Electric Motor Market Growth Trajectory: Size to Reach USD 263.1 Billion by 2030, Expanding Growth Opportunities

The electric motor market has been seeing good growth, driven by rising industrial automation, increasing adoption across automotive applications, and supportive government policies. Electric motors convert electrical energy into mechanical energy for myriad applications. The electric motor market outlook remains positive backed by end-user industry expansion. Advancements in motor technologies will open up growth opportunities. Manufacturers should leverage emerging trends such as customization and predictive maintenance capabilities.

Market Highlight and Stats:

● The global electric motor market is projected to grow from USD 151.1 billion in 2021 to USD 263.1 billion by 2030, at a CAGR of 6.5%.
● Asia Pacific held the largest revenue share of around 40% in 2021.

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Market Overview:

The electric motor market outlook remains positive driven by increasing production across various end-user industries, advancements in motor technologies enhancing efficiency, and electrification of automobiles. Supportive policies, incentives for sustainable manufacturing, industrial automation and EV adoption are key catalysts. However, technical challenges related to heat dissipation and demagnetization inhibit growth.

Electric Motor Market Market Trends:

Development of customized, high-efficiency electric motors meeting application demands.
Adoption of simulation and prototyping tools to enhance motor design.
Growing R&D investments in axial flux motor topologies.
Shift towards use of smart sensors for condition monitoring and predictive maintenance.
Increased adoption of electric motors across household appliances, HVAC systems etc.

Electric Motor Market Growth Drivers:

Rising industrial manufacturing activity and automation of production processes.
Increasing adoption of electric vehicles requiring high-performance electric traction systems.
Advancements in electric motor technologies improving efficiency, power density, controls etc.
Government support, incentives, and regulations promoting energy efficiency and sustainability.
electrification of systems across automotive, aerospace, oil & gas, and other industries.
Infrastructure investments driving demand for industrial equipment utilizing electric motors.

Challenges:

Technical challenges related to demagnetization, heat dissipation and stability of high-efficiency motors.
High costs of R&D and need for continuous innovation as per evolving industrial requirements.
Price pressures from low-cost manufacturers especially across Asia.
Requirement of qualified personnel for optimal motor sizing, selection, operation and maintenance.
Lack of standardization in testing methodologies and efficiency determination.

Segmentation:

The electric motor market can be segmented by type, power output, and application. Major types of electric motors include DC motors, AC motors, and hermetic motors. Key power outputs are integral horsepower and fractional horsepower motors. Major applications are in the aerospace & transportation, household appliances, HVAC equipment, industrial machinery, motor vehicles, and other sectors.

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Regional Analysis:

Asia Pacific accounts for around 40% market share driven by industrial growth in China, Japan, India etc. The North America and Europe markets will see steady growth focused on energy-efficient and premium motors. The Middle East, Africa and Latin America offer untapped potential.

Key Players:

ABB Ltd., Siemens AG, WEG, TECO Electric & Machinery Co. Ltd., Toshiba International Corporation, Emerson Electric, Rockwell Automation, Nidec Motor Corporation, Regal Beloit Corporation, GE, Allied Motion Technologies, Arc Systems Inc., Denso, Wolong, Bosch.

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This release was published on openPR.