Electric Motor Market Size, Outlook, Key Players, Share, Overview, Growth, and Forecast 2031

The global electric motor market size was US$110 billion in 2020. The global electric motor market is expected to reach US$179 billion by 2030 by registering a compound annual growth rate (CAGR) of 5% during the forecast period from 2021-2030.

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An electric motor is a machine that turns electric energy into mechanical energy. The interaction between the motor's magnetic field and electric current in a wire winding generates force in the form of torque imparted to the motor's shaft in most electric motors.

Electric motors are incredibly useful in today's world. To name a few uses, they can be found in vacuum cleaners, computer printers, fax machines, dishwashers, subway systems, video cassette recorders, machine tools, printing presses, cars, sewage treatment plants, and water pumping stations.

Factors Influencing

The global electric motor market is expected to gain traction due to the growing compliance for energy-efficient electric motors. Due to the applications of electric motors in electric vehicles, the demand for the device is continuously increasing. Electric vehicles are getting popular due to growing concerns over air pollution. Moreover, a surge in oil prices has altered the outlook of the automobile industry. Thus the global electric motor market is expected to witness significant opportunities in the coming years.

Regulations such as the Minimum Energy Performance Standards (MEPS) are driving the global market for energy-efficient electric motors.

Material handling systems are the primary consumers of fractional horsepower (FHP) motors, resulting in increased demand around the world.

The growing applications and advancements variety of electric motors would exponentially enhance the growth of the global electric motor market.

On the contrary, high setup costs associated with electric motors are forecast to slow down the growth of the global electric motor market.

Geographical Analysis

Regionally, the electric motor market in the Asia-Pacific region would observe the maximum growth during the forecast period.

The region is witnessing high adoption of electric motors in the manufacturing of passengers and commercial cars. Asia Pacific countries are shifting toward internet-based industrial activities. The region's automobile industry is likewise booming, which will present promising growth opportunities for the market players.

Apart from that, the global electric motor market would witness significant growth in North America because of the rapid expansion of the aircraft industry.

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COVID-19 Impact Analysis

Supply chains disruption had the most immediate impact on the global electric motor market. Industry executives observed delivery and construction delays because countries have shut down industries to halt the spread of coronavirus. Moreover, the lack of workers also declined the activities. Many of the components and parts used in the production of electric motors come from China, the United States, and portions of Europe. Manufacturing interruptions in China and the United States could lead to a big drop in the electric motor market.

Competitors in the Market

Johnson Electric Holdings Limited
AMETEK, Inc.
Franklin Electric Co., Inc.
ASMO Co. Ltd.
Denso Corporation
Robert Bosch GmbH
SL Montevideo Technology, Inc.
Siemens AG
ABB Ltd.
ARC Systems, Inc.
Other prominent players

Market Segmentation

Based on type

AC
DC

Based on power rating

375 KW

Based on output power

1 HP

Based on rotor type

Inner Rotor
Outer Rotor

Based on end-user

Industrial
Residential
Commercial
Agriculture
Transportation

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By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

What is the goal of the report?

-The market report presents the estimated size of the ICT market at the end of the forecast --period.

-The report also examines historical and current market sizes.

-During the forecast period, the report analyzes the growth rate, market size, and market valuation.

-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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This release was published on openPR.