Global Electric Motor Market is valued at USD 147.23 Billion in 2021 and is expected to reach USD 227.74 Billion by 2028 with a CAGR of 6.43% over the forecast period.
The increase in requirement for superior machine management in the automotive sector, due to the extreme efficiency of AC synchronous motors powers the development of electric motor market in India. The laws such as MEPS (Minimum Energy Performance Standards), powers the development of energy competent electric motors market all over the world.
The electric motor creates mechanical energy from electrical energy. Its elements comprise bearings, rotor, air gap, stator, commutator, and windings. Factors such as torque requirements, angular movements, speed, acceleration, and control make AC motors a perfect option for robotic system makers. The Detailed Market intelligence report on the Electric Motor Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate the Electric Motor Market place for the forecast 2022– 2028.
The global electric motor market is divided into output power, motor type, application, voltage range, region, and speed. On the basis of motor type, the global market is segmented into DC, AC, and hermetic motors. AC motors has two sub-divisions, which comprises induction AC motor and synchronous AC motors. In the same way, DC motor is additionally divided into brushless DC motor and brushed DC motor. The AC motor segment held the biggest share, owing to rise in requirement for energy-competent conveyor systems in automotive and manufacturing sectors. On the basis of output power, it is divided into fractional horsepower (FHP) output and integral horsepower (IHP) output. Based on voltage range, the market is divided into 10-20 V, 9 V & below, 60 V & above, and 21-60 V. The 60 V & above motor section had the biggest share, owing to its elevation in requirement in heavy industrial machinery sector for energy-competent conveyor systems in automotive and manufacturing sectors.
The major players in the global electric motor market are
Major players in the global market for electric motor adopted product launch and partnership as its major developmental tactic to branch out its business and enhance its product portfolio. For example, WEG S.A, and Spanish private firm, a leading provider of pork, in January 2019 inked partnership deal. As per the deal Spanish private firm has set up W22 Magnet IE4 electric motors at the Manresa facilities in refrigeration system. In the same manner, Nord Drivesystems in December 2017 rolled out IE4, AC synchronous motors for applications in food & beverage sectors. Via this decision Nord branched out its portfolio of PM synchronous motor.
Increase in mergers and acquisitions by leading companies in the electric motors market over the past few years have power the growth of global market. Current market consolidation can be majorly credited to the rising requirement for product innovation, organizational efficiency, market expansion, and technological advancements. Huge-scale industries purchase small-scale companies to elevate their market attendance and branch out their business. Over the coming years, due to several acquisitions, the electric motor market in India has grown.
For example, some of the prominent acquisitions are: Bosch completely purchased EM-motive in 2019. WEG S.A. in 2018 purchased Antriebstechnik KATT Hessen GmbH. Nidec purchased the Emerson Electric Company’s electric motor business in 2017. WEG purchased Bluffton Motor Works LLC in 2017.
Regionally, the electric motor market is divided to Europe, North America, LAMEA, and Asia-Pacific. North America added up for the biggest share, and is predicted to secure the vanguard position during the coming period. This is credited to industrial development and growth of aerospace sector. The US is a pioneer in the global market. Hence, the global market share is more amongst the countries in North America.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 147.23 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 227.74 Billion|
|Tables, Charts & Figures:||175|
|Electric Motor Companies||Siemens AG, Ametek Incorporation, Allied Motion Technologies Inc., Baldor Electric Incorporation, Asmo Corporation Limited, ARC Systems Incorporation, Franklin Electric Cooperative Incorporation, Brook Crompton UK Limited, Johnson Electric Holdings Limited, Rockwell Automation Incorporation.|
|Segments Covered||By Motor Type, By Output Power, By Voltage Range, By Application, By Speed (RPM)|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|