Global Electric Motors Market Scenario:
According to Market Research Future (MRFR), the global Electric Motors Market is estimated to expand at 6.2% CAGR from 2017 to 2023 (forecast period). The report offers a detailed and thorough analysis of the impact of the COVID-19 pandemic on the global electric motors market.
Leading Players analyzed in the Electric Motors Market are:
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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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.
Market Dynamics
The global market for electric motors is mainly driven by increasing demand for energy-efficient electric motors. The increase in environmental awareness is contributing to a higher implementation of motors that provide energy efficiency and, therefore, significantly subsidizes the growth of the market for electric motors. The increase in the use of electric motors by the swiftly expanding agricultural sector is also expected to contribute to the development of the market for electric motors. The increasing use of electric motors by numerous industrial machineries and household applications is also projected to propel the market's growth.
The Electric Motor Industry is expected to have a significant number of advancements over the forecast period due to continuous developments in the industrial, automotive, and agricultural sectors. The market for electric motors is also projected to have a significant expansion level by multinationals and well-established firms.
Electric Motors Market Segmental Analysis:
The global market for electric motors has been segmented based on type, voltage, output power, and end-use.
Based on type, the global market for electric motors 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 market 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.
Based on end-use, the global market for electric motors 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.
Regional Analysis
Region-wise, the global electric motors market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The Asia Pacific accounted for the largest 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.
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