The Electric Motor Market is valued at USD 121.02 billion on 2022 and is anticipated to reach a value of USD 203.32 billion in 2030 expanding at a CAGR of 6.7% over the forecast period of 2022-2030.
Electric Motor Market- Overview
Electric motor is defined as a device that converts electrical energy into mechanical energy. The main components include rotor, bearings, stator, air gap, windings, and commutator.
Factors, such as angular movements, torque requirements, acceleration, speed, and control has made AC motors an ideal choice for robotic system manufacturers.
The shunt, series, and permanent magnetics are different types of DC motors, while on the other hand, synchronous machines and reluctance motors are the different types of AC motors.
Electric motors are commonly found in applications in OEM-based products, pumps, conveyor systems, compressors, fans, and industrial machineries. AC and DC motors can be developed through integration of electronic hardware and sensors, which helps to offer predictive maintenance and reduces downtime during maintenance.
Also, the rise in global electricity consumption, and the use of electrical equipment and machines in different industries and the renewables sector are some of the major factors driving growth in the electric motor market during the forecast period.
Key market trends- Growth determinants and Challenges
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth is the rise in demand for superior machine control which will fuel the requirement of electric motor across various different industries.
Additionally, the heating, ventilation, and air conditioning (HVAC) systems has provided thermal comfort and has ensured the air quality in indoor spaces. Electric DC motors are widely used in HVAC systems so as to achieve high efficiency in airflow systems and maximize their life and power. This has also fuelled the market growth.
Also, the advancement in battery technology have also lowered battery costs and also improved their charging speed. This has also fuelled the market growth over the forecast period.
On the flipside, the rise in prices of raw materials used in the manufacturing of electric motors acts as a restrain to the market growth over the forecast period.
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Segmental analysis of the market
Based on type
- AC
- DC
AC segment has dominated the market over the forecast period. This is because AC motors have become an ideal choice for robotic system manufacturers.
Based on output power
- 1 HP
The above 1 HP motors segment has lead the electric motor market over the forecast period. This is because of their compactness, light weight, and low maintenance.
Based on Rotor Type
- Inner rotor
- Outer rotor
The inner rotor segment has dominated the market growth over the forecast period. This is because of their use in the manufacturing, automotive, and consumer electronics industries for robotics, CNC machines, automatic door openers, and also metal cutting and forming machine applications.
Based on end users
- Industrial
- Residential
- Commercial
- Agriculture
- Transportation
The industrial segment has dominated the market growth over the forecast period. This is because of the high use of electric motors in various industries.
Asia Pacific is anticipated to amplify at a considerable CAGR
North America, Europe, Asia pacific, and Middle East and Africa are the major regions constituting the geographical landscape of Electric Motor market. Among these, Asia Pacific has dominated the market over the forecast period. This is because of the highest number of commercial vehicles manufactures in this region.
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere are ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil).
Major questions answered in this report
- What is the growth rate of Electric Motor market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of
- the market?
- Which are the prominent companies operating in the market?
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Key takeaways from the report
- Electric Motors market is projected to register at a CAGR of 6.7% over the forecast period of 2022-2030.
- The rise in demand for superior machine control is aiding market progression.
- the industrial segment has poised to expand significantly over the forecast period.
- Asia Pacific is anticipated to amplify at a considerable CAGR.
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