The global electric motor market is experiencing a dynamic shift, with a projected value of US$ 132.8 billion in 2023, a notable increase from its 2022 figure of US$ 131.4 billion. This surge is driven by a significant rise in government incentives aimed at promoting the adoption of green vehicles, contributing to environmental sustainability by curbing carbon emissions.
In recent years, the electric motor industry has witnessed remarkable technological advancements, igniting a surge in market demand. According to reports by Future Market Insights, this trend is expected to continue with the electric motor market set to grow at a robust CAGR of 6.64% between 2023 and 2033. By 2033, the global electric motor market is forecasted to reach an impressive valuation of approximately US$ 252.6 billion.
This substantial growth underscores the pivotal role of electric motors in various industries, from automotive to industrial manufacturing and beyond. As the world increasingly embraces eco-friendly transportation and energy-efficient technologies, the electric motor sector is poised for remarkable expansion in the coming decade, making it a key player in shaping the future of sustainable industries.
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Key Takeaways:
Sales of global electric motors market expanded at a CAGR of 5.43% from 2018 to 2022
- The North American market for global electric motor market is likely to have a market share of 28.6%
- The Unites States market for global electric motor market is likely to expand at a share of 17.8%.
- AC motors are expected to generate maximum demand for the global electric motor market.
- Global electric motor market in 2022 was US$ 131.4 billion
- Electric motor market will rise at 5.6% CAGR in 2021
- Electric motor market rose above 3.8% CAGR registered during 2016-2020.
- Demand in the China market is expected to rise at nearly 5.5% CAGR with a market share of 16.8% over the forecast period
- German market grows at a CAGR of 5.1%
- India will account for over 27% of sales in South Asia & Pacific.
- Electric motor market is growing at a CAGR of 3.6%
- 1HP Power Output is Said to Hold a Dominant Share
- <1HP is the leading category and it is expected to account for 26% of the value share of the electric motor market
- Industrial sector is Said to Hold a Lucrative Portion of the Market.
- Electric motor market is expected to reach a market value of US$ 72.3 billion by 2031 which is growing at a CAGR of 4.22%
- AC Motor is Said to Have a Dominant Share in the market
- AC electric motor segment is estimated to hold the dominant share of 25.4%
- Robotics Segment is Said to Hold a High Position in the Market
- Robotics segment is expected to exhibit a 5.9% CAGR in the global electric motor market through the assessment period.
Competitive Landscape:
Some of the prominent players in the global market are-
- Competition Deep Dive
- Robert Bosch GmbH
- Hitachi, Ltd.
- Nidec Corporation
- WEG S.A.
- Siemens AG
- ABB Group
- Regal Beloit Corporation
- Toshiba Corporation
- Johnson Electric
- Hyosung Corporation
- Schneider Electric SE
- Bonfiglioli Riduttori S.p.A.
- Kirloskar Electric Company Ltd.
- Allied Motion Technologies Inc.
- East West Manufacturing, LLC
- Hyundai Electric Co. Ltd.
Some of the important developments of the key players in the market are:
- In January 2023, Hitachi, Ltd. announced that it had been bolstering the global development of its line-building business leveraging industrial robots (“the robotic SI*1 business”) and will merge Hitachi Automation, Ltd. (“Hitachi Automation”) and Kyoto Robotics Corporation (“Kyoto Robotics”), Hitachi Group companies in Hitachi’s Industrial Digital Business Unit, on April 1, 2023, to strengthen the robotic SI business in Japan and ASEAN countries.
- In March 2023, ABB Group, focused on electrification and robotics, wants to invest $40 million through a new 90,000-square-foot manufacturing facility in west Albuquerque as the facility will be used to increase ABB’s production of cable products and will include robotics and digital automation technology, according to a Thursday news release from the company.
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Key Segments Covered:
Power Output:
- <1 HP
- 1-5 HP
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100 HP
- 100 – 300 HP
- 300 – 500 HP
- Above 500 HP
Product Type:
- AC Motor
- Induction Motor
- Synchronous Motor
- DC Motor
- Brushed DC
- Brushless DC
Application:
- Pumps
- Fans
- Drives
- Compressor
- General Machinery
- Centrifugal Machinery
- Grinders
- Extruders
- Robotics
- Others
End Use:
- Industrial
- Oil & Gas
- Power Generation
- Mining
- Food & Beverages
- Pulp & Paper
- Chemicals
- Air Separation Plant
- Other Manufacturing
- Residential
- HVAC & Refrigeration
- Medical
- Municipal Water Treatment
- Transportation
- Automotive
- Aviation
- Electric Vehicles
- Railways
- Boats
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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