Electric Motor Market Size to Grow Worth USD 181.89 Billion at a CAGR of 7.0% for 2021-2028 | Fortune Business Insights

Fortune Business Insights
Fortune Business Insights

The electric motor market size is expected to grow from USD 113.14 billion in 2021 to USD 181.89 billion by 2028; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028. Increasing demand from residential & commercial Sector to favor the growth.

Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global electric motor market to grow at a CAGR of 7.0% and reach USD 181.89 billion during forecast period of 2021-2028. The market was valued USD 106.45 billion in 2020. The market growth is attributed to factors such as the increasing adoption of electrical motors in the commercial sector and the rapid-paced urbanization is expected to favor the growth of the market in the forthcoming years. However, it is expected to gain momentum from the rising demand for HVAC applications, as well as increasing investments.

Industry Development:

December 2020 - Tata Motors Ltd delivered 26 electric buses to Brihanmumbai Electric Supply and Transport (BEST), which runs a fleet of buses for the commuters in Mumbai, India. The buses were delivered as a part of a huge order consisting of 340 electric buses under the government’s FAME II initiative.


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Report Highlights:

Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021 to 2028 CAGR

7.0%

2028 Value Projection

USD 181.89 billion

Base Year

2020

Market Size in 2020

USD 106.45 billion

Historical Data for

2017-2019

No. of Pages

212

Segments covered

By Technology, By Application and Regional Forecast

Growth Drivers

Rising Government Programs to Achieve Emission-free Vehicles Will Boost Growth

Increasing Demand from Commercial & Residential Sector to Promote Growth


DRIVING FACTORS

Rising Government Programs to Achieve Emission-free Vehicles Will Boost Growth

The demand for electric vehicles has abruptly increased since the past few years because of the rising government awareness programs to attain emission-free vehicles. Therefore, several industry giants are investing huge sums in expanding the automobile sector and developing their industries. It would rapidly increase the demand for electric vehicles, which, in turn, would further augment the electric motor market growth during the forecast period. Additionally, the companies are investing persistently in the automotive industry that would propel growth.

Increasing Demand from Commercial & Residential Sector to Promote Growth

According to the International Energy Agency, the energy-related CO2 emissions fell by around 5.8% worldwide in 2020 due the reduced energy demand. The coronavirus led to lockdown measures announced by the government agencies that led to limited mobility and halted industrial applications. However, the problem of vehicular emissions still exists and the growing concerns regarding the depleted air quality has propelled the manufacturers to adopt renewable energy sources. This has led to the increasing demand for electric motors across the automotive sector to attain emission-free levels. Moreover, rapid-paced urbanization has led to the higher adoption of HVAC applications such as vacuum cleaners, washing machines, and others


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REGIONAL INSIGHTS

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.

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.

What does the Report provide?

The global market for electric motor report provides a detailed qualitative and quantitative analysis of the market and focuses on crucial aspects such as materials, leading companies, applications, and products. Also, the report offers insights into latest trends and highlights key industry developments. The report further includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest dynamics and opportunities that will impact the market growth between 2021 and 2028.


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Highlights of the Report

  • Extensive analysis of the current and emerging electric motor market trends and dynamics.

  • Key companies are profiled and their strategies are thoroughly analyzed to help our clients in understanding the competitive outlook of the market.

  • In-depth estimations to expound the prominent investment pockets.

  • Elaborate information about all the possible segments present in the market.

Market Segmentation:

By Motor Type

  • AC Motors

  • DC Motors

  • Hermetic Motors

By Power Output

  • Fractional Horsepower (Up to 1HP)

  • Integral Horsepower (Above 1HP)

By Voltage

  • Up to 1 kV

  • 1 kV-6.6 kV

  • Above 6.6 kV

By Application

  • Industrial Machinery

  • Motor Vehicles

  • HVAC Equipment

  • Electrical Appliances

  • Others

By End-User

  • Industrial

  • Commercial

  • Residential

  • Agriculture

  • Transportation

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.

On the basis of power output, the market is bifurcated into fractional horsepower (Up to 1HP) and integral horsepower (Above 1HP). Moreover, based on voltage, the market is categorized into Up to 1 kV, 1 kV-6.6 kV, and above 6.6 kV segment. Furthermore, based on application, the market is segregated into industrial machinery, motor vehicles, HVAC equipment, electrical appliances, and others. Lastly, on the basis of region, the market is segmented into North America, Asia-Pacific, the Middle East and Africa, Europe, and Latin America.

COMPETITIVE LANDSCAPE:

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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Fortune Business Insights™ profiles some of the most reputed companies operating in the electric motor market. They are as follows:

  • Siemens

  • ABB

  • Hitachi

  • AMETEK

  • Mitsubishi Heavy Industries

  • Johnson Electric

  • Regal Beloit Corporation

  • GE

  • DENSO

  • Rockwell Automation

  • Toshiba Corporation

  • Arc Systems, Inc.

  • WEG

  • TECO-Westinghouse Motor Company

  • Nidec Motor Corporation

  • Other key market players

Scope of the Report:

  • Introduction

    • 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

  • Global Electric Motor Market Analysis (USD Billion), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Motor Type

      • AC Motors

      • DC Motors

      • Hermetic Motors

    • Market Analysis, Insights and Forecast – By Power Output

      • Fractional Horsepower (Up to 1HP)

      • Integral Horsepower (Above 1HP)

    • Market Analysis, Insights and Forecast – By Voltage

      • Up to 1 kV

      • 1 kV-6.6 kV

      • Above 6.6 kV

    • Market Analysis, Insights and Forecast – By Application

      • Industrial Machinery

      • Motor Vehicles

      • HVAC Equipment

      • Electrical Appliances

      • Others

Table of Content:
1.         Introduction
1.1.      Research Scope
1.2.      Market Segmentation
1.3.      Research Methodology
1.4.      Definitions and Assumptions
2.         Executive Summary
3.         Market Dynamics
3.1.      Market Drivers
3.2.      Market Restraints
3.3.      Market Opportunities
4.         Key Insights
4.1.      Key Emerging Trends – For Major Countries
4.2.      Latest Technological Advancement
4.3.      Regulatory Landscape
4.4.      Industry SWOT Analysis
4.5.      Porters Five Forces Analysis
5.         Qualitative Analysis – Impact of COVID-19
5.1.      Impact of COVID-19 on the Electric Motor Market
5.2.      Steps Taken by the Government to Overcome the Impact
5.3.      Key Developments by Industry Players in Response to COVID-19
5.4.      Potential Opportunities and Challenges due to COVID-19 Outbreak
6.         Global Electric Motor Market Analysis (USD Billion), Insights and Forecast, 2017-2028
6.1.      Key Findings / Summary
6.2.      Market Analysis, Insights and Forecast – By Motor Type
6.2.1.   AC Motors
6.2.2.   DC Motors
6.2.3.   Hermetic Motors
6.3.      Market Analysis, Insights and Forecast – By Power Output
6.3.1.   Fractional Horsepower (Up to 1HP)
6.3.2.   Integral Horsepower (Above 1HP)
6.4.      Market Analysis, Insights and Forecast – By Voltage
6.4.1.   Up to 1 kV
6.4.2.   1 kV-6.6 kV
6.4.3.   Above 6.6 kV
6.5.      Market Analysis, Insights and Forecast – By Application
6.5.1.   Industrial Machinery
6.5.2.   Motor Vehicles
6.5.3.   HVAC Equipment
6.5.4.   Electrical Appliances
6.5.5.   Others
6.6.      Market Analysis, Insights and Forecast – By End-User
6.6.1.   Industrial
6.6.2.   Commercial
6.6.3.   Residential
6.6.4.   Agriculture
6.6.5.   Transportation
6.7.      Market Analysis, Insights and Forecast – By Region
6.7.1.   North America
6.7.2.   Europe
6.7.3.   Asia Pacific
6.7.4.   Middle East & Africa
6.7.5.   Latin America
Continued…


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