Global sales of electric motors are set to be valued at over US$ 104 Bn in 2021, with a stable long projection, in line with the most recent insights by Future Market Insights (FMI). a replacement report estimates the market to expand at over 5.1% CAGR from 2021 to 2031.
In line with Future Market Insights (FMI), increasing automation and AI within the industrial production sector have fuelled the demand for electric motors. The market is also gaining from speedy technological advancement and also the advent of business 4.0.
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.
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 has 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.
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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 to market growth in the years to come.
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 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.
Who is winning?
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.
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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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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