Electric Motors Market: Electrification in Automotive Vehicles to Spearhead Growth
Future Market Insights, an ESOMAR certified market research firm, projects that the electric motors market is slated to grow at 4.8% CAGR through 2030.
Electric Motor Market
A recent market study published by FMI on the electric motors market includes the global i...
Despite a modest rally for the market amidst the ongoing pandemic, improvements in motor technology are slated to have a tangible and profound effect on the market in the near term.
The advent of electric motors in electric vehicles is gathering huge momentum which is paving way for public-private joint ventures.
In the future, the market’s growth trajectory will heavily rely on the potent combination of electric motors and drivetrains. Key technologies such as 3D printing and in-wheel motors (IWMs) are grabbing eyeballs within the performance-driven automotive sector.
Key Takeaways of Electric Motors Market Study
- The industrial segment accounts for ~ 65%-70% of electric motor applications. Following suit are the commercial and residential sectors
- Within the residential sector, HVAC systems, central heating, pumps, and ventilation are the foremost end uses for electric motors
- Europe, China and US have the highest adoption of electric motors with all three regions accounting for nearly 50% of global electricity consumption
- Medium-sized motors account for three quarters of electricity demand globally
- Compressors, pumps, fans and mechanical machinery and equipment generate the maximum demand for motor pumps
COVID-19 Impact on Electric Motors Market
Owing to the pandemic, the electric motors market is anticipated to contract slightly through 2020. This can be attributed to subdued demand for industrial equipment in countries such as China in the first quarter of 2020.
End users across various industries have put their orders on hold and cut down on investments in new equipment across different verticals.
A slight sluggishness had also been observed in the market in the year 2019 owing to the ongoing trade war which had put a dent on exports and imports of industrial goods.
Some optimism was there that the market will rebound by 2020, but the pandemic has dampened consumer and manufacturer confidence.
Electric Motors Market – Competitive Intelligence
With over 300 million electric motors being manufactured globally, the market is highly competitive. At a time when strategies have been implemented to reduce global emissions, electric motor markets are disrupting with well-timed innovations:
- Siemens -- headquartered in Germany -- is one of the top players in the electric motors market. Lately, the company is innovating in electric motor technology in electric vehicles. Siemens has partnered with Alstom for a greater footprint in mobility solutions.
- Toshiba, headquartered in the US, has garnered a reputation for itself for manufacturing some of the most reliable and robust electric motors. It strives to continuously acquire other motor manufacturers. For instance, its acquisition of Hamilton has allowed it to innovate and build more sophisticated electric motors in a new 63,000- square foot facility
- Similarly, ABB headquartered in Zurich, Switzerland, is a world leader in electrification products, robotics, motion and power grids. In 2018, the company signed a contract with GE industrial solutions to strengthen its electric motors portfolio and gain better access into the North American market
Find More Valuable Insights on Electric Motors Market:
FMI in its new market research study, offers an unbiased analysis of the electric motors market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report offers complete analysis on global electric motors market through three different categories – product type, power output, application, end user and region. The global electric motors market study provides information of pricing by different application analysis, product life cycle, capacity assessment, key market trends and technologies which are being implemented in the deployment of electric motors and product adoption in various end use industries
About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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