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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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.
Key Point:
<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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Compititive Landscape:
Companies operating in Electric Motors market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity and address the demand of an expanding consumer pool.
For instance, In, On January 24, 2019 Bosch assumed full control of of EM-motive, one of Europe’s most successful manufacturers of electric motors.
On August 3rd, 2021, Nidec Corporation acquired stocks of Mitsubishi Heavy Industries Machine Tool Co., Ltd. and announced an outline for its new subsidiaries.
Manufacturers are also focusing on the expansion of their product portfolio to maintain high customer base across the globe
For instance, On 5 Feb, 2021 Johnson Electric Launches Low Voltage DC Motor Solutions for Smart Furniture. The LVDC motor solutions are designed for actuators used in smart recliners, height adjustable desks, hospital beds and other smart furniture products.
On February 16th, 2021 Regal announced a collaboration with Rexnord’s PMC segment to create world-class power transmission technology.
Key Player:
Robert Bosch GmbH
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.
North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to be the largest market in North America and reach US$ 40.4 Bn by 2031.
The United States’ highly developed end-use sectors are supporting the market growth. Overall industrial spending grew at a rate of about 4.6 percent in 2019 than overall economic growth of 4.0 percent in the United States calculated by Gross Domestic Product (GDP), according to CMS’ Office of the Actuary estimates.
Furthermore, the U.S. is home to technically advanced industrial sector in the world, making it a lucrative market for electric motors manufacturers, as it exhibits high demand for robotics and automation for industrial as well as residential applications.
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