Global sales of electric motors will be valued at over US$104 Bn in 2021, with a stable long-term projection, according to the latest insights by Future Market Insights (FMI). A new report estimates the market to expand to over 5.1% CAGR from 2021 to 2031.
Driven by increasing focus on research and development and investment in Industrial sector, the electric motor market will rise at 5.6% CAGR between 2021 and 2031 in comparison above 3.8% CAGR registered during 2016-2020.
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According to Future Market Insights (FMI), increasing automation and robotics in industrial production sector has fueled the demand for electric motors. The market also is gaining from rapid technological advancement and advent of industrial 4.0.
The electric motors market, however, registered a moderate decline in its sales volume in FY2020 because of the unforeseen COVID-19 pandemic. Demand from major end-use industries like automotive, oil & gas, and others wanted. Contrary to this, sections of the medical sector were not affected because of the increase in demand amid the adoption of COVID-19 precautionary measures.
Demand for alternating current (AC) electric motors has been steadily increasing. This can be attributed to operating advantage linked with it, its prime advantage is its speed-torque characteristics which has raised the application for electric motors in various end uses, owing to which the AC electric motors has secured a prominent share in the global Electric motors market.
The growing requirement for pumping application from agriculture, water treatment plants, oil & gas sector and other industries expected to drive the electric motors market in the forecast period.
Increasing number of players are focusing on research and development related to electric motors, which are expected to contribute towards market growth in the years to come.
Key Takeaways from Electric Motors Market Study
<1HP. Power output electric motors projected to hold over 80% volume share of the global market in 2021, owing to robust demand for various applications. The AC Electric motors will hold over 71.6% of the market share on value basis by the end of forecast period. East Asia will remain a primary market, backed by rising demand from the automotive & residential sector. It is expected to account for over 22.7% of the demand registered in globally in 2021. Electric motors for robotics application set to surge at CAGR of approximately 5.9% over the coming decade. The U.K. is emerging as a key market in Europe, with a valuation of over US$5.4 Bn in 2021, and expected to grow with 5.4% CAGR in the forecast period.
“The electric Motors market expected to grow at a strong pace, driven largely by increasing demand for innovative and energy-efficient products across industries. Raising automation and digitalization in various end-use sectors are key factors fueling the demand for electric motors. Industry participants are investing in expansions, strategic alliances, and cost-effective solutions to gain a competitive advantage,” says a Future Market Insights analyst.
Who is winning?
The electric motors market is highly competitive, with more than 1,000 players comprising tier-1, tier-2 and local based vendors across the region, key players accounting for around 20-30% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks in order to maintain their market presence.
Some key players in this industry include but are not limited to 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.
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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
- Others
By End Use:
- Industrial
- Oil & Gas
- Power Generation
- Mining
- Food & Beverages
- Pulp & Paper
- Chemicals
- Air Separation Plant
- Other Manufacturing
- Residential
- HVAC & Refrigeration
- Medical
- Municipal Water Treatment
- Transportation
- Automotive
- Aviation
- Electric vehicles
- Railways
- Boats
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Find More Valuable Insights
The research report analyzes demand for Electric Motors. The global electric motors market has analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has analyzed based on power output, product type, application, end use and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply side and demand factors.
