The global electric motors market size was valued at USD 132.8 billion in 2020 and reach USD 192.4 billion by 2027, registering a CAGR of 7.2% during the forecast period (2021-2027). Electric motors are devices that work on the principle of electromagnetic induction. Bearings, rotors, windings, air gaps, stators, and commutators are the components of an electric motor. Electric motors are found in hybrid cars, appliances, electric vehicles, fans, disk drivers, and power tools.
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Factors Affecting the Electric Motors Industry over the Forecast Period:
The rapid growth in the industrial and manufacturing sectors in emerging economies, especially in Asia-Pacific economies, is due to the continuous rise in foreign direct investment in promoting the manufacturing industry in the respective economies. It will be expected to raise the demand for electric motors.
The rise in motor-driven household appliances, rapid advancement in electric motor technology, benefits of electric motors such as better operational efficiency & improved insulation, and growing motorized automation across the globe are the key factors expected to propel the market growth of electric motors market over the forecast period.
However, the high cost of electric motors, limited range of electric motors, and lack of awareness among consumers about the benefits of electric motors may restrain the growth of the electric motors market.
Impact of COVID-19 on Electric Motors Market:
COVID-19 is a global public health disease that has affected almost every industry. The outbreak of COVID-19 resulted in the decline in electric motors in the oil and gas sector as coronavirus crises take over the world and led to curfews and lockdown, which impacted a lot of businesses worldwide, which directly affected the production and demand for electric motors. This creates many opportunities for the new players and small-scale players to mark their presence in the regional market and offer low-cost prices and high-quality products. Therefore, with the outbreak of the COVID-19, there is an indefinite pause that has been seen across the globe, which has negatively impacted the electric motors market value in 2020 and subsequent years.
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Scope of the Report
The report outlines the electric motors market study based on product type and application.
The electric motors market has been segmented based on product type –
- AC Motors
- DC Motors
The electric motors market has been segmented based on application –
- Industrial Machinery
- Others (Agriculture)
Electric Motors Market: Regional Outlook
Based on the region, the global electric motors market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2019, Asia Pacific held the largest share in the electric motors market, followed by Europe and North America due to technological advancement and enormous investments in industrialization in the region. Moreover, North America is expected to project the highest CAGR globally over the forecast period owing to increasing government funding and rising demand for the oil & gas industry in the region.
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Key Global Electric Motors Market Competitors Includes –
The electric motors market is highly fragmented, with a large number of small players across the globe. The vital electric motors manufacturers operating in the global market are –
- Allied Motion Technologies Inc.
- Ametek Inc.
- Arc Systems Inc.
- Asmo Co. Ltd.
- Baldor Electric Company Inc.
- Emerson Electric Co.
- Franklin Electric Co.
- General Electric
- Johnson Electric
- Nidec Corporation
- Rockwell Automation
The electric motors market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.
Electric Motors Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter’s Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
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Electric Motors Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA
Electric Motors Market: Target Audience
- Electric motors manufacturers
- Electric vehicle manufacturers
- Automotive component distributors and suppliers
- Trade publications and magazines
- Government authorities, associations, and organizations