Electric Motor Market Growth , Outlook , and Analysis 2030 | Upsurge to Reach $207.3 billion

According to a new report published by Allied Market Research, titled, 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.

The electric motor is compact, offers high torque, requires minimal maintenance, operates quietly, and boasts a superior torque-to-weight ratio. This motor is utilized in various applications, including automotive, beauty and healthcare products, and robotics. These advantages are driving the growth of the global electric motor market.

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Driving Factors:

In 2020, Asia-Pacific led the global market in terms of revenue, contributing approximately 41.10% of the global market share.

The growing popularity of electric motors, driven by advancements in electronic computation for automation and construction applications, is increasing their demand in luxury automobile features and electric vehicles, thus boosting market growth. For example, according to the Indian Brand Equity Foundation, India's pharmaceutical industry grew by 10.5% from 2018 to 2019.

The COVID-19 pandemic forced several electric motor manufacturers to halt operations in countries such as the UAE, India, and Brazil, directly impacting global sales. For instance, Siemens AG's net sales decreased by 0.4% from September 2019 to September 2020.

Additionally, shortages of raw materials, supply chain disruptions, and manpower shortages significantly hampered the supply chain of electric motor products. However, with the resumption of the electric motor industry and the availability of COVID-19 vaccines, the global electric motor market is expected to return to full capacity.

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Top Players:
Major companies such as Mitsuba Corporation, Portescap, and Siemens AG have introduced new electric motors to the market. For instance, in April 2018, Mabuchi Motor Co. Ltd. launched the RS-4G5WA motor, designed for peripheral engine equipment. This motor features enhanced heat and vibration resistance, high torque, and an output capacity ranging from 2.0 W to 33 W, and weighs approximately 125g.

Segmentation Based On:

The global electric motor market is segmented into motor type, product type, application, and region.

On the basis of motor type, the market is divided into alternate current (AC) motor and direct current (DC) motor.

The AC segment generated the highest revenue in 2020. Depending on output power, the market is divided into integral horsepower (IHP) output and fractional horsepower (FHP) output. The integral horsepower (IHP) output segment dominated the market in 2020.

By application, the market is divided into automotive, HVAC, medical equipment, industrial machinery, home appliances, and others. The home appliances segment dominated the market in 2020.

Regional Analysis:
Region wise, the global electric motor market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global electric motor market share, and is anticipated to secure a leading position during the forecast period. 

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