Electric Motor Market Size, Share, Trends Analysis 2020-2027 (PDF)

Electric Motor Market Size, Share, Trends Analysis 2020-2027 (PDF)

Electric Motor Market Growth & Trends

By the end of 2019, the global electric motor market was calculated at USD 132.34 billion which is likely to grow at a CAGR of 8.2% over the upcoming years. The increased awareness to prevent harmful gases from conventional fuels and preserving the environment by using electric motors is one of the prime reasons for the growth of this market. Government initiatives to promote cleaner fuels for environmental protection and the promotion of green vehicles are also the drivers who are responsible to promote the growth of this market in recent years. Technological developments in the manufacturing of electric motors over the past years have also attracted the growth trend and development of the electric motor market. Additionally, the availability of better insulation materials for motors and increased efficiency has added to the growth of this market in the last decade. 

The growth of the automobile industry and power engineering equipment industry has contributed a lot to the development of the electric motor market. The product is most widely used in domestic appliances, compressors, fans, pumps, machine tools, power tools, HVAC applications and automated robots, etc. which require high efficiency, low maintenance, high fluctuating voltages, and moderate electric consumptions. Flourishing markets like the India, Brazil, China, the USA, and France are the major markets to find a cost-effective electric motor that is mostly used in both, the agricultural and industrial sectors.

Due to rising pricing prices of electricity and strict electric consumption regulations globally, the demand for energy-efficient electric motors is rising day by day. Additionally, growing manufacturing capabilities and improvement in design standards to manufacture a cost-effective energy-efficient electric motor is expected to further boost the demand for the product in recent years. Moreover, the environmental benefits of using an electric motor over diesel and petrol are boosting its implementation in the upcoming years. Electric motors are most widely used in the automotive segment, an upward surge in the recent developments in manufacturing is expected to improve the market in the upcoming years. Go green initiatives by most of the developing countries to curb carbon emission have grown the demand for electric motors largely owing to that electric motors are the main component of electric vehicles. 

Motor Type Dynamics:

The electric motor is segmented on the basis of motor type into AC, DC, and Hermetic motors. The AC motor segment has been valued as the segment with high market share than the other two segments. These are widely used in modern-day robots and irrigation systems around us, these motors are smaller, cheaper, and considerably energy-efficient. The wide adoption of AC motors in the automobile industry owing to its advent of technology and reduction in size, accompanied by advancements in magnetic particle technology is most suitable for automobiles. Increasing demands for AC motors in industries like paper & pulp, cement, chemicals, and wastewater treatments is expected to further increase its demand in the upcoming years. 

The popularity of luxurious automobile features like, adjustable mirrors, motorized seats, and automatic sunroof are expected to rise the demand for DC motors which are responsible for such functions. These motors are widely used for applications to control variable speeds and are often low maintenance and low cost which is expected to surge its demand in the upcoming years. However, the growth of Hermetic motors is anticipated to grow at a CAGR of 8.2% owing to its applications in the HVAC industry. These motors are easy to handle and have very low maintenance. 

Power Output Overview

Electric motors are bifurcated into power output by Fractional and Integral horsepower outputs. The fractional horsepower output dominated the market share by the end of 2019 owing to the wide application scope of fractional motors in vacuum cleaners, coffee machines, and refrigerators. These are mostly used in heavy industry equipment due to their suitability for industrial environments and wide usage. As a result, the fractional horsepower motors (FHP) are expected as the largest segment in the upcoming years too.  

Application Overview

The automobile segment was the largest in application types and is expected to be in the upcoming few years representing more than 45% of the total revenue. The electric motors are also widely used in heavy construction and industrial applications which include machinery for agriculture and other industries. Agricultural countries like India, Sri Lanka, Brazil, and Vietnam are relying on low-cost, energy-efficient electric products for agricultural applications. The HVAC segment is mostly relying on electric motors is expected to grow at a CAGR of 8.8%. Spiking growth of electric motors in households, industrial and agricultural sectors are expected to thrive the electric motors market over the upcoming years. 

Regional Overview

The Asia Pacific region was calculated as the largest region by revenue at the end of 2019 and is expected to grow at a CAGR of 9.4% during the upcoming years owing to the development of industrial and agricultural sectors in the countries like India, Singapore, China, Thailand, and Indonesia. Europe and North America are gaining good pace for electric motors due to their wide applicability. The USA recorded at approx. 22% of the total revenue in the year 2019 and expected to grow at a steady rate over the upcoming years. The region is the largest supplier of heavy-duty, premium efficiency electric motors which are used in HVAC and other industrial applications. Increasing government funding and rising demand for mining industries are some of the factors of growth for electric motors in the Latin American and the Middle East region. The significant increase in cement production is expected to rise the electric motors market in the North African region, owing to the wide usage of electric motors in cement manufacturing machinery. 

Electric Motor Market Share Insights 2019

The market has recently experienced a huge amount of research and developments to innovate the product and major players are opting for strategies like new product development and mergers and acquisitions to maintain a competitive edge over others. Some of the major players are Asmo Co. Ltd., Franklin Electric Co. Ltd., Baldor Electric Co., Ametek Inc., etc. 

Report Segmentation: 

The electric motor research report forecasts revenue and market share growth at regional, local, and global level. It also provides a detailed analysis of the latest trends and future estimations with segments and sub-segments. For this research study, Confianza Market Research and Consultancy has bifurcated the electric motor segmentation as below. 

Motor Type Outlook (Revenue, USD Billion)

  • AC Motor
    • Induction AC Motor
    • Synchronous AC Motor
  • DC Motor
    • Brushless DC Motor
    • Brushed DC Motor
    • Hermetic Motor

Power Output Outlook (Revenue, USD Billion, 2014 – 2025)

  • Fractional HP Output
  • Integral HP Output

Application Output Outlook (Revenue, USD Billion, 2014 – 2025)

  • HVAC Equipment
  • Motor Vehicles
  • Aerospace & Transportation
  • Industrial Machinery
  • Household Appliances
  • Others

Regional Outlook (Revenue, USD Billion, 2014 – 2025)

  • North America
    • Canada
    • The U.S.
  • Europe
    • Germany
    • The U.K.
  • Asia Pacific
    • India
    • China
    • Japan
  • Latin America
  • Middle East & Africa

 

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