmented <1 HP and >1 HP. The top category is 1 horsepower, which is predicted to account for the largest share of the Electric Motor Market in 2021. The demand is due to the fact that this power output range has the most applicability in many end-use sectors. These motors are also cost-effective. Many end users are predicted to continue to prefer 1HP Electric Motors since they require less storage space and are suited for a wide range of applications.

Asia Pacific is projected to acquire the largest market share during the year 2021

Asia Pacific is projected to acquire the largest market share during the year 2021 with a share of 38.10%. This is due to agricultural improvements and massive investments in industrialization in nations such as China, India, South Korea, and Australia. Furthermore, rising electric vehicle production and sales in countries such as China and Japan, as well as the presence of established OEMs, are expected to improve the market's growth prospects in this area. Premium efficiency motors, which are utilized in HVAC, industrial applications, and electric cars, have the largest market in the world. The market in these regions is benefiting from increased demand for motors from the oil and gas industry, rapid development in the mining industry, and considerable need for cement across the construction industry.