Global sales of electric motors are set to be valued at over US$ 104 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). A new report estimates the market to expand at over 5.1% CAGR from 2021 to 2031.
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According to Future Market Insights (FMI), increasing automation and robotics in industrial production sector have fuelled the demand for electric motors. The market also is gaining from rapid technological advancement and advent of industrial 4.0.
The electric motors market however registered 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 medical sector were not affected due to increase in demand amid the adoption of COVID-19 precautionary measures.
Demand for alternating current (AC) electric motors has been steadily increasing. This can be attributed to operating advantage linked with it, its prime advantage is its speed torque characteristics which has raised the application for electric motors in various end uses, owing to which the AC electric motors has secured a prominent share in the global Electric motors market.
The growing requirement for pumping application from agriculture, water treatment plants, oil & gas sector and other industries is expected to drive the electric motors market in the forecast period.
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.
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Key Takeaways from Electric Motors Market Study
- <1HP. 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 value basis by the end of forecast period.
- East Asia will remain a primary market, backed by rising demand from the automotive & residential sector. It is expected to account for over 22.7% of the demand registered in globally in 2021.
- Electric motors for robotics application set to surge at 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 anticipated to grow with 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.
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Who is winning?
The electric motors market is highly competitive with more than 1,000+ players consisting of tier-1, tier-2 and local 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 in order 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.