Product Code: ETC150145 | Publication Date: Dec 2023 | Updated Date: Jan 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 300 | No. of Figures: 90 | No. of Tables: 30 | |
Global Electric Motor Market report thoroughly covers the market by motor type, by voltage range, by application, by speed, and by regions. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Global Electric Motor Market is rapidly transforming as the demand for electric vehicles (EVs), energy efficiency, and sustainability is growing. The market is driven by a combination of factors, from technological advancements to climate change concerns and government initiatives. However, the electric motor market also faces several challenges. Despite the challenges it faces, the Global Electric Motor Industry offers boundless opportunities for growth, exploration of new technologies, and niche markets. Strides are being made to improve standardization, using new materials and technologies to reduce costs and improve efficiency.
According to 6Wresearch, the Global Electric Motor Market size is projected to grow from USD 117.5 billion to USD 169.4 billion during the forecast period of 2024-2030. The market is driven by the increasing demand for electric vehicles, the need for energy efficiency, and the global push for sustainability. Electric motors are a crucial component in EVs as they provide traction and help maintain speed. The growing concern for climate change and carbon emissions has led to the implementation of regulations that require industries to use energy-efficient equipment. This has led to a surge in demand for electric motors driven by the need for efficient and sustainable systems. Despite its growth, the electric motor market faces some significant challenges, such as a lack of standardization, the high cost of raw materials, and weak supply chains. The lack of standardization has resulted in a lack of interchangeability, increased complexity, and maintenance difficulties. The high cost of raw materials, such as rare earth magnets, poses a significant challenge for manufacturers, as an increase in cost would ultimately lead to a reduction in sales. One trend in the electric motor industry is the growth in demand for low voltage motors, which is driven by the need for energy-efficient and sustainable systems. Another trend is the advent of IoT-enabled electric motors, which allows for remote monitoring and control, leading to increased efficiency and reduced downtime. Additionally, manufacturers are increasingly exploring new materials and technologies like superconductivity to improve the efficiency of electric motors.
The Global Electric Motor Market Growth has been thriving over the past decade due to a rising demand for energy-efficient and environment-friendly solutions across various sectors. As the market continues to grow, governments worldwide are rolling out new policies and schemes to encourage the adoption of electric motors and support the shift towards sustainable solutions.
The electric motor market is highly competitive, with several established and emerging players fighting for market share. The prominent players in the global electric motor market include Siemens AG, ABB Ltd., Bosch GmbH, General Electric, and Nidec Corporation. These players offer a wide range of electric motor solutions, from low-power applications to high-power industrial motors, serving various industries such as automotive, power generation, and healthcare.
By Motor Type, the AC motor segment leads the market, accounting for the largest share of the industry revenue. It is widely used in various applications, such as industrial machinery, HVAC equipment, and motor vehicles. However, the demand for DC motors is predicted to grow significantly in the next few years, mainly due to their eco-friendliness and efficiency in battery-powered vehicles. Furthermore, the hermetic motor segment is also experiencing growth due to its use in refrigeration compressors and air conditioners.
According to Rohan, Senior Research Analyst, 6Wresearch, the 21-60 V segment accounts for the most significant revenue share, and the 60v & above segment is expected to grow at the highest rate. The growth of this segment can be attributed to the increasing application of high voltage motors in electric vehicles and industrial machinery.
By Application, the industrial machinery segment has been dominating the Global Electric Motor Market Share due to the extensive use of electric motors in many industrial processes. The HVAC and household appliances segment is set to grow in the future, given the emphasis on energy efficiency and compliance with environmental regulations.
By Regions, Asia Pacific has the largest market share due to the significant presence of electric motor manufacturers in China and Japan. It is also projected to grow at a high rate in the coming years due to increasing industrialization and urbanization. North America and Europe are expected to witness moderate growth due to the stringent government regulations that encourage energy-efficient electric motors.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Electric Motor Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Electric Motor Market Revenues & Volume, 2020 & 2030F |
3.3 Global Electric Motor Market - Industry Life Cycle |
3.4 Global Electric Motor Market - Porter's Five Forces |
3.5 Global Electric Motor Market Revenues & Volume Share, By Regions, 2020 & 2030F |
3.6 Global Electric Motor Market Revenues & Volume Share, By Motor Type, 2020 & 2030F |
3.7 Global Electric Motor Market Revenues & Volume Share, By Output Power, 2020 & 2030F |
3.8 Global Electric Motor Market Revenues & Volume Share, By Voltage Range, 2020 & 2030F |
3.9 Global Electric Motor Market Revenues & Volume Share, By Application, 2020 & 2030F |
3.10 Global Electric Motor Market Revenues & Volume Share, By Speed (RPM), 2020 & 2030F |
4 Global Electric Motor Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Electric Motor Market Trends |
6 Global Electric Motor Market, 2020-2030 |
6.1 Global Electric Motor Market, Revenues & Volume, By Motor Type, 2020-2030 |
6.2 Global Electric Motor Market, Revenues & Volume, By Output Power, 2020-2030 |
6.3 Global Electric Motor Market, Revenues & Volume, By Voltage Range, 2020-2030 |
6.4 Global Electric Motor Market, Revenues & Volume, By Application, 2020-2030 |
6.5 Global Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020-2030 |
7 North America Electric Motor Market, 2020-2030 |
7.1 North America Electric Motor Market, Revenues & Volume, By Motor Type, 2020-2030 |
7.2 North America Electric Motor Market, Revenues & Volume, By Output Power, 2020-2030 |
7.3 North America Electric Motor Market, Revenues & Volume, By Voltage Range, 2020-2030 |
7.4 North America Electric Motor Market, Revenues & Volume, By Application, 2020-2030 |
7.5 North America Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020-2030 |
8 Latin America Electric Motor Market, 2020-2030 |
8.1 Latin America Electric Motor Market, Revenues & Volume, By Motor Type, 2020-2030 |
8.2 Latin America Electric Motor Market, Revenues & Volume, By Output Power, 2020-2030 |
8.3 Latin America Electric Motor Market, Revenues & Volume, By Voltage Range, 2020-2030 |
8.4 Latin America Electric Motor Market, Revenues & Volume, By Application, 2020-2030 |
8.5 Latin America Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020-2030 |
9 Europe Electric Motor Market, 2020-2030 |
9.1 Europe Electric Motor Market, Revenues & Volume, By Motor Type, 2020-2030 |
9.2 Europe Electric Motor Market, Revenues & Volume, By Output Power, 2020-2030 |
9.3 Europe Electric Motor Market, Revenues & Volume, By Voltage Range, 2020-2030 |
9.4 Europe Electric Motor Market, Revenues & Volume, By Application, 2020-2030 |
9.5 Europe Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020-2030 |
10 Asia Pacific Electric Motor Market, 2020-2030 |
10.1 Asia Pacific Electric Motor Market, Revenues & Volume, By Motor Type, 2020-2030 |
10.2 Asia Pacific Electric Motor Market, Revenues & Volume, By Output Power, 2020-2030 |
10.3 Asia Pacific Electric Motor Market, Revenues & Volume, By Voltage Range, 2020-2030 |
10.4 Asia Pacific Electric Motor Market, Revenues & Volume, By Application, 2020-2030 |
10.5 Asia Pacific Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020-2030 |
11 Middle East Electric Motor Market, 2020-2030 |
11.1 Middle East Electric Motor Market, Revenues & Volume, By Motor Type, 2020-2030 |
11.2 Middle East Electric Motor Market, Revenues & Volume, By Output Power, 2020-2030 |
11.3 Middle East Electric Motor Market, Revenues & Volume, By Voltage Range, 2020-2030 |
11.4 Middle East Electric Motor Market, Revenues & Volume, By Application, 2020-2030 |
11.5 Middle East Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020-2030 |
12 Africa Electric Motor Market, 2020-2030 |
12.1 Africa Electric Motor Market, Revenues & Volume, By Motor Type, 2020-2030 |
12.2 Africa Electric Motor Market, Revenues & Volume, By Output Power, 2020-2030 |
12.3 Africa Electric Motor Market, Revenues & Volume, By Voltage Range, 2020-2030 |
12.4 Africa Electric Motor Market, Revenues & Volume, By Application, 2020-2030 |
12.5 Africa Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020-2030 |
13 Global Electric Motor Market Key Performance Indicators |
14 Global Electric Motor Market - Opportunity Assessment |
14.1 Global Electric Motor Market Opportunity Assessment, By Regions, 2020 & 2030F |
14.2 Global Electric Motor Market Opportunity Assessment, By Motor Type, 2020 & 2030F |
14.3 Global Electric Motor Market Opportunity Assessment, By Output Power, 2020 & 2030F |
14.4 Global Electric Motor Market Opportunity Assessment, By Voltage Range, 2020 & 2030F |
14.5 Global Electric Motor Market Opportunity Assessment, By Application, 2020 & 2030F |
14.6 Global Electric Motor Market Opportunity Assessment, By Speed (RPM), 2020 & 2030F |
15 Global Electric Motor Market - Competitive Landscape |
15.1 Global Electric Motor Market Revenue Share, By Companies, 2023 |
15.2 Global Electric Motor Market Competitive Benchmarking, By Operating and Technical Parameters |
16 Company Profiles |
17 Recommendations |
18 Disclaimer |
Product Code: ETC150145 | Publication Date: Jul 2022 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 300 | No. of Figures: 90 | No. of Tables: 30 |
Global Electric Motor Market report thoroughly covers the market by motor type, speed, voltage, application, and region. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Global Electric Motor Market is likely to project moderate growth during the upcoming period on account of rapid technological advancement. Rising fuel prices across the world are likely to boost the growth of the electric motor market. The rising demand for electricity backed by rapid urbanization is driving the demand for electric motors in the residential sector further leading to the development of the market. The establishment of buildings, offices, and shopping complexes beholds the increasing growth of the market. Surging incentives by the government towards the usage of an emission-less vehicle owing to surging environmental concern is driving the Electric Motor Market Growth. Also, surging prices of electricity are one of the key factors shifting the consumers towards the adoption of Electric motors.
According to 6Wresearch, the Global Electric Motor Market size is projected to register growth during 2021-2027. Increasing innovation and advancement in technology are driving the demand for electric motors. Additionally, the various benefits provided by the electric motor such as reduction of carbon emission and high efficiency are proliferating the Electric Motor Share. Rising expenditure in the defense sector coupled with Growing disposable income along with a rising standard of living drives the need for the HVAC segment further leading to the development of the electric motor market. Growing development in agriculture, industrial and commercial sectors beholds the deployment of electric motors further proliferating the Electric Motor Market Share. Additionally, increasing the efficiency of electric motors triggers the potential growth of the electric motor market in the industrial sector. The high initial and maintenance cost is a restraining factor in the growth of the market. The global emergency caused by COVID-19 has added to the negative growth of the market backed by a nationwide lockdown leading to the disruption in the supply chain.
On the basis of voltage, 60V and above segment are expected to account for the highest share on account of its increasing demand for heavy industrial machinery.
The Industrial Motor Market size is anticipated to rise in the upcoming years. Industrial machinery is leading the market and is expected to dominate during the forecast period as well on account of its increasing demand.
On the basis of Geography, North America is leading the market and is expected to secure the position during the forecast period as well on account of rapid industrial growth and expansion of the aerospace industry.
The report provides a detailed analysis of the following market segments: