Electric Motor Market Size to Surpass $181.89 Billion by 2028 | Exhibiting a CAGR of 7.0%
The Electric Motor Market is thriving with growing industrial automation, electric vehicle demand, and energy efficiency initiatives. Technological advancements and widespread application in various sectors contribute to market expansion.
India, Pune, Nov. 21, 2023 (GLOBE NEWSWIRE) — The global Electric Motor Market is expected to grow at a 7.0% CAGR, reaching USD 181.89 billion by 2028 from USD 106.45 billion in 2020. This growth is attributed to increased use in commercial sectors and rapid urbanization, fostering market expansion. Additionally, rising investments and a surge in HVAC applications are set to further drive market growth in the foreseeable future.
There’s a continuous push for greater energy efficiency in electric motors. Manufacturers are developing motors with improved designs, materials, and technologies to enhance efficiency and reduce energy consumption.
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|Forecast Period 2021 to 2028 CAGR||7.0%|
|2028 Value Projection||USD 181.89 billion|
|Market Size in 2022||USD 113.14 billion|
|Historical Data for||2017-2019|
|No. of Pages||212|
|Segments covered||Fuel Type, By End-User, Application and Region|
|Growth Drivers||Increasing Demand from Commercial & Residential Sector to Promote Growth|
|Rising Government Programs to Achieve Emission-free Vehicles Will Boost Growth|
Demand in Electric Vehicles: The growing adoption of electric vehicles remains a significant driver. As the automotive industry continues to shift toward electrification, the demand for high-performance electric motors used in EVs rises, contributing substantially to market growth.
Emphasis on Energy Efficiency: Energy efficiency concerns persist across industries. Electric motors are pivotal in various applications, and the market sees a continuous drive toward more energy-efficient motor designs and technologies to meet stringent environmental regulations and lower operational costs.
Industrial Automation and Robotics: The expanding scope of industrial automation and robotics relies heavily on electric motors. As industries automate processes for efficiency and precision, there’s an increased demand for specialized motors capable of supporting these applications.
Smart Motor Technologies: The integration of smart technologies, IoT, and data analytics within electric motors is a significant trend. This integration allows for remote monitoring, predictive maintenance, and enhanced operational insights, appealing to industries seeking optimized performance and reduced downtime.
Renewable Energy Applications: Electric motors play a crucial role in various renewable energy systems such as wind turbines and solar power generation. As the focus on renewable energy sources intensifies, the demand for electric motors tailored for these applications continues to rise.Click here to get the short-term and long-term impact of COVID-19 on this market.
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Key Players Focus on Investment & Acquisition to Increase Sales
The market is occupied by various enterprises of all sizes. They are aiming to increase sales and create a robust position in the market by investing huge sums in the development and acquiring other companies. Below are a couple of the latest developments:
April 2019: Nidec, a leading manufacturer of electric motors, headquartered in Japan, announced that it is planning to invest around USD 500 million in a new factory in China. The factory would manufacture electric-vehicle motors and double the high hopes for growth.
February 2017: Nidec declared that it has completed acquiring the motors, drives, and electric power generation businesses of Emerson, an American multinational corporation. This acquisition would help Nidec in reinforcing and broadening its commercial and industrial businesses to fulfill the transforming consumer needs.
Asia-Pacific – The region stood at USD 37.77 billion in 2020 and is expected to hold the highest position in the market during the forecast period. This is attributable to the increasing demand for electric power due to rapid-paced urbanization in countries such as India and China.
Europe – The market in the region is expected to showcase considerable growth backed by the growing demand for electric vehicles that will propel the adoption of advanced electric motors in the region between 2021 and 2028.
Facility Expansion by Prominent Companies to Brighten Their Market Prospects
The market is consolidated by the presence of major companies such as GE and ABB that are focusing on expanding their electric motor production facilities to cater the growing industrial demand. In addition to this, other key players are striving to maintain their presence by adopting strategies such as collaboration, partnership, and merger and acquisition that will bode well for the market growth.
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Based on motor type, the market is divided into AC motor, DC motor, and Hermetic motor.
Based on motor type, the AC motor segment held a global electric motor market share of about 57.9% in 2020 and is anticipated to showcase considerable growth in the forthcoming years. This is ascribable to factors such as the increasing adoption of AC motors for several industrial applications such as irrigation pumps globally.
|By Motor Type||
|By Power Output||
What does the Report provide?
Detailed analysis of the current market scenario, historical trends, and future projections regarding market size, growth rates, and revenue estimations.
Breakdown of the market into segments based on types of electric motors (AC motors, DC motors, hermetic motors, etc.), applications (automotive, industrial machinery, household appliances, etc.), and geographic regions.
Identification and explanation of significant trends impacting the electric motor industry, such as technological advancements, regulatory changes, and consumer preferences.
Analysis of driving factors, challenges, opportunities, and restraints influencing market growth.
Assessment of major market players, their market shares, strategies, recent developments, partnerships, mergers, and acquisitions.
Examination of the market scenario in different regions and countries, highlighting specific regional factors affecting market growth.
List of the Companies Profiled in the Market:
- ABB (Switzerland)
- AMETEK (United States)
- Johnson Electric (China)
- Siemens (Germany)
- Rockwell Automation (United States)
- GE (United States)
- Nidec Motor Corporation (Japan)
- WEG (Brazil)
- Toshiba Corporation (Japan)
- Hitachi (Japan)
- Mitsubishi Heavy Industries (Japan)
- TECO-Westinghouse Motor Company (United States)
- Arc Systems Inc. (Japan)
- DENSO (Japan)
- Regal Beloit Corporation (United States)
Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Electric Motor Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
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