Global Electric Motor Market 2024–2033

Reports Description

The Rising demand for HVAC systems is Boosting the Electric Motor Market. 

According to Custom Market Insights (CMI), The Global Electric Motor Market size was estimated at USD 165 billion in 2021 and is expected to reach USD 182 billion in 2022 and is anticipated to reach around USD 322 billion by 2030, growing at a CAGR of roughly 7% between 2022 and 2030. Our research report offers a 4.5-degree view of the Electric Motor market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Electric Motor market.

Electric Motor Market: Overview

An electric motor transforms electrical energy into mechanical energy. Fans, electric toothbrushes, electric shavers, electric pumps, robots, and windshield scrubbers are just a few examples of the many uses for electric motors. Industries like automotive, pharmaceutical, robotics, and healthcare all use micromotors. It is compact, light, and has a strong torque.

 Electric motors are increasingly used in industrial settings because of their high efficiency, excellent torque, durability, exceptional controllability, and reliability. Some significant market growth drivers are the rise in demand for electric motors from electric car applications, robotics technologies, and HVAC applications.

Electric Motor Market: COVID–19 Impact Analysis

All industries have been negatively impacted by the worldwide health emergency brought on by the COVID-19 new coronavirus’s rapid proliferation. After tight regulations like a statewide shutdown are imposed to limit the virus’s spread, industries must endure a significant loss. As a result, the viral pandemic has changed the market for electric motors. Due to a lack of personnel and travel restrictions, production operations have been halted, and the market has reached a standstill. This is because the enormous market has extensive sales channels spanning multiple nations.

The pandemic crisis hurt currencies all across the world, and several of them experienced rapid depreciation. Due to this, there is a difference between the value of worldwide imports and exports paid for in US dollars. Therefore, currency depreciation costs component makers money and is expected to restrain the global electric motors market further.

Electric Motor Market: Growth Drivers

Increased demand for HVAC systems

HVAC (heating, ventilation, and air conditioning) systems maintain indoor air quality while also ensuring thermal comfort. Especially for significant office buildings or commercial centers are one of the fundamental building pieces of modern infrastructure. Electric DC motors are frequently employed in HVAC systems to achieve high airflow system efficiency and extend their life and power. Due to the ongoing expansion of their industrial and commercial sectors, Asia-Pacific, particularly China and India, is experiencing a rise in the demand for HVAC systems.

It is projected that brushless DC motors will be used, an introductory class of electric motors used in HVAC and automotive applications. Due to substantial advancements in electric vehicle technology, more brushless DC motors are installed in electric cars (EVs) and hybrid electric vehicles (HEV). In addition, the need for HVAC systems has increased in the Asia Pacific due to the current development of the industrial and commercial sectors in India and China, which is also propelling the market for electric motors.

The surging demand for energy-efficient motors

Intense electricity usage regulations and growing electricity prices are the main factors driving the demand for energy-efficient motors. Further requiring firms to create efficient products are strict production and design requirements that aim to increase production efficiency. As a result, the market is gradually moving toward using effective motorized systems. But a lack of knowledge about their benefits and a hefty initial investment cost prevent the sector from reaching its full potential.

Electric motors’ use in electric vehicles is growing due to their environmental advantages. These devices help increase a device’s efficiency compared to regular ones and reduce energy consumption-related costs. Additionally, it is anticipated that consumers’ focus would turn toward electric type due to growing sensitivity to environmental concerns and the greenhouse impact, which is expected to support demand. Over the next several years, the order for the product will likely increase due to the need for low-power consumption and goods with increased efficiency.

Electric Motor Market: Segmentation Analysis

In our research scope, the Electric Motor market is segmented into type, output, rotor type, and end-user. Based on rotor type, the inner rotor motor segment is estimated to witness considerable CAGR during 2022-2030. The rotors in the center of internal rotor motors are surrounded by stator winding. In the manufacturing, automotive, and consumer electronics sectors, these motors are employed in applications for robots, CNC machines, automatic door openers, and metal cutting and shaping machines. These applications call for engines with quick speed acceleration and deceleration, strong starting torque, the capacity to perform reversible actions, and compact design. According to the IEA’s EV Outlook 2020, 2 million electric vehicles were sold globally in 2019, a 40% increase over the previous year. This indicates that the need for inner rotor electric motors will be fueled by the rising demand for electric vehicles and the quicker manufacturing of those vehicles in the upcoming years.

Report Scope

Key Insights: 

• As per the analysis shared by our research analyst, the Electric Motor market is estimated to grow annually at a CAGR of around 7% over the forecast period (2022-2030).
• In terms of revenue, the Electric Motor market was valued at around USD 165 billion in 2021 and is projected to reach USD 322 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on type segmentation, the AC electric motor segment was estimated to hold the maximum market share in 2021.
• Based on the output, the above one hp motors segment was the top revenue-generating category in 2021.
• Based on rotor type segmentation, the inner rotor segment is projected to notice a high CAGR from 2022-2030. 
• The industrial segment is anticipated to dominate the market based on end-user segmentation. 
• Based on geography/region, the Asia Pacific region is anticipated to show a high CAGR during 2022-2030.

Recent Development

• April 2021: A high-output electric motor has been developed by Yamaha Motor Co., Ltd., a leading manufacturer in Japan, focusing on hyper-EV vehicles and other products in the high-output mobility market.
• August 2021: In addition to announcing plans for its new subsidiaries, Nidec Corporation purchased Mitsubishi Heavy Industries Machine Tool Co., Ltd.’s equity.

Regional Landscape

The largest electric motor market is anticipated to be in the Asia Pacific over the forecast period. China, India, South Korea, Japan, and the rest of Asia Pacific are all included in the Asia Pacific. The Asia Pacific region is rapidly industrializing, and as a result, all industries are moving toward internet-based operations. The developed nations in the Asia Pacific, including South Korea and Japan, are reportedly just beginning to realize the possibilities of cutting-edge services and linked devices. The region’s automobile industry is likewise thriving. The world’s largest vehicle manufacturing is located in the Asia Pacific. These factors are anticipated to support the market’s growth in the Asia Pacific region.

Competitive Landscape

With their extensive product offerings for various end-user markets, ABB Group and General Electric have a significant position in the market. These businesses have the necessary products for multiple applications, a sophisticated stator rotor, and copper rotor technology, all of which improve motors’ performance, efficiency, and dependability. They also hold leadership positions in several industries, including battery production and renewable energy, which helps them seize business possibilities from several clients.

Prominent Players:

• ABB Group
• DENSO
• ARC Systems Inc.
• Siemens AG
• General Electric
• Asmo Co. Ltd.
• Nidec Motor Corporation
• Regal Beloit Corporation
• WEG
• Toshiba Corporation
• Hitachi
• Emerson Electric
• Bosch
• Johnson Electric Holdings Limited
• Maxon Motors AG
• Rockwell Automation Inc.
• AMETEK Inc.

The global Electric Motor market is segmented as follows:

By Type

• AC
• DC

By Output Power

• >1HP
• <1HP

By Rotor Type

• Inner Rotor
• Output Rotor

By End-user

• Industrial
• Commercial
• Residential
• Agriculture
• Automotive
• Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America