info@strategicmarketresearch.com
26, Broadway, Suite 934, New York , 10004
us US: +18317045538    uk UK: +441256636046    in IN: +918260836500
Home » Semiconductor and Electronics » Electric Motor Market Size, Share, Global Industry Report, 2030

Electric Motor Market By Type of Motor (A.C. Motor, D.C. Motor), By Application (Automobile, Industrial Machinery, HVAC, Medical equipment, Household appliances, Others), By Power Output (Fractional Horsepower (FHP) Output, IHP or Integral Horsepower Output), By End Use (Industrial, Residential, HVAC & Refrigeration, Medical, Municipal Water Treatment, Transportation, Others), Global Report by Size, Share, Industry Analysis & Forecast, 2021 - 2030.

Published On: Aug-2022   |   Base Year: 2021   |   No Of Pages: 135   |   Historical Data: 2015 - 2019   |   Formats: PDF   |   Report ID: 90877240

Report DescriptionTable of Contents

The global electric motor market size was $121.81 billion in 2021 and is expected to reach a value of $209.68 billion by 2030, at a CAGR of 6.22% during the forecast period of 2021-2030.

 

Electric motors are regarded as the machines that are readily used to convert the electrical energy into mechanical energy. Their applications can be across many areas such as power generation, regenerative braking, running of industrial fans, coilguns (Linear Motor Application), blowers and pumps, shipping, machine tools, Crusher, Lathe Machine, Drill, Conveyor, Washing Machine, Drying Machine, Refrigeration & Air-conditioning, powertrain, Elevator, Escalator, Heavy Equipment, Hoist, compressors, rolling mills, paper mills, automobiles, and home appliances. 

 

The previous generation of motors manufactured were brushed motors, specifically brushed DC electric motor. However, brushless motors were developed with alternate current (A.C.) as they offer lower maintenance costs and higher efficiency. Depending on the total number of supply phases, we have single-phase electric motors, two-phase electric motors, and three-phase electric motors. Electric motors can also be classified by their flux system - either radial flux motors or axial flux motors, with axial being more efficient among the two. 

 

The electronics industry is the primary end-user of stepper and servo motors. Stepper motors are widely used for devices such as hard disk drives, printers, and scanners. Servo motors are widely used for remote-controlled machines - robotic arms, pulleys, hoists, and drapery systems. 

 

The electric motor industry will witness a much high growth rate in the coming years due to increasing adoption of electric vehicles, increasing rates of shipping, industrial automation, developed markets for electric power tools, higher usage in the agriculture industries, and increased use amongst domestic users for pumps and fans. 

 

Market Dynamics

Market Drivers (Increased use in the automobiles sector, higher demand in the HVAC sector, higher trade using ocean trade routes).

The main source of energy in a vehicle are the electric traction motors. It generates the energy to drive the axle, which would further rotate the wheels. Apart from traction, permanent magnet synchronous motors can also be used. Additionally, permanent magnet motors are widely used for other components such as windows, windshield wipers, and power mirrors. As per a recent study, over 34 million vehicles were sold in the APAC region, with China leading the region with over 21 million cars sold, with over 3.2 million electric vehicles sold.

Further, there was a 211% increase in electric vehicle registrations in India in FY22. According to ACEA, there was an increase in sales of electric vehicles by 53% in 2022 compared to 2021. In the U.S., electric car sales increased by 60% in the first quarter of 2022. Therefore, with rising sales of vehicles globally, we would see strong requirement for electric motors, especially in the automobile sector. 

 

Heating, ventilation & the industry for air conditioning HVAC is also seeing a tremendous rise, with a CAGR of 6.3%. With the rise in the population, there is a rising demand for domestic and commercial real estate. The global real estate market is destined to be worth USD 3.69 trillion and rising at a CAGR of 5.2%. Electric motors are essential in the circulation of air in HVAC systems. Further development in the sector will increase demand for HVAC systems for buildings and homes. With the rising need for HVAC systems, there would be a surge in the electric motor market share.

 

International trade of goods is heavily dependent on using trade routes as it is one of the most economical methods to transport goods across continents. According to the United Nations Conference on Trade and Development, there is an opportunity for countries to develop their ocean trade activities and increase it to an estimated value of USD 2.5 trillion in the years to come. With this opportunity, further opportunities exist to enhance the shipbuilding industry, which was worth USD 143 billion in 2021. There are various sections in the container ships that require electric motors, including the rotor, hoists, anchors, and other electric components. Thus, with a rising ocean trade and increased shipbuilding, we would see an uptick in requirement for electric motors.

 

Opportunities (Rising urbanization, increasing adoption of renewable energy).

With the rising population, there has also been a rise in the urbanization of new parts of countries globally. According to the U.N., 56% of the global population lives in urban areas, with over 79% of the population in developed countries living in cities. This number is expected to rise in the coming years. With rapid urbanization, there will be an increase in the urge for industrial and domestic goods. 

 

The global rate at which renewable energy is being generated is increasing yearly. According to the U.S. Energy Information Administration (EIA), renewable energy accounts for 12% of the total energy consumed in the country. According to Eurostat, in 2020, 22.1% of the energy consumed in the E.U. came from renewable sources. As per the State Grid Corp. of China, nearly 43% of the country’s energy needs are met through renewable energy. Electric motors are a key end-use product of renewable energy sources. Thus, with an increase in the use of renewable energy, we would also see an increase in the requirement for electric motors. 

 

Market Restraints

The limiting factor of using electric motors is the maintenance required, which causes downtime and increases costs.

 

Global Electric Motor Market Segments Analysis:

By Type of Motor

  • A.C. Motor

  • D.C. Motor

 

By Application

  • Automobile

  • Industrial Machinery

  • HVAC

  • Medical equipment

  • Household appliances

  • Others

 

By Power Output

  • Fractional Horsepower (FHP) Output

  • IHP or Integral Horsepower Output

 

By End Use

  • Industrial

  • Residential

  • HVAC & Refrigeration

  • Medical

  • Municipal Water Treatment

  • Transportation

  • Others

 

By Regional Aspects

North America

  • USA

  • Canada

  • Mexico

 

Europe

  • Deutschland

  • France

  • Italy 

  • Spain

  • United Kingdom

  • Rest part of the European continent

 

Asia Pacific   

  • Australia

  • China

  • India

  • Japan

  • South Korea 

  • Vietnam

  • Remaining landmass of Asia Pacific

 

Latin America, Africa & Middle East

  • Argentina

  • Brazil

  • Nigeria

  • Qatar

  • Saudi Arabia

  • South Africa

  • UAE

  • Rest of LAMEA

 

By type of motor used, A.C. motors dominated the market with over half the market share. This is due to the wider application of A.C. motors across industrial and domestic machines and systems. A major use is in the manufacture of washing machines and drying machines. According to research, more than 80% of households in the U.S. have a washing machine, with the industry growing at a CAGR of 3.5%. Similarly, the use of A.C. motors in heavy industries has risen to 14.46% between 2020 and 2021. Thus, with a rising need for domestic goods and increased industrial requirements, we would see a surge in the global demand for industrial and domestic motors. 

 

By Application, the automobile sector dominated the market, garnering over 40% of the market. The reason for this is the rising sales of electric vehicles globally. In 2021, approximately 6.5 million electric cars were sold globally, over a 100% increase in sales over the previous year. Additionally, cars employ electric motors in the functioning of the power windows, windshield wipers, and the functioning of the A.C. system. According to the U.N. Industrial Development Organization (UNIDO), the level of production in global manufacturing increased by 9.4% in 2021 as compared to 2020. As per research, the HVAC industry was worth USD 248.8 billion in 2020 and had a 4% CAGR. With immense growth across the major application industries of electric motors, especially automotive electric motors and reluctance motors, there will be an uptick in necessity for them shortly.

 

By Region, Asia Pacific dominated the market with a share of around 49.21%. This was followed by Europe electric motor market  and North America (especially the US), which held 20.4% and 21.78% of the market share, respectively. In the LAMEA region, the Saudi Arabia Electric Motors Market  held the lion’s share in 2020.

 

The APAC region’s dominance is due to the high number of vehicles and the presence of a high manufacturing industry volume. As of 2019, India, Australia, and China had over 610 million automobiles in the APAC region. Additionally, these three countries contribute nearly 24% of the global GDP and nearly 38% of global manufacturing capabilities. 

 

The U.S. Electric Motors Market, Saudi Arabian, and the European electric motors market would also see their market shares rise, contributing to the overall market growth. Additionally, with the rising number of vehicles and increased manufacturing, we would see an uptick in requirement for electric motors. 

 

Report Attribute

Details

Period of Forecast

2021 - 2030

Market size value in 2021

USD 121.81 billion

Revenue forecast in 2030

USD 209.68 billion

Growth rate

CAGR of 6.22%

The base year for estimation

2021

Historical data

2014 – 2019

Unit

USD Billion, CAGR (2021 - 2030)

Segmentation

By Type of Motor , application, output type and region.

By Type

AC motor and DC motor

By Application

Automobile, Industrial Machinery, HVAC, Household appliances, and Others.

By End Use

Industrial, Residential, HVAC & Refrigeration, Medical, Municipal Water Treatment, Transportation, Others.

By Power Output

Integral and Fractional

By Region

North America, Europe, Asia-Pacific and LAMEA

Country Scope

China, India, USA, The Netherlands, Germany, South Africa, Saudi Arabia, and Australia.

Company Usability Profiles

ABB Group, Allied Motion Technologies, Inc., Ametek, Inc. , Dumore Corp., Franklin Electric, General Electric Company, Hitachi, Ltd., Hyosung Coporation, Hyundai Electric Co, Ltd. , Johnson Electric, Kirloskar Electric Company, Ltd., Lincoln Electric Holdings, Inc., Nidec Motor Corp.,Regal Rexnord Corp., Robert Bosch GmBH, Rockwell Automation, Inc., Schneider Electric, Siemens AG, Teco Westinghouse, Toshiba Corp.,WEG S.A

 

Global Electric Motor Market Competitive Landscape Analysis:

The key players in the industry are :

  • ABB Group

  • Allied Motion Technologies, Inc.

  • Ametek, Inc. 

  • Dumore Corp.

  • Franklin Electric

  • General Electric Company

  • Hitachi, Ltd.

  • Hyosung Corp.

  • Hyundai Electric Co, Ltd. 

  • Johnson Electric

  • Kirloskar Electric Company, Ltd.

  • Lincoln Electric Holdings, Inc.

  • Nidec Motor Corp.

  • Regal Rexnord Corp.

  • Robert Bosch GmBH

  • Rockwell Automation.

  • Schneider Electric

  • Siemens AG

  • Teco Westinghouse

  • Toshiba Corp.

  • WEG S.A.

 

Recent Developments

  • In June 2022, Bosch Rexroth developed new gearboxes that would enable the industrial motors to work more efficiently and reduce the motors’ noise level.

 

  • In June 2022, Audi announced that it would invest Euro 301 million to increase the production levels of electric motors at their plant in Hungary. The plant would also receive a Euro 20 million grant from the government to help expand the factory premises.

 

  • In June 2022, Safran S.A announced that it would supply electric motors to TCab Tech for their range of electric- vertical take-off and landing (eVTOL) aircraft. The motors will have an output of more than 100 kW and will feature a fully integrated motor controller within the machine. 

 

  • In May 2022, Infinitum Electric received series D funding of USD 80 million to further expand their facilities for vertical integration and automate the production of their motors. 

 

  • In May 2022, EVR Motors and Badve Group announced a partnership to develop electric motors for electric vehicles. The Badve group will manufacture EVR Motors’ patented Trapezoidal Stator – RFPM electric motors, which are nearly half in size and weight compared to the competition. 

 

Products manufactured by Leading Market Players:

 

Name

Feature

Key Player

 VCTI-KK

High quality Thrust bearings, Rotor core with epoxy coating, highly reliable carbon bearing, Sand-resistant slinger and lip seals.

Hitachi

TEAAC Type squirrel-cage motor

Multiple International Standard compliance, explosion-proof, high efficiency, low noise, and low vibration.

Hyundai Electric

Megapack Closed-type Cage

High life hours of bearings, work across high range of temperatures, IS noise and vibration standards

Kirloskar Electric

CM201

TENV/TEBC enclosure, high power, Industrial IP44 compliant, wide CHP Range, low voltage electric motor.

Rockwell Automation

 

Frequently Asked Question About This Report

b: The global electric motor market is expected to grow at a compound annual growth rate (CAGR) of 6.22% from 2021 to 2030 to reach USD 121.81 billion by 2030.

b: General Electric company is the largest manufacturer of electric motors.

b: The market value for the APAC region in 2020 was USD 55.73 billion.

b: The global electric motor market size was around $121.81 billion in 2021 and is predicted to reach $209.68 billion in 2030.

b: The key players in the market are ABB Motors, General Electric, Johnson Electric, and Lincoln Electric.

b: The CAGR of the market in the period is 6.22%.

.