With year-over-year (YoY) growth of 4.2% to reach 1.2 billion units in 2021, the electric motor market is predicted to present a tremendous growth opportunity. The FMI analysis projects that demand for DC motors will increase by 2.2% to 339 million units in 2021, while demand for AC motors increased by 5.1% to 837 million units.
In contrast to the above 3.8% CAGR recorded during 2016 to 2020, it is anticipated that the global electric motor market will grow at a steady CAGR of 5.6% between 2021 and 2031. Investments are being attracted by the industrial sector’s growing emphasis on research and development, which is fueling market expansion globally.
As per the estimations of the Energy Association, 40% of the total energy consumed in industries is utilized to drive electric motors. At the same time, emphasis on promoting the use of high-efficiency motors is also gaining traction.
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Key Takeaways:
- The penetration of industrial robotics and automation testing in a plethora of industry verticals in the last decade is expected to spur market growth in the global sphere. The electric categories include manufacturing, food & beverage industries, and automotive.
- Large-scale investments in small factory automation particularly in massive production plants have been growing constantly. Owing to the surging 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 is estimated to grow in proportion to that of industrial automation and robotics. The residential appliances segment is also set to auger throughout the forecast period due to the increasing demand for the electric motor market.
- Demand for low-power capacity motors is primarily used in the consumer appliances segment. The electric motor market has been perceived as a high volume-high value market.
- In the upcoming years, the demand for the electric motor will witness significant growth with Industrial Robotics, Energy, Residential Appliances, and Municipal Water Utilities being the key growth enablers.
- Developed as well as developing countries are expected to portray a significant growth opportunity 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.
Competitive Landscape
General Electric, 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. are some of the key companies profiled in the full version of the report.
Companies operating in 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. Manufacturers are also focusing on the expansion of their product portfolio to maintain a high customer base across the globe.
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More Insights into Electric Motor Market
- The North American region is anticipated to dominate the global electric motor market. According to a Future Market Insights study, the U.S. is expected to be the largest market in North America and reach US$ 40.4 Bn by 2031.
- The end-use sector of the United States is highly developed which supports the electric motor market growth. The overall industrial spending grew at a stable rate of around 4.6% in 2019 and is expected to maintain its robust pace in the future as per analytical estimates.
- The U.S. is home to the technically advanced industrial sector in the world, making it a lucrative market for electric motor manufacturers, as it exhibits high demand for robotics and automation for industrial as well as residential applications.
- China’s market is expected to showcase lucrative growth opportunities with nearly 5.5% CAGR through the forecast period (2021-2031). China’s Industrial sector is backed by a well-developed infrastructure, and it is largely supported by the government which is why China has the most elevated level of expenditure across the globe.
- Germany is considered to be the world’s topmost manufacturer of pharmaceuticals due to which there is a high demand for electric motors throughout the country. By 2031, it is expected to account for over 25% of electric motor sales within Europe.
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
- Induction Motor
- Synchronous Motor
- DC Motor
- Brushed DC
- Brushless DC
By Application:
- Pumps
- Fans
- Drives
- Compressor
- General Machinery
- Centrifugal Machinery
- Grinders
- Extruders
- Robotics
By End Use:
- Industrial
- Residential
- HVAC & Refrigeration
- Medical
- Municipal Water Treatment
- Transportation
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of 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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