Electric Motor Market Size Report, Share, Trends & Outlook-2030
[Research Report] The electric motor market size is expected to grow from US$ 126.42 billion in 2022 to US$ 208.84 billion by 2030; it is estimated to grow at a CAGR of 6.5% from 2022 to 2030.
Analyst Perspective:
As industrial automation helps to perform heavy tasks with high speed and more efficiency, various industries are adopting automated machinery. This increasing industrial automation worldwide is one of the major factors fueling the growth of the market. Also, the growing demand for electric vehicles is raising the demand for electric motors. According to the IEA, in 2022, electric car sales exceeded 10 million, up 55% relative to 2021. In 2022, BEV sales in China increased by 60% relative to 2021 to reach 4.4 million, and PHEV sales nearly tripled to 1.5 million.
Similarly, electric car sales in Europe increased by more than 15% in 2022 relative to 2021 to reach 2.7 million. Furthermore, the rising demand for energy-efficient motors as they provide increased reliability is further propelling the growth of the electric motor market. Moreover, the rise in demand for electric motors for HVAC applications, owing to features such as high torque and lower noise level, is boosting the growth of the market.
Market Overview:
An electric motor is an electric machine that helps to convert electrical energy to mechanical energy. They are very energy efficient and have up to 98% energy conversion rates. Also, electric motors produce no emissions, making them environmentally friendly. Further, it also produces high torque even at low speeds, making it ideal for starting and stopping heavy machinery. Because of all the above advantages, the demand for electric motors is increasing continuously in the market. Moreover, the increasing use of these motors in fans, blowers, turbines, pumps, power tools, machine tools, compressors, alternators, movers, ships, rolling mills, and paper mills is raising its demand. In addition, they are also used in high-voltage AC heating, cooling & ventilating equipment, motor vehicles, and home appliances, further propelling the demand for electric motors.
Strategic Insights
Electric Motor Market Driver:
Growing Industrial Automation is Fueling the Growth of the Electric Motor Market
Growing industrial automation worldwide is raising the adoption of industrial robots. These robots help maximize workflow operation efficiency, minimize error, and increase productivity output. Also, rising factory automation enhances the productivity and quality of the product while decreasing the overall production cost, leading to the increase in the adoption of industrial robots. It guarantees consistent and superior-quality results, which helped it gain high demand in various industries, such as automotive, manufacturing, and others, for qualitative manufacturing. Moreover, it fulfills the need for mass production in industries with several features, such as improved quality, minimal human intervention, and lesser labor expenses. Thus, because of all the above factors, the demand for industrial robots is increasing, which in turn is raising the demand for electric motors in the market.
Furthermore, various market players are expanding their businesses to cater to this rising demand for industrial robots. For example, in March 2023, ABB Robotics invested US$ 20 million for the expansion of its robotics facility in Michigan, North America; its construction is expected to be completed by November 2023. The expansion aims to boost the factory’s production output and meet the increased demand for automation from 70% of businesses from the electric vehicles, healthcare, packaging, and logistics industries in the US. Thus, such initiatives by the market players to increase the production of industrial robots will create an opportunity for the growth of the market in the forecasted period.
Segmental Analysis:
Based on motor type, the electric motor market is segmented into AC motor and DC motor. The DC motor segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022-2030. DC motor is suitable for both high and low-power drives, for fixed and variable-speed electric drives. Also, these motors are easy for maintenance and provide constant speed, because of which it is mostly used in constant-speed application from no load to full load. These applications include wipers, automatic windscreens, drills, conveyors, fans, blowers, spinning and weighing machines, and centrifugal pumps. These motors are also used in cheap toys and automotive applications such as cranes, air compressors, lifts, elevators, winching systems, electric traction, hair dryers, vacuum cleaners, and in speed regulation applications. Thus, the growing use of DC motors for all the above applications is fueling the electric motor market growth.
Regional Analysis:
Asia Pacific is expected to witness significant growth in the electric motor market in the forecasted period. In the region, China will hold the largest electric motor market share in 2022, whereas India will register the highest CAGR during 2022-2030. The growing industrialization is one of the major factors fueling the growth of the electric motor market. China is the world’s largest manufacturing hub. As per the Ministry of Industry and Information Technology (MIIT), in the first half of 2022, China's manufacturing sector accounted for 28.8% of the country's GDP, which increased by 1.4% from 2021. Also, according to the State Council Information Office of China (SCIO), in 2022, industrial production hit US$ 6 trillion (40.2 trillion yuan), and the manufacturing sector's output reached US$ 4.98 trillion (33.5 trillion yuan), ranking first globally.
Similarly, according to the India Brand Equity Foundation (IBEF), the manufacturing industry of the country contributes around 16% to 17% of India’s GDP.
Also, in 2022, India’s manufacturing exports reached US$ 418 billion, which was an increase of 40% compared to US$ 290 billion in 2021. Further, the government of India is increasingly focusing on domestic production and consumption in the manufacturing industry with the launch of various policies. For instance, the National Manufacturing Policy of the Government of India aims to increase the share of manufacturing in GDP to 25 percent by 2025. The “Make in India” policy of the Government of India aims to increase the demand and consumption of machinery and equipment by the local manufacturing industry. Thus, such growing initiatives by the governments of the above countries for the growth of the manufacturing sector will raise the demand for electric motors, as they help increase the efficiency of production, fueling the electric motor market growth in APAC.
Key Player Analysis:
ABB Ltd, AMETEK Inc, Emerson Electric Co, General Electric, Johnson Electric Holdings Limited, Nidec Corporation, Regal Beloit Corporation, Rockwell Automation Inc, Siemens AG, and Toshiba Corp are among the key electric motor market players. These electric motor market players are focused on continuous product development and innovation.
Recent Developments:
Inorganic and organic strategies such as product launches, partnerships, collaboration, and mergers and acquisitions are highly adopted by companies in the electric motor market. A few recent key market developments by these companies are listed below:
- In November 2022, Nidec Corp announced that they would be investing about US$ 715 million to build a plant in Mexico to make electric car motors.
- In November 2022, Israeli start-up EVR Motors partnered with India’s EKA Mobility, an electric vehicles and technology company, a subsidiary of Pinnacle Industries Limited, to design small, lightweight electric motors for their e-buses and Light Commercial Vehicles (LCVs) in India. Under this partnership, EVR will design and develop electric motors for EKA, based on EVR’s proprietary Trapezoidal Stator Radial Flux Permanent Magnet (TS-RFPM) motor, and EKA will manufacture these e-motors and integrate them into the vehicles it provides to the Indian market.
- In May 2022, EVR Motors, an Israeli start-up, partnered with Badve Group, one of India’s leading automotive system manufacturers, to manufacture electric motors for EVs in the country. Under this strategic partnership, Badve Group will manufacture EVR’s proprietary Trapezoidal Stator – RFPM electric motors in India. These motors are claimed to measure half the weight and size of the competing electric motors and provide superior power and torque.
- In February 2022, Renault Group announced that they will develop and produce the next generation of electric motors in partnership with Valeo. The motors will be built in Renault’s factory in Cleon, northern France, which produces the current generation of motors. Also, the powerplants will be able to produce 200 kilowatts, representing a significant increase over Renault’s existing motors.
- In November 2020, ABB launched a new range of M3BP motors for its industrial customers in India. These motors are offered in 280 – 355 frame size and have output ranging from 75kW to 560kW. Also, these motors deliver higher output than the defined standard of the same frame-size standard motors. Its compact design helps in easy installation, commissioning, and maintenance.
Electric Motor Market Report Analysis
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CAGR (2023 - 2031)6.50% -
Market Size 2023
US$ 134.64 Billion -
Market Size 2031
US$ 222.82 Billion
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Report Coverage
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industry landscape and competition analysis & recent developments
- Detailed company profiles
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
Key Players
- ABB Ltd.
- AMETEK, Inc.
- Franklin Electric Co. Inc.
- General Electric
- Johnson Electric Holdings Limited
- Nidec Corporation
- Regal Beloit Corporation
- Rockwell Automation, Inc.
- Siemens AG
Regional Overview
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- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
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- AC Motor and DC Motor
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- Integral Horsepower Output and Fractional Horsepower Output
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- 1kV & below
- 1.1kV-6.6kV
- above 6.6kV
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- Industrial Machinery
- HVAC Equipment
- Motor Vehicles
- Household Appliances
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Electric Motor Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 134.64 Billion |
Market Size by 2031 | US$ 222.82 Billion |
Global CAGR (2023 - 2031) | 6.50% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Motor Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
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to segments covered.
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
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The List of Companies
1. ABB Ltd.
2. AMETEK, Inc.
3. Franklin Electric Co. Inc.
4. General Electric
5. Johnson Electric Holdings Limited
6. Nidec Corporation
7. Regal Beloit Corporation
8. Rockwell Automation, Inc.
9. Siemens AG
10. Toshiba Corp