Electric Motor Market: Current Analysis and Forecast (2021-2027)

A rise in technological advancement in the industries such as medical, food and beverage, manufacturing, etc. are generating the demand for electric motor globally. As per a report by DataProt, there are more than 10 billion active IoT devices In 2021. Moreover, it is estimated that the number of active IoT devices will surpass 25.4 billion in 2030. Also, the trending smart factory concept globally is one of the prominent reasons that are contributing to the growth of the market. Smart factories in North America are expected to be worth more than US$500 billion in 2022, as revealed by Forbes. Moreover, due to the wide application of electric motors in consumer goods, food and beverage, and the automobile industry, the demand for electric motors is witnessing an uptick. In the food and beverage sector, electric motors are used in ready-to-eat processing, meat and poultry processing, soft drink production, distilling, and malting, etc. Whereas in the consumer goods industry, motors are used in applications such as electric toothbrushes vacuum cleaners, coffee machines, refrigerators, etc. More than 10% of fractional horsepower motors power domestic appliances, finding use in microwave turntables, blenders, mixers, refrigerators, washers and dryers, and garage door openers
However, the COVID-19 pandemic became a disruption for the global electric motors market. The magnitude of this unpreceded crisis has yet to be fully manifested and resailed. The global electric motor industry was growing at a considerable pace in the past year but, the pandemic impacted the supply chain, dwindle the imports, and slowed down the operations, causing the sluggish market demand. However, amid partial business reopening, the demand for electric motors would show some enhancement, resulting from its recovery. The opening of end0use industries use as commercial, residential, retail along with connected market efforts to improve product awareness will go a long way in augmenting the growth of the electric motor market.
ABB Group, ARC Systems, Inc., Asmo Co., Ltd., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emerson Electric, Maxon Motors AG, Regal Beloit Corporation, Rockwell Automation, Inc., Siemens AG, etc., are some of the prominent players operating in the global Electric Motor market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Type, AC Motor segment holds the major share”
Based on the type, the market is fragmented into AC, DC, and Hermetic Motor. The AC motor segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to the numerous advantages it offers coupled with the launch of new AC motors across regions. For instance: Two new traction motor systems, the 200 kW Ni200Ex and 50 kW Ni50Ex was launched by Nidec Corporation in 2020.
“Amongst Rotor Type, Inner Rotor Motor segment dominated the market during the forecast period”
Based on rotor type, the market is mainly fragmented into inner and outer. In 2020, the inner segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period. The advantage of Inner rotor motors such as great ability to dissipate heat, fast acceleration and deceleration of speed, high starting torque, have reversible action capability, compact, low prices are contributing to the growth of this segment
“Amongst Speed Type, Low-Speed Motor segment to Witness exhibit growth during the forecast period”
Based on Speed Type, the market is mainly fragmented into Low-speed, Medium-speed, High-speed, and Ultra High- Speed. In 2020, the low-speed segment grabbed the XX% market share. The segment gathered USD XX Mn revenue in 2020. The demand for low-speed motors is on the rise on account of the growing demand from the food and beverage industry, Chemical industry, and others as well. Foodservice machines, Ice making machines, Chemical fluid pumps, and Lawn and garden equipment that require log speed and high torque for operations
“North America represents one of the largest markets of Electric Motor market”
For a better understanding of the market dynamics of the Electric Motor market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South-Korea, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ XX million in 2020 owing to the rising per capita income that is leading to the growing demand for luxury. As per the World Bank, GDP per capita income in the United States increased from US$ 56,839.38 in 2015 to US$ 65,297.51 in 2019.
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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry
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