The global electric motor market size was valued at USD 106.45 billion in 2020 and is expected to reach 181.89 billion by 2028, exhibiting a CAGR of 7.0% during the forecast period. A key trend in the aircraft Electric Motor market includes technological advancement. Major companies operating in the Electric Motor market are focused on developing technologically advanced products to strengthen their market position.
Industry Development:
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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DRIVING FACTORS
Rising Demand for Electric Vehicles (EVs): The shift towards sustainable and environmentally friendly transportation has driven the demand for electric vehicles. Electric motors are a crucial component of EVs, used in both battery-electric and hybrid vehicles.
Increasing Adoption of Renewable Energy: The rise in renewable energy sources, such as wind and solar power, has driven the demand for electric motors for power generation and distribution.
Urbanization and Infrastructure Development: As cities grow and infrastructure expands, there is an increased need for electric motors in various applications, such as HVAC systems, elevators, escalators, and water pumps.
Rising Awareness and Environmental Consciousness: The increasing awareness of environmental issues and the desire to reduce carbon footprints have influenced consumer behavior and industrial practices, favoring the adoption of electric motors.
Technological Integration and IoT: Electric motors are increasingly being integrated with digital technologies, such as the Internet of Things (IoT), to enable remote monitoring, predictive maintenance, and optimization of performance.
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.
Market Segmentation:
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.
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.
Highlights of the Report
Market Size and Growth: Overview of the electric motor market's historical performance, current size, and projected growth over the forecast period.
Segmentation: Breakdown of the market into different segments based on motor type (AC motors, DC motors, etc.), power output, application, end-user industry, and geographic regions.
Key Trends and Drivers: Identification and analysis of the major trends, drivers, and challenges influencing the electric motor market's growth.
Regulatory Landscape: Insight into the regulatory environment and government policies impacting the electric motor market, especially with regards to energy efficiency and emissions.
Competitive Analysis: Assessment of the competitive landscape, key players, and market share of major electric motor manufacturers.
Technological Advancements: Discussion of recent technological innovations and advancements in electric motor design, efficiency, and performance.
Applications Across Industries: Exploration of various industries utilizing electric motors, such as automotive, industrial machinery, HVAC, consumer electronics, aerospace, and more.
Regional Analysis: Examination of the electric motor market's performance and potential in different geographic regions, including North America, Europe, Asia-Pacific, and the rest of the world.
Impact of COVID-19 Pandemic: Analysis of how the global pandemic has affected the electric motor market, including supply chain disruptions, demand shifts, and recovery trends.
Future Outlook: Forecasts and predictions for the electric motor market's growth prospects and opportunities in the coming
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