According to Market Research Future (MRFR), the global electric motors market size is projected to be worth USD 184.17 billion by 2028, registering a CAGR of 5.42% during the forecast period (2021 - 2028), The market was valued at USD 115.9 billion in 2020. The report offers a detailed and thorough analysis of the impact of the COVID-19 pandemic on the global electric motors industry.
Electric motors operate on the principle of electromagnetic induction by ensuring the conversion of electrical energy into mechanical energy. Electric motors are commonly used in HVAC applications, compressors, machine tools, pumps, domestic appliances, industrial fans, electric cars, disk drives, power tools, and automated robots. These high-efficiency motors gain popularity over regular motors due to longer operating life, low maintenance, low energy consumption, and a high tolerance for fluctuating voltages, among others.
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Market Segmentation
Based on end-use, the DC electric motors market has been segmented into industrial, commercial, residential, agriculture, and transportation. The residential sector led the industry in 2016 and is predicted to be the fastest-growing end-use in the next five years. Rapid urbanization, a rising population, and an improvement in the standard of living leading to the affordability of high-end home appliances, gadgets, and electronics have contributed to the development of the residential sector.
Based on type, the global electric motors market has been segmented into AC motor, DC motor, and Hermetic motor. Between these, AC motors is expected to dominate the market by 2023. The dominant position of this segment can be due to its wide application in all end-use sectors.
Based on voltage, the global market for electric motors has been segmented into Up to 1 kV, 1 kV–6.6 kV and Above 6.6 kV. Up to 1 kV held the largest market share in 2016 and is predicted to be the fastest-growing electric motor operation segment. Up to 1 kV motors are commonly used for small-scale applications in all end-use applications, are cost-effective, and mostly manufactured by local and prominent players.
Based on the output power, the electric motor industry has been segmented into Up to 1 hp and Above 1 hp. Up to 1 hp dominated the market in 2016 and is predicted to be the fastest-growing output power in the next five years. Up to 1 hp electric motors are commonly used in many home appliances and other small electrical equipment, with a limited output power range making them ideal for all small electrical applications.
Regional Analysis
The Asia Pacific accounted for the largest electric motors market share of electric motors in 2016, with China, Japan, India, and major South East Asian countries contributing largely to market growth. The economic upsurge, large-scale industrialization & commercialization, and development in the agricultural sector in the North American and European regions have generated an enormous demand for electrical devices, resulting in an increasing demand for electric motors across the region. The high dependability of the industrial, commercial, residential, automotive, and agricultural sectors over highly efficient electric motors for smooth operation is creating a profitable demand for electric motors and is expected to continue over the forecast period. All of these main factors are expected to stimulate the growth of the market for electric motors during the forecast period.
Key Players
The key participants identified by MRFR in global electric motors market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Nidec Corporation (Japan), Denso Corporation (Japan), Allied Motion Technologies, Inc. (U.S.), Ametek, Inc. (U.S.), Robert Bosch GmbH (Germany), and Emerson Electric Co. (U.S.). Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong Kong), Rockwell Automation (U.S.), WEG S.A. (Brazil), ARC Systems, Inc. (U.S.), and Toshiba International Corporation (U.S.) are among others.
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