Electric Motors Market Overview:
The market research made on electric motors shows a potential growth at a CAGR of 5.42% with a valuation of USD 184.17 billion during the forecast timeline which is till 2030.
The awareness of environmental protection and the focus to lessen the carbon footprint is likely to drive the market for electric motors. The eclectic motors market is also driven directly by the radical pace of commercialization and industrialization which would power up the conduction activities across the globe, especially in the region of Asia-Pacific. The demand due to this has increased more for industrial equipment which shall further enhance the electric motors demand across the globe.
There are major factors such as awareness of the environment and the focus to lessen the carbon footprint are major factors that are contributing to the market growth of electric vehicles. Thanks to the technological innovation that has been transforming the automotive industry facade as the world are moving towards electric mobility the electric vehicular segment offers a good opportunity to grow the market.
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Due to the Covid-19 pandemic crisis, there has been a disturbance in the supply chain across the world which would further cause an impact on the market of electric motors along with their value. Consumption across the world has slowed down and there have also been halts in delivery and shortage in labor that further caused the shutdown across the world in the year 2020. This also affected the industry of electric motors to a great extent. The trade wars between China and US along with the supply chain and manufacturing disruption were some of the major sources that caused the disruption to the market. The pandemic condition also affected currencies in all corners of the world. Due to this, there was quite a depreciation that created an imbalance in the expert's and imports' value across the globe. The currency depreciation would further result in a financial loss to the manufacturer’s components and is likely to dampen the market for electric motors to a great extent.
Market Segmentation:
As per the Type
l Brush-less DC motor
l Direct Current (DC) Motors
l Alternate Current (AC) Motors
l Induction AC motor
l Synchronous AC motors
l Brushed DC motor
As per the Power Rating
l Fractional horsepower (FHP) Output
l Integral Horsepower (IHP) Output
As per the Voltage Range
l 60 Volts & above
l 10-20 Volts
l 9 Volts & below
l 21-60 Volts
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As per the Speed (RPM)
l Ultrahigh-speed electric motors (Greater Than 75,001 RPM)
l Medium-speed electric motors (1,001-25,000 RPM)
l Low-speed electric motors (Less Than 1,000 RPM)
l High-speed electric motors (25,001-75,000 RPM)
As per the End User
l Other commercial applications
l Aerospace & Transportation
l Heating, ventilating, and cooling equipment
l Household appliances
l Industrial machinery
l Motor vehicles
As per the Region
l North America
l Asia-Pacific
l Europe
l Middle East & Africa
l Latin America
Regional Classification:
The regional analysis made on the market of the electric motor shows that Asia-pacific witnessing good growth during the forecast timeline because of the fast pace industrialization and commercialization in the region.
Industry News:
Wolong Electric on March 2020 absorbed small industrial motors of GE business for USD 160 million.
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Key Players
- 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)
- 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.)
- Toshiba International Corporation (U.S.)
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