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The electric motors market is experiencing dynamic shifts driven by various factors influencing supply and demand. One of the primary drivers of market dynamics is the global push towards sustainable and eco-friendly solutions. With an increasing awareness of environmental concerns, industries and consumers alike are adopting electric motors as a cleaner alternative to traditional combustion engines. This shift is particularly evident in the automotive sector, where electric vehicles (EVs) are gaining traction, contributing significantly to the overall growth of the electric motors market.
Moreover, advancements in technology play a pivotal role in shaping the market dynamics of electric motors. Continuous research and development efforts have led to the introduction of more efficient and compact electric motors, making them increasingly attractive across diverse applications. Miniaturization and weight reduction are key trends in the electric motor industry, addressing the demand for lightweight and energy-efficient solutions in sectors such as robotics, aerospace, and consumer electronics.
The demand for electric motors is also influenced by government regulations and incentives. Many countries are implementing stringent emission norms and offering incentives to promote the adoption of electric vehicles, stimulating the electric motors market. Government initiatives are not limited to the automotive sector; they also extend to industrial applications, encouraging businesses to adopt electric motors to reduce their carbon footprint.
Market dynamics are further shaped by the growing focus on Industry 4.0 and smart manufacturing. Electric motors play a crucial role in the automation and connectivity of manufacturing processes. The integration of electric motors with sensors and control systems enhances overall efficiency, enabling predictive maintenance and real-time monitoring. As industries embrace the digital transformation, the demand for smart electric motors is on the rise, driving market growth.
Global economic factors also contribute to the market dynamics of electric motors. Economic growth and industrialization in developing countries result in increased demand for electric motors across various sectors, including manufacturing, construction, and transportation. On the other hand, economic downturns or uncertainties may temporarily impact market growth as businesses reevaluate their investments.
The competitive landscape significantly influences market dynamics, with various players striving to gain a competitive edge through innovations and strategic partnerships. Established companies and new entrants alike are investing in research and development to introduce cutting-edge technologies and gain a foothold in the evolving market. Collaborations between electric motor manufacturers and technology companies further contribute to the diversification of product offerings and market expansion.
Supply chain disruptions, geopolitical events, and raw material prices also contribute to the ebb and flow of the electric motors market. For instance, fluctuations in the prices of rare-earth metals, essential components in electric motor production, can impact manufacturing costs and subsequently influence market dynamics.
The electric motors market is characterized by dynamic and multifaceted factors that collectively shape its trajectory. From environmental considerations and technological advancements to government policies and global economic trends, a complex interplay of influences propels the market forward. As industries continue to prioritize sustainability and efficiency, the electric motors market is expected to witness further evolution and expansion in the coming years.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Voltage, Output Power, End-user, By Type, and RegionGeographies CoveredNorth America, Europe, Asia Pacific, and Rest of the WorldCountries CoveredThe U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilKey Companies ProfiledGeneral Electric (U.S.), Siemens (Germany), ABB (Switzerland), Robert Bosch GmbH (Germany), Emerson Electric Co. (US), Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (China), Rockwell Automation, Inc. (US), and others.Key Market OpportunitiesIncreasing use of electric motors in the agriculture sectorKey Market DynamicsGrowing demand for improved and energy-efficient electric motors Rapidly growing HVAC industry |
Electric Motors Market Highlights:
Global Electric Motor Market Sales Overview
Electric Motor Market Sales Size was valued at USD 142 Billion in 2023. The electric motor market sales industry is projected to grow from USD 150 Billion in 2024 to USD 256.26 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.11% during the forecast period (2024 - 2032). Some of the key market drivers driving the electric motor market sales include the growing emphasis on energy efficiency, supportive government initiatives, the popularity of electric vehicles, the developing trend of industrial automation, notable technology advancements, and cost competitiveness.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Motor Market Sales Trends
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Growing demand for HVAC systems is driving the market growth
A significant trend impacting the growth of the electric motor market sales is the rising demand for HVAC systems. End users in the commercial, industrial, and residential sectors are placing a greater demand on HVAC systems because they provide thermal comfort and preserve indoor air quality. Large office buildings or retail complexes, in particular, are essential parts of modern infrastructures. HVAC systems commonly use electric DC motors to extend their lifespan, maximize their power, and achieve high airflow system efficiency.
Brushless DC motors are becoming more widely used in EV/hybrid electric vehicles (HEV) due to significant advancements in EV technology. The Asia-Pacific region's need for HVAC systems has also increased as a result of China and India's expanding commercial and industrial sectors. Throughout the projected years, these variables will propel the expansion of the worldwide electric motor market sales.
Within the global electric motor industry, there are four sub-markets: low-speed, medium-speed, high-speed, and ultra-high-speed. Because it may be applied in so many different contexts, the high-speed sector has the largest market share. High-speed electric motors are particularly useful for processes like winding, cutting, and grinding because these operations call for high rotating speeds. These motors can run at both high and low voltages and include a regulated torque in addition to a high rotation speed. Their ability to efficiently run swift machinery facilitates the growth of their market. This element serves as a driver for the expansion of the global market for the sales of electric motors.
The global automobile sector is transitioning to electric mobility due to significant developments in electric car technology. Europe's vigorous attempts to lower its carbon footprint have led to an increase in the popularity of electric vehicles with electric motors. Technological developments have improved charging times and lowered the cost of batteries. Government support for battery-powered, environmentally friendly vehicles is growing, and this presents more opportunities for the electric motor sector to flourish through tax exemptions and incentive schemes.
In the near future, robotics technology is also anticipated to open up a number of new opportunities for electric motor sales players in Europe. Industrial robots are commonly used in hazardous locations where workers may be exposed to radioactive materials and harmful chemicals, as well as for simple repetitive tasks. These will all lead to the creation of fresh, profitable business prospects. Thus, driving the electric motor market sales revenue.
Electric Motor Market Sales Segment Insights
Electric Motor Sales Product Type Insights
The electric motor market sales segmentation, based on product type, includes AC Motors, DC Motors, and Hermetic Motors. In 2023, the AC motors segment dominated the market. This high percentage can be attributed to the wide range of uses for AC motors, which include everything from irrigation pumps to contemporary robotics. They are also widely used in HVAC equipment and are smaller, less expensive, and lower in weight. The automotive industry has witnessed a significant surge in the use of electric AC motors due to the development of affordable and highly efficient electronics, along with advancements in permanent magnetic materials.
Electric Motor Sales Application Type Insights
The electric motor market sales segmentation, based on application type, includes Aerospace & Transportation, Industrial Machinery, Motor Vehicles, HVAC Equipment, Household Appliances, and Others. The industrial machinery category generated the most income in 2023. Electric motors are used in a variety of industries, such as chemicals, natural gas production, metallurgy, mines, and the beverage and food sectors, for the processing and manufacturing of products through compressors, pumping systems, and other turbocharger machinery.
Electric Motor Sales Power Output Insights
The electric motor market sales segmentation, based on power output, includes Integral HP Output and Fractional HP Output. In 2023, the fractional HP output segment dominated the market due to its extensive range of applications in many types of home appliances, including coffee makers, refrigerators, and vacuum cleaners. Since they work well in harsh industrial settings, they are often utilized in industrial equipment. These motors have many benefits, such as stability against changes in electric current and a strong starting torque.
Figure 1: Electric Motor Market Sales, by Power Output, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Motor Sales Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American electric motor market sales area will dominate this market, driven by partnerships between charging infrastructure providers, automakers, and tech firms. By collaborating, these projects want to improve the ecosystem as a whole—battery and charging infrastructure included—and hasten the uptake of electric vehicles. Numerous factors, such as tax incentives for purchasing electric vehicles, investments in charging infrastructure, and increased consumer awareness of environmental issues, are driving the expansion of the electric motor sales industry in the United States.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.
Figure 2: Electric Motor Market Sales Share By Region 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe electric motor market sales accounts for the second-largest market share, driven by a number of reasons, such as laws and subsidies from the government that encourage sustainable transportation and the use of electric cars and motors. The European market for electric motor sales is expanding as a result of efforts to cut carbon emissions and the construction of infrastructure for charging them. Further, the German electric motor market sales held the largest market share, and the UK electric motor market sales was the fastest growing market in the European region.
The Asia-Pacific electric motor market sales is expected to grow at the fastest CAGR from 2024 to 2032 as a result of significant industrialization investments made in nations like Australia, South Korea, China, India, and South Africa, as well as developments in the agricultural sector. Additionally, there is a growing number of established OEMs and the rising sales and production of electric vehicles in nations like China and Japan. Moreover, China’s electric motor market sales held the largest market share, and the Indian electric motor market sales was the fastest growing market in the Asia-Pacific region.
Electric Motor Sales Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the electric motor market sales grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the electric motor sales industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global electric motor sales industry to benefit clients and increase the market sector. In recent years, the electric motor sales industry has offered some of the most significant advantages to medicine. Major players in the electric motor market sales are attempting to increase market demand by investing in research and development operations, including ABB Ltd., Johnson Electric Holdings Limited, Allied Motion Technologies, Inc., Ametek Inc., Nidec Motor Corporation, Siemens, Franklin Electric Co., Inc., Schneider Electric, Regal Rexnord Corporation, and ORIENTAL MOTOR USA CORP.
One well-known international company with a reputation for excellence in power and automation technologies is ABB Ltd. ABB offers a wide range of motors, drives, and control solutions in the electric motor market sales. The company's dedication to energy efficiency and sustainability is in line with the rising demand for environmentally friendly electric motors. Customers searching for dependable and cutting-edge electric motor solutions frequently choose ABB due to its strong research and development capabilities and global reach.
Siemens AG operates in the domains of digitization, automation, and electrification. The business creates, develops, and produces goods in addition to installing intricate projects and systems. Additionally, the business offers a broad range of specially designed solutions to meet specific needs. Siemens specializes in distributed energy systems, intelligent building infrastructure, and power generation and distribution. Siemens and MAHLE began working together in August 2022 to create an electric motor-based inductive charging solution for electric vehicles. Standardized measures were also implemented as part of this agreement to guarantee compatibility between electric vehicles and the charging infrastructure.
Key Companies in the electric motor market sales include
- ABB Ltd.
- Johnson Electric Holdings Limited
- Allied Motion Technologies, Inc.
- Ametek Inc.
- Nidec Motor Corporation
- Siemens
- Franklin Electric Co., Inc.
- Schneider Electric
- Regal Rexnord Corporation
- ORIENTAL MOTOR USA CORP
Electric Motor Sales Industry Developments
August 2022:Johnson Electric Holdings Limited introduced a motor for adjusting the steering wheel. Drivers can adopt a relaxed driving posture due to this electric motor.
July 2023:Battery Energy Storage Solutions (BESS) are being developed in Taiwan in collaboration with Fortune Electric and General Electric Vernova's Solar & Storage Solutions. Electric motors are used in the storage system to regulate energy flow, control battery charging and discharging, and guarantee seamless integration of the stored energy.
May 2023:The low voltage NEMA motor division of Siemens was announced to be acquired by ABB Limited. Through this acquisition, ABB will be able to expand its portfolio in the NEMA motor market and solidify its position as a manufacturer of NEMA motors.
Electric Motor Market Sales Segmentation
Electric Motor Sales Product Type Outlook
- AC Motors
- DC Motors
- Hermetic Motors
Electric Motor Sales Application Type Outlook
- Aerospace & Transportation
- Industrial Machinery
- Motor Vehicles
- HVAC Equipment
- Household Appliances
- Others
Electric Motor Sales Power Output Outlook
- Integral HP Output
- Fractional HP Output
Electric Motor Sales Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
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- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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