Pune, India, April 06, 2022 (GLOBE NEWSWIRE) -- The global electric motor market size is projected to grow from USD 113.14 billion in 2021 to USD 181.89 billion in 2028 while exhibiting a CAGR of 7.0% between 2021 and 2028. Fortune Business Insights published this information in its latest report, titled, “Electric Motor Market, 2021-2028.” The report further mentions that the market stood at USD 106.45 billion in 2020. 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.
The effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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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 Motor Type, By Power Output, By Voltage, By Application, and Region |
| Growth Drivers | Increasing Demand from Commercial & Residential Sector to Promote Growth |
| Facility Expansion by Prominent Companies to Brighten Their Market Prospects |
DRIVING FACTORS
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. This is expected to contribute to the global electric motor market growth during the forecast period.
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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.
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.
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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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.
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.
List of the Companies Profiled in the Market:
- ABB (Switzerland)
- AMETEK (United States)
- Johnson Electric (China)
- Siemens (Germany)
- Rockwell Automation (United States)
- GE (United States)
- Nidec Motor Corporation (Japan)
- WEG (Brazil)
- Toshiba Corporation (Japan)
- Hitachi (Japan)
- Mitsubishi Heavy Industries (Japan)
- TECO-Westinghouse Motor Company (United States)
- Arc Systems Inc. (Japan)
- DENSO (Japan)
- Regal Beloit Corporation (United States)
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Electric Motor 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
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