The global electric motors market size is expected to reach USD 224.94 Billion in 2030 and register a revenue CAGR of 6.9% over the forecast period, according to the latest report by Reports and Data. Development of eco-friendly laws and regulations to reduce carbon footprint is encouraging the adoption of electric vehicles, which is driving revenue growth of the electric motors market.
The electric motor market is growing due to an increase in demand for greater machine control in the automotive industry, which is fueled by the high efficiency of Alternate Current (AC) synchronous motors. Regulations such as the Minimum Energy Performance Standards (MEPS) have prompted the development of new energy-efficient motors in order to maximize their output. This has led to the use of energy-efficient motors in appliances, propelling the global electric motor market growth. Because of advantages like high torque and low noise, electric motors have registered an increase in demand in Heating, Ventilation, And Air Conditioning (HVAC) applications. Electric motors do not need fuel to run and also do not require engine-oil maintenance like traditional fuel-driven engine motors. Additionally, electric motors can even operate in harsh weather conditions like sub-zero climates. They are more efficient, lighter, and have a higher working speed. Material handling systems are the primary consumers of Fractional Horsepower (FHP) motors, resulting in increased demand around the world. Furthermore, due to heat dissipation, the adoption of motors of medium voltage in the HVAC system is expected to drive revenue growth of the market over the forecast period.
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Some Key Highlights From the Report
- In October 2020, the Panamera Turbo S E-Hybrid was unveiled by Porsche. The Porsche Panamera Turbo S E-Hybrid is powered by a four-liter Biturbo V8 engine and a 136 PS (100 kW) electric motor. Owing to its new 17.9 kWh battery and improved driving modes, its all-electric range has been boosted by up to 30%.
- The household appliances segment accounted for a significant revenue share in 2021. The rapid adoption of electrical motor-based products in the domestic sector, such as vacuum cleaners, washing machines, refrigerators, and others, is expected to drive revenue growth of the segment during the forecast period.
- The Direct Current (DC) motor segment revenue is expected to grow at a steady rate over the forecast period due to the growing use of electric vehicles and the burgeoning transportation industry. DC motor gets its energy from batteries or another source of continuous voltage supplied by the generator. Bearings, shafts, and a gearbox or gears are among the most important components of DC motors. DC motors create more torque and have more speed variation and control than AC motors. The aforementioned factors are driving revenue growth of the segment.
- The market in Europe is expected to grow at a steady rate during the forecast period. Focus on renewable energy and green energy standards are primary driving factors. Also, increased investment in electric motors for agricultural and industrial needs benefits the market growth in the region.
- Companies profiled in the global market report 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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For this study, Reports and Data have segmented the electric motor market based on motor type, output power, application, and region:
Motor Type Outlook (Revenue, USD Billion; 2019–2030)
- Alternate Current (AC) Motor
- Direct Current (DC) Motor
- Hermetic Motor
Output Power Outlook (Revenue, USD Billion; 2019–2030)
- Integral Horsepower (IHP) Output
- Fractional Horsepower (FHP) Output
Application Outlook (Revenue, USD Billion; 2019–2030)
- Industrial Machinery
- Motor Vehicles
- Heating, Ventilation and Air Cooling (HVAC)
- Aerospace and Transportation
- Household Appliances
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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