Electric Motor Market is Expected to Clock a Notable CAGR of 6.9% and Reach USD 224.94 Billion by 2030

Electric Motor Market Overview:

The electric motor market is poised for significant growth, with a projected size of USD 224.94 Billion by 2030 and a revenue CAGR of 6.9% during the forecast period. This growth can be attributed to a variety of factors, such as increased awareness of climate change and green vehicles, greater consumption of electricity, and new innovations in household appliances and various industries.
Electric motors are commonly used in a wide range of industries, including steel mills, treadmills, automobiles, and paper manufacturing equipment. Brushed DC motors are used in these applications, while brushless DC motors are used in rigid disc drives, electric cars, and unmanned aerial vehicles (UAVs). Electric motors are highly energy-efficient for industrial use, with an efficiency of over 95%, compared to less than 50% for internal combustion engines. Additionally, electric motors are more cost-effective to manufacture and are lightweight and compact in use.
Electric vehicles currently account for approximately 3% of total car sales globally. These vehicles rely on electric motors instead of internal combustion engines, and they require a large traction battery pack to power the motor, which can be charged using Electric Vehicle Supply Equipment (EVSE). Electric motors are also used in smartphones to provide haptic feedback to users.

Electric Motor Market Segments:

The global electric motor market is expected to witness significant growth in the coming years. In 2021, the market size was valued at USD 122.36 billion, with a projected revenue CAGR of 6.9% from 2021 to 2030. By 2030, the market is expected to reach USD 224.94 billion in revenue.
The base year for the market size estimation is 2021, with historical data from 2019-2020 and a forecast period from 2022-2030. Revenue is measured in USD billion.
This report covers a range of parameters, including revenue forecasts, company rankings, competitive landscapes, growth factors, and trends. The segments covered in the report include Motor Type Outlook, Output Power Outlook, Application Outlook, and Regional Outlook.
Overall, the global electric motor market is expected to experience significant growth, driven by factors such as an increase in awareness about climate change and green vehicles, rising consumption of electricity, and new innovations in household appliances and various industries. The market's widespread adoption in commercial and industrial applications is driving growth, with electric motors providing a significant gain in energy efficiency for industrial use and being less expensive to manufacture, small, and lightweight in use.

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Electric Motor Market: Strategic Developments

The electric motor market is seeing a range of strategic developments as companies seek to stay competitive and capitalize on new opportunities. Here are some of the key trends and developments in the market:
Mergers and Acquisitions: Companies in the electric motor market are increasingly using mergers and acquisitions as a way to expand their product portfolios, access new markets, and gain a competitive advantage. For example, in 2020, Nidec Corporation acquired Mitsubishi Heavy Industries Machine Tool Co., Ltd., which helped it expand its product range in the machinery industry.
Product Innovation: Another key trend in the electric motor market is product innovation. Companies are investing heavily in research and development to create new, more efficient, and more reliable electric motors that can meet the changing needs of their customers. For example, ABB launched its new Baldor-Reliance EC TitaniumTM motor in 2020, which offers higher efficiency, improved performance, and longer life.
Investment in Electric Vehicles: With the rise of electric vehicles, companies are increasingly investing in the development and production of electric motors for these vehicles. This includes traditional automotive companies, as well as new players in the market. For example, in 2020, General Motors announced plans to build its own electric motors for its EVs.
Use of Advanced Materials: Companies in the electric motor market are also exploring the use of advanced materials to create more efficient and durable electric motors. For example, Tesla uses a unique magnetic alloy in its electric motors that enables them to operate at high temperatures without degrading.
Focus on Energy Efficiency: Finally, there is a growing focus on energy efficiency in the electric motor market, with companies striving to create motors that use less energy and produce fewer emissions. This is driven in part by government regulations and incentives, as well as by growing consumer demand for more sustainable products.
Overall, the electric motor market is evolving rapidly, with companies across the industry pursuing a range of strategic developments to stay ahead of the curve.

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Electric Motor Market: Competitive landscape

Competitive landscape of the electric motor market is fragmented with many key players operating on global and regional levels. Major companies are engaged in product development, technological advancements, and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major players include AMETEK Inc., Toshiba Corporation, Hitachi Ltd, Brook Crompton, General Electric Company, Siemens AG, ASMO KARTS, Johnson Electric Holdings Limited, WEG, and Maxon.

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