In 2021, the electric motor market is expected to grow annually (YoY) by 4.2% and reach 1.2 billion units. According to the report, demand for AC motors increased by 5.1% to 837 million units in 2021, while demand for DC motors will increase by 2.2% to 339 million units. According to Future Market Insights (FMI),
North America currently holds dominance, accounting for over more than 1/4th of the electric motor market in 2021. The expansion of electronics sector in the region is creating growth opportunities for the years ahead. The U.S. currently leads the global market, with revenue expected to reach US$ 40.4 Bn by 2031. The residential appliances segment, which primarily uses low-power capacity motors, is expected to boost electric motor demand. Historically, the electric motor market has been regarded as a high volume-high value market.
Electric motors consume 40% of the total energy used in industries, according to Energy Association estimates. Instead, emphasis should be placed on promoting the use of high-efficiency motors.
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Demand for alternating current (AC) electric motors has been steadily increasing. This can be attributed to the operating advantage linked with it, its prime advantage is its speed torque characteristics which have raised the application for electric motors in various end uses, owing to which the AC electric motors have secured a prominent share in the global Electric motors market.
The growing requirement for pumping applications from agriculture, water treatment plants, the oil & gas sector and other industries is expected to drive the electric motors market in the forecast period. An increasing number of players are focusing on research and development related to electric motors, which is anticipated to contribute towards market growth in the years to come.
The electric motors market however registered a moderate decline in its sales volume in FY2020 due to the unforeseen COVID-19 pandemic. Demand from major end-use industries like automotive, oil & gas, and other waned. Contrary to this, sections of the medical sector were not affected due to an increase in demand amid the adoption of COVID-19 precautionary measures.
Key Takeaways from Electric Motors Market Study
- Power-output electric motors are projected to hold over 80% volume share of the global market in 2021, owing to robust demand for various applications.
- The AC Electric motors are set to hold over 71.6% of the market share on a value basis by the end of the forecast period.
- East Asia will remain a primary market, backed by rising demand from the automotive & residential sectors. It is expected to account for over 22.7% of the demand registered globally in 2021.
- Electric motors for robotics applications are set to surge at a CAGR of approximately 5.9% over the coming decade.
- The U.K. is emerging as a key market in Europe, with a valuation of over US$ 5.4 Bn in 2021, and is anticipated to grow with a 5.4% CAGR in the forecast period.
“The electric Motors market is anticipated to grow at a strong pace driven largely by increasing demand for innovative and energy-efficient products across industries. Raising automation and digitalization in various end-use sectors are key factors fuelling the demand for electric motors. Industry participants are investing in expansions, strategic alliances, and cost-effective solutions to gain a competitive advantage,” says a Future Market Insights analyst.
Competitive Analysis:
The electric motors market is highly competitive with more than 1,000+ players consisting of tier-1, tier-2 and locally based vendors across the region, key players accounting for around 20-30% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their market presence.
Some of the key players in this industry include but are not limited to General Electric, Robert Bosch GmbH, Hitachi, Ltd., Nidec Corporation, WEG S.A., Siemens AG, ABB Group, Regal Beloit Corporation, Toshiba Corporation, Johnson Electric, Hyosung Corporation, Schneider Electric SE, Bonfiglioli Riduttori S.p.A., Kirloskar Electric Company Ltd., Allied Motion Technologies Inc., East West Manufacturing, LLC, Hyundai Electric Co. Ltd.
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Electric Motor Market by Category
Power Output:
- <1HP
- 1-5HP
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100HP
- 100 – 300 HP
- 300 – 500HP
- Above 500HP
Product Type:
- AC Motor
- Induction Motor
- Synchronous Motor
- DC Motor
- Brushed DC
- Brushless DC
By Application:
- Pumps
- Fans
- Drives
- Compressor
- General Machinery
- Centrifugal Machinery
- Grinders
- Extruders
- Robotics
- Others
By End Use:
- Industrial
- Oil & Gas
- Power Generation
- Mining
- Food & Beverages
- Pulp & Paper
- Chemicals
- Air Separation Plant
- Other Manufacturing
- Residential
- HVAC & Refrigeration
- Medical
- Municipal Water Treatment
- Transportation
- Automotive
- Aviation
- Electric vehicles
- Railways
- Boats
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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