Electric DC Motors Market is expected to reach US$ 23,639.4 Million by 2028

Adoption of Brushless DC Motors in Electric Vehicle Manufacturing to Drive Market Growth During 2021–2028

According to our latest market study on “Electric DC Motors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Speed, and Application,” the market is expected to grow from US$ 12,968.5 million in 2021 to US$ 23,639.4 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2021 to 2028.

The global automobile industry is shifting toward electric mobility due to substantial advances in electric vehicle technology.  According to the International Energy Agency (IEA), global electric car sales accounted for 7.2 million in 2019, surpassing the sales record of 5.1 million in 2018. As per the IEA, i0n 2019, electric cars accounted for 2.6% of global car sales and ~1% of global car stocks, representing a 40% raise every year. Electric vehicles are becoming popular owing to technological advancements in electric two/three-wheelers, buses, and trucks. The demand for electric vehicles is also fueled by developments in battery technology that lower battery costs and boost charging speed. These factors are expected to propel the demand for brushless DC motors during the forecast period. Also, Tax exemptions and incentives by governments to promote environmentally friendly transportation are likely to promote the demand for brushless DC motors.

Impact of COVID-19 Pandemic on Electric DC Motors Market Growth

The COVID-19 pandemic disrupted  various industries, such as automotive, consumer electronics, and industrial equipment manufacturers. Several government initiatives, including travel restrictions and social distancing, caused the temporary closure of manufacturing units of the production plants operating with less capacity, which adversely impacted the electric DC motors market during the Q1 and Q2 of 2020. However, with the normalization of economic activities, high vaccination drives, and reduction in COVID-19 cases globally, the plants resumed operations from Q3 of 2020, thereby reducing the impact of the COVID-19 pandemic.

The electric DC motors market is segmented on the basis of type, speed, application, and geography. Based on type, the market is bifurcated into brushed DC motors and brushless DC motors. Based on speed, the market is segmented into low (less than 1,000 rpm), medium (1,001–25,000 rpm), and high (above 25,000). By application, the electric DC motors market is segmented into industrial machinery, automotive and transportation, HVAC equipment, aerospace & defense, household appliances, and others. Based on geography, the electric DC motors market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

Johnson Electric Holdings Limited, Nidec Corporation, Siemens AG, AMETEK Inc., and ABB Ltd are a few key players operating in the electric DC motors market. Several important market players were analyzed during this study to get a holistic view of the market and its ecosystem.

Electric DC Motors Market Share – by Region, 2020 

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Electric DC Motors Market Growth, Size, Share & Analysis 2028

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Electric DC Motors Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Brushed DC Motors and Brushless DC Motors), Speed (Low, Medium, and High), and Application (Industrial Machinery, Automotive and Transportation, HVAC Equipment, Aerospace & Defense, Household Appliances, and Others)