According to Future Market Insights (FMI), increasing automation and artificial intelligence (AI) in the industrial production sector have fueled demand for electric motors. The market is also benefiting from rapid technological advancement and the introduction of business 4.0.
The electric motors market, on the other hand, experienced a moderate decline in sales volume in FY2020 as a result of the unanticipated COVID-19 pandemic. Demand from major end-use industries such as automotive, oil and gas, and others has dwindled. In contrast, sections of the medical sector were unaffected by an increase in demand caused by the implementation of COVID-19 precautionary measures.
The demand for alternating current (AC) electric motors has been increasing steadily. This can be attributed to the operating advantages associated with it; its primary advantage is its speed-torque characteristics, which have increased the application of electric motors in various end uses, resulting in AC electric motors securing a prominent share in the global Electric motors market.
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The rising demand for pumping applications in agriculture, water treatment plants, the oil and gas industry, and other industries is expected to drive the electric motors market during the forecast period.
An increasing number of players are focusing on electric motor research and development, which is expected to contribute to market growth in the coming years.
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 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 anticipated to grow with a 5.4% CAGR in the forecast period.
“The electric motors market is expected to grow rapidly, owing largely to rising demand for innovative and energy-efficient products across industries.” Rising automation and digitalization in various end-use sectors are key factors driving electric motor demand. “In order to gain a competitive advantage, industry participants are investing in expansions, strategic alliances, and cost-effective solutions,” says a Future Market Insights analyst.
Who is winning?
The electric motors market is highly competitive, with over 1,000+ players across the region, including tier-1, tier-2, and locally-based vendors, with key players accounting for 20-30% of the market share. To maintain their market presence, these players are likely to invest in new technological developments and distribution network expansion.
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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.
Find More Valuable Insights
The research report analyzes the demand for Electric Motors. The global Electric motors market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed based on power output, product type, application, end-use and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply-side and demand factors.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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