The global electric motor market revenue stood at $105.5 billion in 2020, and it is predicted to rise to $195.1 billion by 2030, exhibiting a CAGR of 6.3% from 2020 to 2030.
The key growth drivers for the market are:
- Mushrooming Electric Vehicle Deployment: As per the International Energy Agency (IEA), from 2019 to 2020, the sales of electric cars surged from 2.1 million to around 3.24 million units. Furthermore, the share of electric vehicles (EVs) in global vehicle sales is expected to rise from nearly 3% in 2020 to 7% in 2023 and reach around 5.4 million units. This is fueling the requirement for electric motors as they are among the most-integral components of EVs
- Growing Need for Energy-Efficient Electric Motors: The ballooning requirement for reducing the power consumption in high-energy-consuming industries is predicted to drive the advance of the electric motor market in the coming years. These devices can account for nearly 70% of the total power consumption of a manufacturing facility. Thus, to reduce power consumption and operating expenditure, many industries are employing energy-efficient electric motors.
The implementation of partial or complete lockdowns in several countries, in order to mitigate the spread of the COVID-19 infection, has negatively impacted the progress of the electric motor market. The restrictions on the movement of goods and operations of factories brought down the sale of automobiles and machinery. Therefore, leading automakers, such as BMW AG, Tesla Inc., Daimler AG, Kia Motors Corp., and Nissan Motor Co., witnessed a massive slowdown in their operations due to the pandemic, which further affected the market.
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The electric motor market was dominated by the transportation category in the past, under the application segment. This was because of the large-scale deployment of EVs owing to the provision of government subsidies and the surging demand for eco-friendly automobiles.
In the coming years, the alternating current (AC) motor category is expected to register the highest CAGR in the electric motor market, within the type segment. This is credited to AC motors’ high energy efficiency and ability to operate at higher voltages, speed, and torque than other motors. Additionally, they are easier to maintain and need less wire. As a result, they are being increasingly used in various industrial applications and EVs.
Browse detailed report on Global Electric Motor Market Size and Growth Forecast to 2030
Geographically, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the electric motor market in the coming years. This will be because of the presence of numerous manufacturing plants in emerging economies, such as India, China, Indonesia, and Bangladesh. Furthermore, many major players are making huge investments in the untapped countries of the region, which is also propelling the advance of the APAC market.
The leading players operating in the global electric motor market are Nidec Corporation, Regal Beloit Corporation, ABB Ltd., Mitsubishi Electric Corporation, Wolong Holding Group Co. Ltd., Johnson Electric Holdings Limited, WEG Equipamentos Elétricos S.A., DENSO CORP., AMETEK Inc., Rockwell Automation Inc., Valeo S.A., BorgWarner Inc., Robert Bosch GmbH, and Siemens AG.
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