As per Future Market Insights, the global market for electric motor is anticipated to rise at a CAGR of 5.1% between 2021 and 2031, surpassing a valuation of US$ 104 Bn in 2021.
Increasing demand for electric motors in automotive, industrial and agricultural sectors is stimulating growth of the electric motors market. Besides this, owing to their various advantages such as low cost of purchase and maintenance and long operating life will create positive opportunities for growth for the market.
Focus on introducing pollution free electric vehicles is spurring sales prospects. Apart from this, surge in the demand of efficient electric motors is pushing sales in the aviation sector.
Now-a-days, manufacturers are increasingly focusing on research and development activities to produce novel and efficient electric motors in order to address the changing preferences of consumers. This in turn will present a positive demand outlook. FMI has also estimated that efficiency of synchronous electric motor is over 80% more in comparison to an induction electric motor.
Some of the leading market players are focusing on diversifying their portfolios by entering into strategic collaborations with technology providers. For instance, in 2020, Geely Automobile’s new all-electric SUV Geometry C adopted Nidec’s E-Axel Traction Motor System.
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Similarly, in 2019, Bosch announced the acquisition of EM-Motive, a European manufacturer of electric motors. This acquisition aligns with the growth strategy of Bosch focused at achieving dominant market position for electromobility.
According to the study, the U.S., Europe and China will emerge as lucrative markets for electric motors owing to maximum electricity consumption across the globe.
“Leading players operating in the market are focusing on strengthening their global footprint. To achieve this they are emphasizing on strategic collaborations and acquisitions. Besides this, product launches will remain a sought-after strategy” said a Future Market analyst.
Key Takeaways from Electric Motor Market Survey
- The U.S. is expected to emerge as a lucrative market in North America owing to growing mechanization in the agricultural sector.
- Backed by rapid industrialization, Europe has emerged as a leading the market for electric motors.
- China is likely to register brisk growth in Asia owing to the increasing availability of low cost electric motors.
- Medium-sized motors are expected to account for nearly three-quarter of global demand.
- Growing demand for electric motors in aviation sector is driving the market.
- Rising demand for electric motors in automotive and industrial sectors will create opportunities for growth in the coming years.
Electric motors manufacturers are focusing on new products launches to keep pace with the evolving needs of consumers. Also, they are undertaking acquisitions and collaborations to solidify their position in the market.
For instance, in 2019, Siemens announced the launch of its new variants, Sirius 3RW55 Failsafe and Sirius 3RW50 in order to enhance its soft starters portfolio for motors.
In 2020, Seimens Ltd., announced the acquisition of New Delhi based C&S Electric Limited. This acquisitions aims at addressing growing demand for low-voltage power distribution in India.
Some of the leading players operating in the electric motor market profiled by Future Market Insights are:
- ABB Group
- Siemens Ag
- WEG SA
- Regal Beloit Corporation
- Nidec Corporation
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global electric motor market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on electric motor market with detailed segmentation:
- AC Motors
- Induction Motors
- Synchronous Motors
- DC Motors
- Brushed DC Motors
- Brushless DC Motors
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100HP
- 100 – 300 HP
- 300 – 500HP
- Above 500HP
- General Machinery
- Centrifugal Machinery
- Oil & Gas
- Power Generation
- Food & Beverages
- Pulp & Paper
- Air Separation Plant
- Other Manufacturing
- HVAC & Refrigeration
- Municipal Water Treatment
- Electric vehicles
- North America
- Latin America
- South Asia and Pacific
- East Asia
- Middle East and Africa
Key Questions Covered in the Electric Motor Market Report
- The market survey also highlights projected sales growth for electric motor market between 2021 and 2031
- The report offers insight into electric motor demand outlook for forecast period 2021-2031
- Electric Motor market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Electric Motor market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry