Electric Motor Market Advancements, Opportunities Flourishing to Reach $207.3 billion by 2030

Electric motor is compact in size, possesses high torque, requires less maintenance, is low noise level, and provides better torque to weight ratio. This motor is used in various applications such as automotive, beauty & healthcare products, and robotics. All these factors drive the growth of the global electric motor market.

Drivers, Restraints, and Opportunities

Rise in demand for energy-efficient electric motors and surge in awareness about electric and green vehicles among customers drive the growth of the global electric motor market. However, high initial cost and maintenance of electric motors restrain the market growth. On the other hand, improvement in design methods to reduce carbon emissions creates new opportunities in the coming years.

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The global electric motor market size was valued at $106.3 billion in 2020, and is expected to reach $207.3 billion by 2030, with a CAGR of 6.7% from 2021 to 2030. In 2020, Asia-Pacific dominated the global market, in terms of revenue, accounting for around 41.10% share of the global market.

Rise in popularity of electric motors, owing to electronic computation in automation and construction applications drives the demand for electric motors in luxury features in automobiles and electrical vehicles, which fuels the electric motor market growth. For instance, according to the Indian Brand Equity Foundation, the pharmaceutical industry in India increased by 10.5% from 2018 to 2019.

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Top Players:

Rockwell Automation Inc., ABB, DENSO CORPORATION, Siemens, Emerson Electric Co., Regal Rexnord Corporation, Johnson Electric Holdings Limited, Maxon, NIDEC CORPORATION, ARC Systems Inc.

Key Segmentation Based On:

Based on motor type, the alternate current (AC) motor segment accounted for the highest market share in 2020, contributing to more than two-thirds of the global electric motor market, and is expected to continue its lead position during the forecast period. This is due to its adoption in the manufacturing of commonly used appliances.

However, the direct current (DC) motor segment is estimated to register the largest CAGR of 7.0% from 2021 to 2030, owing to rise in adoption in industrial applications.

Based on application, the automobile segment contributed to the highest market share in 2020, accounting for nearly two-fifths of the global electric motor market, and is projected to continue its dominant share during the forecast period. This is attributed to requirement of low capacity motors, which is fulfilled by the usage of electric motors. However, the medical equipment segment is expected to witness the fastest CAGR of 8.2% from 2021 to 2030. This is due to large-scale innovations and manufacturing of automated medical devices.

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Based on region, Asia-Pacific, followed by Europe and North America, held the highest share in 2020, contributing to more than two-fifths of the global electric motor market, and is expected to continue its lead position by 2030. This is due to surge in manufacturing activities of electrical and electronic equipment in China. However, LAMEA is projected to portray the highest CAGR of 8.3% during the forecast period, owing to rapid industrialization and urbanization of its developing countries.

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