Electric Motor Market Size to Reach USD 207.3 Billion by 2030 at CAGR 6.7% - Valuates Reports

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BANGALORE, India, March 3, 2022 /PRNewswire/ -- The Electric Motor Market is Segmented by Motor Type (Alternate Current (AC) Motor and Direct Current (DC) Motor), Output Power (Integral Horsepower (IHP) Output and Fractional Horsepower (FHP) Output), and Application (Industrial, HVAC, Medical Equipment, Industrial Machinery, Home Appliances, and Others). The report covers global opportunity analysis, regional outlook, growth potential, industry forecast from 2021 to 2030.

The global electric motor market size was valued at USD 106.3 Billion in 2020 and is expected to reach USD 207.3 Billion by 2030, with a CAGR of 6.7% from 2021 to 2030.

Major Factors Driving The Growth Of The Electric Motor Market:

The electric motor market is growing due to an increase in demand for superior machine control in the automotive industry, which is fueled by the high efficiency of 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 adoption of energy-efficient motors in appliances, propelling the global electric motor market forward.

Furthermore, because of features such as high torque and low noise, electric motors have seen an increase in demand in heating, ventilation, and air conditioning (HVAC) applications, which in turn is propelling the electric motor market growth.

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Trends Influencing The Growth Of The Electric Motor Market:

The electric motor market is growing due to an increase in demand for superior machine control in the automotive industry, which is fueled by the high efficiency of AC synchronous motors. Furthermore, government regulations requiring energy efficiency are expected to propel the electric motor market even further.

The electric motor market is expected to grow due to the increasing use of electric motors in various industries. Pumps and fans in industries frequently use electric motors. Because of their dependability and low cost, three-phase AC induction motors account for the majority of industrial motors.

Increasing Adoption for HVAC Application to Propel the electric motor market Growth. The heating and air-conditioning (HVAC) industry has grown in response to increased demand for heating and cooling in residential, commercial, and industrial buildings. As a result, new construction activities are focusing on the HVAC equipment supply in buildings as a key feature during construction. Furthermore, it has fueled the demand for the deployment of electric motors in the long run. As commercial spaces grow in tandem with rising standards of living, developing economies are the leading contributors to the HVAC industry's growth.

Companies are becoming more involved in government-led energy management initiatives. Businesses benefit directly from lower costs, reduced exposure to energy price fluctuations, and increased competitiveness by participating in such programs, in addition to contributing to national energy and carbon savings. During the forecast period, this will be a significant opportunity for the electric motor market to grow.

Industrial motors with high power ratings, on the other hand, produce significant vibration, strain, and heating during operation, which could have a significant impact on electronic components and cause them to fail. Furthermore, during the forecast period, the electric motor market is expected to be hampered by a lack of awareness of the benefits associated with smart motors among small and medium business owners for various applications.

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Electric Motor Share Analysis

Based on region, Asia-Pacific is expected to be the most lucrative. This is due to rising demand from industries such as manufacturing, automotive, and power generation. Furthermore, the region serves as a hub for automation and has a high demand for electric vehicles. Due to China's and India's rapid urbanization, the region is also seeing a significant increase in power demand.

Based on motor type, the alternate current (AC) motor segment is expected to be the most lucrative. Due to the widespread use of AC motors in a variety of applications ranging from irrigation pumps to advanced industrial operations, the AC motors segment is expected to hold a significant market share.

Based on output power, the integral horsepower (IHP) output segment is expected to be the most lucrative.

Based on application, the automobile segment is expected to be the most lucrative.

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Key Market Players:

• ABB
• ARC Systems Inc.
• Denso Corporation
• Emerson Electric Co.
• Johnson Electric Holdings Limited
• Maxon
• Nidec Corporation
• Regal Rexnord Corporation
• Rockwell Automation, Inc.
• Siemens

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