Electric Motor Market to Reach $207.3 Bn, Globally, by 2030 at 6.7% CAGR: Allied Market Research

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

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Allied Market Research

Feb 09, 2022, 08:30 ET

PORTLAND, Ore., Feb. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Motor Market 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): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global electric motor industry generated $106.3 billion in 2020, and is estimated to reach $207.3 billion by 2030, witnessing a CAGR of 6.7% from 2021 to 2030.

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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Covid-19 Scenario

Manufacturing activities of electric motors halted partially or completely due to lockdown measures implemented across many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in carrying out manufacturing with full capacity.
Owing to halt in manufacturing activities in the automotive sector during the lockdown, there has been reduced demand. However, the demand is expected to recover steadily during post-lockdown as daily operations get back on track.
The ban on import-export activities led to supply chain disruption and presented the supply-demand gap. The sales volume and revenues decreased significantly.

The alternate current (AC) motor segment to continue its lead position during the forecast period

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.

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The automobile segment to continue its dominant share during the forecast period

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.

Asia-Pacific, followed by Europe and North America, to continue its lead position by 2030

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.

Leading 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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