From the period 2022 to 2028, the Global Electric Motor Market is expected to reach USD 163.5 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 6.5%.
Growing customer awareness of green vehicles has been a major driving force in the market. A growing number of government incentives to stimulate the sale of green vehicles in order to protect the environment from carbon emissions is also projected to boost the market. Electric Motors have seen significant technological advancements in recent years, resulting in increased demand. In addition, the introduction of better insulation materials has increased operational efficiency and product life, resulting in market growth. The market is expected to grow at a significant rate due to an increase in automotive manufacturing over the forecast period. Rising electricity rates and stricter electricity usage rules are driving demand for energy-efficient motors. Manufacturers are also required to build efficient products due to strict production and design standards aimed at increasing efficiency. The market is gradually turning in favor of more efficient motorized devices. However, a lack of understanding of its benefits and a high initial purchase cost is preventing the market from reaching its full potential. Electric Motors' environmental benefits are encouraging their adoption in electric vehicles. Furthermore, increased consumer awareness of environmental concerns and the greenhouse impact is expected to influence consumers' preferences toward electric vehicles, boosting demand.
Key Highlights from the Report
- The market is divided into two types based on type: AC and DC. The AC category will dominate the Electric Motor Market in 2020. The wide range of applications for AC motors, which include everything from irrigation pumps to sophisticated robotics, explains the high proportion. They are also smaller, less costly, lower in weight, and are commonly used in HVAC equipment. The use of electric AC motors in the automotive industry has increased dramatically as a result of the development of incredibly efficient and low-cost electronics, as well as advancements in permanent magnetic materials.
- On the basis of end-user, the market is segmented into Industrial, Residential, Commercial, Agriculture, and Transportation. In the Electric Motor Market, the industrial sector is predicted to have the largest share. The tremendous growth in demand for automation across industries is the key driver of sales in the industrial sector. Over the last few years, demand for time-saving and environmentally-friendly equipment has increased, resulting in increased sales potential. In addition, the market is likely to benefit significantly from the introduction of Industry 4.0.
- Asia Pacific is the fastest regional segment in terms of growth. The Electric Motor Market is expected to develop at the fastest rate in the Asia Pacific. With important initiatives to construct 5G infrastructure by key nations like China, the region continues to be a hub for global manufacturing. Increased consumer sales of electronic products, the rapid expansion of electric two-wheelers, and automobiles all remain hopeful parts of the region's future growth.
Some of the key players in the 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.
Increased Industrial and Automobile Sector Adoption to Promote Market Growth
Electrical motors are utilized as a power source in a variety of applications, including transportation, power, and other industries, allowing the company to diversify and increase its market position. The industrial sector has gained traction since power consumption has increased dramatically across nations in the recent decade, and new technologies such as combined heat and power have been introduced to the market. This has increased the range of electric machine applications in the industrial sector. Similarly, the emergence of electric vehicles (EVs) and increased demand for autos have boosted this market's growth.
Increasing HVAC Application Adoption to Drive Market Growth
With the rising demand for heating and cooling in residential, commercial, and industrial settings, the heating and air-conditioning (HVAC) business has grown. As a result, new construction activities are focusing on the HVAC equipment supply in buildings as a key feature throughout development. Furthermore, it has increased the desire for the adoption of Electric Motors in the long run. As commercial areas rise in tandem with improving standards of life, developing economies are the leading contributors to the HVAC industry's growth.
Due to a greater focus on renewable energy and green energy standards, Europe is expected to develop at an exponential rate during the forecast period. Electric Motors have seen significant technological advancements in recent years, resulting in increased demand. The market will be propelled forward by rising demand for electric vehicles, as well as a greater emphasis on meeting renewable energy requirements. Because of increased demand from industries such as manufacturing, automotive, and power Furthermore, the region is an automation hub with a high demand for electric vehicles. Due to increased urbanization, the region is also seeing a large increase in power demand.