Electric Motors Market is predicted to reach USD 214.96 billion at a CAGR of 5.32% during the forecast period

Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Electric Motors Market.

Global Electric Motors Market

An electric motor is a device that powers devices by converting electrical energy into mechanical energy. Such motors function along electromagnetism and are considered highly durable, energy efficient, and low maintenance. The electric motors market finds strong growth globally owing to its wide use in various household appliances, industrial equipment, and even motor vehicles.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Electric Motors Market Research Report

Electric Motors

Market Synopsis

According to the MRFR analysis, the Global Electric Motors Market size is projected to reach USD 214.96 billion by 2031 at a CAGR of 5.32%.

The growth of the global electric motors market is expected to be driven by key factors such as the growing demand for improved and energy-efficient electric motors, the increasing use of electric motors in the agriculture sector, and the rapidly growing HVAC industry. However, factors such as soaring prices of rare earth minerals and the impending supply-demand crisis are expected to restrict the market growth. On the other hand, strong impetus in the electric vehicle market poses lucrative opportunities for the vendors. The pandemic has had a negative impact on the electric motor industry across the world. However, with rapid vaccine roll-out in large economies and imports reaching pre-pandemic levels, the electric motors market is anticipated to grow once the global economy plunges back. Thus, the global electric motor market is projected to grow at a slower rate in 2021; however, the growth is expected to reach pre-pandemic levels in a couple of years.

Electric Motors Market Competitive Landscape

The global electric motors market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players competing to gain maximum market share. Intense competition and frequent changes in government policies and regulations are the key factors that impact market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. The vendors must provide cost-efficient and reliable electric motors to sustain in an intensely competitive market environment.

ABB Ltd., Toshiba International Corporation, Nidec Corporation, Johnson Electric Holding Limited, and General Electric Company (Wolong) are some of the key players in this market.

Segmentation:

Electric Motors Market Based on type:

• AC motors: These types of electric motors employ alternating currents. They are used to convert electrical energy (alternating current) into mechanical power through a process known as electromagnetic induction. They are made up of two important parts — the stator, the stationary part, and the rotor, the rotating part. AC motors include synchronous, asynchronous, and induction motors.


• DC motors: DC motors turn direct current electrical energy into mechanical power. They can either be self-excited or separately excited. They can be primarily categorized into the series motor, shunt motor, compound motor, and permanent magnet DC (PMDC) motor. They are easy to install and maintain. These motors offer higher start-up torque and power and quick response times to starting and stopping.


• Hermetic motors: These electric motors are manufactured in a wide range of sizes and power outputs. They are also either single-phase or three-phase. The smaller motors, with an output power of less than 3 HP, have a single-phase design, while the larger motors are three-phase motors.

Electric Motors Market Based on voltage:

• Up to 1kV: These electric motors can be operated up to a voltage of 1 kV. Subjecting them to a voltage higher than 1 kV can cause the amperage of the motors to increase, resulting in heating and shortening of motor life.


• 1 kV – 6.6 kV: These electric motors can be operated in the range of 1 to 6.6 kV. Subjecting them to voltage lower than 1 kV can cause the current flow to increase to generate the same amount of power as earlier, resulting in overheating, shortened life, reduced torque, and reduction in starting ability of motors.


• Above 6.6 kV: To operate these electric motors, the voltage requirement is over 6.6 kV. In some cases, these motors offer high potential savings, as the current drawn decreases with an increase in voltage.

Electric Motors Market Based on output power:

• Up to 1 Hp: The output power of these motors can be up to 1 HP.


• Above 1 Hp: The output power offered by these motors is more than 1 HP.

Electric Motors Market Based on end-use:

• Industrial: These involve electric motors that are used for industrial purposes. Industrial electric motors generally include DC motors and serve the power requirements for fabrication and manufacturing units.


• Commercial: Commercial electric motors are primarily used for robotics, automation, process control tools, and heavy and large medical equipment.


• Residential: These electric motors serve the appliances used for residential purposes. They are used in a wide range of household appliances, such as hair dryers, mixer grinders, fans, washing machines, and refrigerators.


• Agriculture: These include electric motors used in agricultural equipment, such as hydraulic and irrigation pumps. The type of electric motors that are used in agricultural equipment is usually AC motors.


• Transportation: These electric motors serve the power requirements of vehicles, including scooters, motorcycles, cars, trucks, and airplanes.

Electric Motors Market Based on region:

• North America: The North America electric motor market is expected to register significant market growth during the review period due to the growing preference for electric vehicles, the booming construction industry, and increasing demand for air-conditioning systems.


• Europe: Europe is the second-largest market, followed by North America. Moreover, the Europe electric motors market has grown significantly owing to the ambitious government plans for energy efficiency and sustainable development.


• Asia-Pacific: Asia-Pacific accounted for the largest market share of 48.30% in 2021 and is anticipated to reach USD 77,947.81 million by 2030, registering a CAGR of 6.20% during the forecast period. The region accounted for the major share of the market owing to the rapidly growing adoption of electric vehicles and large-scale expansion of electric motor manufacturing facilities in the region.


• Rest of the World: For the Rest of the World, the growth of the electric motor market is relatively lower, driven by the growing use of electric motors in the agriculture sector and rapidly growing HVAC systems.