Electric Motor Market Grow At 5.1% CAGR From 2021 - 2031

Global sales of electric motors are set to be valued at over US$ 104 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). A new report estimates the market to expand at over 5.1% CAGR from 2021 to 2031.

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Increasing number of players are focusing on research and development related to electric motors, which is anticipated to contribute towards market growth in the years to come.
With the penetration of robotics and automation in the last decade, across a plethora of industry verticals encompassing electronics manufacturing, food & beverage industries and automotive. Furthermore, investments in smart factory automation, particularly is massive production plants, have been growing constantly. With the increasing adoption for automation and robotics technology, electric motors demand will be boosted in regards to its use in drive units. The growth rate of the market growth is thus expected to be in proportion to that of industrial automation and robotics.

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Competitive Analysis:
The electric motors market is highly competitive with more than 1,000+ players consisting of tier-1, tier-2 and local 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 in order to maintain their market presence.

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.

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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

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