The global electric motor market is anticipated to exhibit year-on-year (YoY) growth by registering a CAGR of 4.2% over the assessment period. Total units sold in the market were 1.2 billion. According to the report, demand for AC motors increased by 6.64% to 252 Billion units in 2023, while demand for DC motors would increase by 2.2% to 339 million units.
The growth of the market is driven by an increasing focus on research and development along with hefty investment in the industrial sector. Furthermore, the electric motor market will rise at 5.6% CAGR between 2021 and 2031 in comparison above 3.8% CAGR registered from 2016 to 2020.
According to the estimations by Energy Association, 40% of industrial energy is consumed to drive electric motors. In lieu of the same, the emphasis is on promoting the use of high-efficiency motors. Furthermore, the demand for the electric motor is likely to be buoyed by the residential appliances segment wherein low-power capacity motors are primarily used. The Electric motor market has been perceived as a high volume-high value market.
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The latest study published by Future Market Insights offers in-depth insights into the global electric motor market during the forecast period 2021-2031. The study highlights key dynamics such as company share analysis, competition intelligence, DROT analysis, challenges, and strategic growth initiatives. It also provides growth prospects in the market in terms of type and application for the next ten years.
Key Takeaways
- The increasing rate of investments in civic infrastructure involving municipal water supply and effective wastewater treatment processes will cater to a hefty rate of pumps thus involving a proportionate rate of an electric motor to be sold and installed.
- Developed as well as developing countries are expected to usher in sound growth opportunities for the product via new units as well as replacement sales. Expansion of usage scope towards untapped end-use verticals is expected to augur the growth of electric motors on a long-term basis.
- The penetration of robotics and automation over the last decade, across a variety of industry verticals, is likely to propel the market growth even further. These industry verticals encompass electronics manufacturing, food & beverage industries, and automotive.
Growth Drivers
With the electric motor market growth in the intermediate stages and clocking nearly double-digit growth rates in the next 5 years, new unit sales of electric motors will be highly sought.
Another crucial factor for growth promotion is that electric motors and associated pumps for heavy-duty water supply processes are priced at a premium which will prove as a value proposition for the OEMs when coupled with installation and aftersales services.
Over the coming years, the demand for electric motors will witness healthy growth with Industrial Robotics, Energy, Residential Appliances, and Municipal Water Utilities being the key growth enablers.
Restraints
Throughout the flu season, numerous countries had a negative impact on their manufacturing sector in terms of production output and supply procedures coupled with the slowdown of demand and order intake from customers. However, with subsequent financial quarters, the resumption of industrial manufacturing activities is being permitted by the regional authorities.
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Competitive Landscape
Key companies operating in the global electric motor market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity and address the demand of an expanding consumer pool.
On August 3rd, 2021, Nidec Corporation acquired stocks of Mitsubishi Heavy Industries Machine Tool Co., Ltd. General Electric,Robert Bosch GmbH, Hitachi, Ltd., Nidec Corporation, WEG S.A. and announced an outline for its new subsidiaries.
Rapid investments in smart factory automation, specifically in massive production plants have been growing significantly. With the increasing adoption of automation and robotics technology, electric motor demand will be boosted in regard to its use in drive units. The growth rate of the electric motor market growth is thus expected to be in proportion to that of industrial automation and robotics.
More Insights into the Electric Motor Market
The North American region is predicted to dominate the global electric motor market over the forecast period. Being one of the attractive markets during the forecast period, the U.S. is expected to be the largest market in North America and reach US$ 40.4 Billion by 2031.
Electric Motor Market by Category
Power Output:
- <1HP
- 1-5HP
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100HP
- 100 – 300 HP
- 300 – 500HP
- Above 500HP
Product Type:
- AC Motor
- DC Motor
By Application:
- Pumps
- Fans
- Drives
- Compressor
- General Machinery
- Centrifugal Machinery
- Grinders
- Extruders
- Robotics
- Others
By End Use:
- Industrial
- Residential
- HVAC & Refrigeration
- Medical
- Municipal Water Treatment
- Transportation
- Others
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Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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