Electric Motor Market

Key Points Covered

• Market estimates and forecast 2015-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on XYZ and How to Navigate
• Recommendation on Key Winning Strategies

Download a Comprehensive Report Snapshot

2016-2020 Electric Motors Market Outlook Compared to 2021-2031 Forecast

Driven by increasing focus on research and development and investment in Industrial sector, the electric motors market will rise at 5.6% CAGR between 2021 and 2031 in comparison above 3.8% CAGR registered during 2016-2020.

With the penetration of robotics and automation in the last decade, across a plethora of industry verticals encompassing electronics manufacturing, food & beverage industries and automotive. Furthermore, investments in smart factory automation, particularly is massive production plants, have been growing constantly. With the increasing adoption for automation and robotics technology, electric motors demand will be boosted in regards to its use in drive units. The growth rate of the market growth is thus expected to be in proportion to that of industrial automation and robotics.

Demand of electric motors is also set to be buoyed from residential appliances segment wherein low power capacity motors are primarily used. The Electric motors market has been perceived as a high volume-high value market.

As per Energy Association estimates, 40% of total energy used in industries is consumed to drive electric motors. In lieu of the same, emphasis on promoting the use of high efficiency motors.

Developed as well as developing countries are expected to usher in sound growth opportunities of the product via new units as well as replacement sales. Expansion of usage scope towards untapped end use verticals is expected to be augur the growth of electric motors on long term basis.

In the coming years, the demand for electric motors will witness healthy growth with Industrial Robotics, Energy, Residential Appliances and Municipal Water Utilities being the key growth enablers.

How will the Expansion of Municipal Water Treatment Market Benefit Electric Motors Sales?

The robust rate of investments in civic infrastructure involving municipal water supply and wastewater treatment process will call for a hefty rate of pumps thus involving a proportionate rate of electric motors to be sold and installed. With the market growth in intermediate stages and clocking nearly double digit growth rates in next 5 years, the new unit sales of electric motors will be highly sought. Another supporting factor for growth promotion is that electric motors and associated pumps for heavy duty water supply process are priced at premium which will prove as a value proposition for the OEMs when coupled with installation and aftersales services.

What Is the Impact Of COVID-19 Crisis On Electric Motors Market?

Lockdown imposed across various countries has negatively impacted the manufacturing sector in terms of production output and supply procedures coupled with slowdown of demand and order intake from customers. However, with subsequent financial quarters of the initial pandemic outbreak, the resumption of industrial manufacturing activities are being permitted by the regional authorities. The electric motors market growth is also expected to gain rebound in growth within 3-4 quarters of upcoming fiscal.

Nonetheless, several distributers and manufacturers stockpiled the equipment to ensure sufficient supplies during the pandemic. Additionally, increase in the new product developments post COVID-19 has increased the usage for robotics and digitally operated machineries which is driving the demand for the electric motors.

Despite the difficult situation, economies are steadily recovering from the effect. Company activities have begun to grow at a slow and steady pace as supply and distribution networks recover. Considering this, the pandemic is unlikely to have a long-term effect on the Electric Motors market.

Country-wise Insights

How big is the Opportunity for Electric Motors Market in the U.S.?

North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to be the largest market in North America and reach US$ 40.4 Bn by 2031.  

The United States' highly developed end-use sectors are supporting the market growth. Overall industrial spending grew at a rate of about 4.6 percent in 2019 than overall economic growth of 4.0 percent in the United States calculated by Gross Domestic Product (GDP), according to CMS' Office of the Actuary estimates.

Furthermore, the U.S. is home to technically advanced industrial sector in the world, making it a lucrative market for electric motors manufacturers, as it exhibits high demand for robotics and automation for industrial as well as residential applications.

Why is Demand for Electric Motors Increasing in China?

Demand in the China market is expected to rise at nearly 5.5% CAGR over the forecast period. The China’s Industrial sector is backed by a well-developed infrastructure and it is largely supported by the government. It is not surprising that the China has the most elevated level of expenditure across globe.

As per the report, China is recognized as a primary market and it is expected to continue exhibiting high demand for electric motors through the forecast period. Moreover, rising research activities, presence of several major players, and growing electric vehicle and Industrial sector are creating attractive opportunities for electric motors market in the country.

Why is Innovation Key to Succeed in the Germany Electric Motors Market?

Germany is one of the world’s top most manufacturers of pharmaceuticals. Considering this, the demand for electric motors is expected to remain high in the country. By 2031, it is expected to account for over 25% of electric motors sales within Europe.

Manufacturers in the country have a competitive advantage as they have access to cutting edge research to address the unmet challenges. Additionally, they are constantly investing in order to expand their operations, which is resulting in a more promising pipeline.

How are Government Initiatives Boosting Electric Motors Sales in India?

In 2021, India will account for over 27% sales in South Asia & Pacific. Government initiatives undertaken to give to impetus to industrial and automotive sectors are anticipated to complement industrial development in India, in turn supporting the expansion of the electric motors market.

Favorable policies implemented by the government of India to support production and sales of electric vehicles will fuel the demand for electric motors apart from this demand for pumps, drives, and general machinery.

Category-wise Insights

Why the Demand for <1HP in Electric Motors Continuously Rising?

Based on power output, <1HP is the leading category and it is expected to account for for nearly 22% of the value share of the market in 2021. Reason behind demand is that this power output range witnesses maximum applications in various end-use industries. Moreover, these motors are cost-effective.

<1HP electric motors are expected to remain top choice for many end users, since they significantly reduce storage space and are considered to be suitable for diverse applications.

Who is the Leading End User of Electric Motors?

The industrial sector is expected to hold the highest market share in electric motors market and is expected to reach at the market value of US$ 72.3 Bn by 2031.

The primary reason behind sales in industrial sector is the rapid growing demand for automation across industries. Demand for the time saving and environment friendly equipment has been increasing since the past few years which is increasing sales opportunities.  Also, the market is expected to gain from advent of the Industry 4.0 is major.

Which Type of Electric Motors are Top-selling?

The AC electric motors segment is estimated to hold for the largest share of more than 70% in 2021 owing to its advantages over DC motors as it requires less maintenance and has longer life cycle than DC motors. Also AC motors are typically thought to be more powerful than DC motors because they can create more torque with a higher current which is increasing its demand for various applications.

Why is Robotics Segment Exhibiting High Growth?

The robotics segment is expected to exhibit 5.9% CAGR in the global electric motors market through the assessment period. The increasing expenditure on technical developments and  robotics imports for industrial production will aid the overall expansion of the segment.

Advancement in industrial production approaches in different nations like the U.S. and China has brought about improved cost-effectiveness for different production techniques. This has prompted more individuals receiving strategies for their production specific technologies. This thusly has prompted rise in demand for robotics.

Competitive Landscape

Companies operating in Electric Motors market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity and address the demand of an expanding consumer pool.

• For instance, In, On January 24, 2019 Bosch assumed full control of of EM-motive, one of Europe’s most successful manufacturers of electric motors.
• On August 3^rd, 2021, Nidec Corporation acquired stocks of Mitsubishi Heavy Industries Machine Tool Co., Ltd. and announced an outline for its new subsidiaries.

Manufacturers are also focusing on the expansion of their product portfolio to maintain high customer base across the globe

• For instance, On 5 Feb, 2021 Johnson Electric Launches Low Voltage DC Motor Solutions for Smart Furniture. The LVDC motor solutions are designed for actuators used in smart recliners, height adjustable desks, hospital beds and other smart furniture products.
• On February 16^th, 2021 Regal announced a collaboration with Rexnord's PMC segment to create world-class power transmission technology.

Scope of Report

Key Questions Answered in Electric Motors Market Study

• Which Is the Highest Grossing Electric Motors Market?

  North America currently holds dominance, accounting for over more than 1/4th of the electric motors market in 2021. Expansion of electronics sector in the region is creating growth opportunities for the years ahead. The U.S. currently leads the global market, with revenue expected to reach US$ 40.4 Bn by 2031. 

• Which is the Top-selling Electric Motors Type in the Electric Motors market?

  AC Electric Motors will remain top-selling product in the market, accounting for over 70% of revenue generated in the global market by 2031.

• Which Are Some Of The Leading Companies Offering Electric Motors?

  Some of the leading companies in this landscape are General Electric, Robert Bosch GmbH, Hitachi, Ltd., Nidec Corporation, WEG S.A., Siemens AG, ABB Group, Regal Beloit Corporation, Toshiba Corporation, Johnson Electric, Hyosung Corporation, Schneider Electric SE, Bonfiglioli Riduttori S.p.A., Kirloskar Electric Company Ltd., Allied Motion Technologies Inc., East West Manufacturing, LLC, Hyundai Electric Co. Ltd. and others. As per FMI, over 20% of the market share is currently covered by the top 10 players.

• Who is the Leading End User of Electric Motors?

  The industrial sector is expected to dominate the market over the forecast period, generating revenue of US$ 72.3 Bn by 2031 due to rising focus on automation and digitalization.

• What is the North America Electric Motors Market Outlook?

  The demand for electric motors is expected to increase at 5.4% CAGR in North America between 2021 and 2031.

• At What Rate will the Demand for Electric Motors Increase in Europe?

  The demand for electric motors is expected to increase by 5.2% in Europe through 2031.

• Who are the Key Producers of Electric Motors?

  Germany, China, U.S., and Japan are the key producers of electric motors.

• At What Rate Did the Demand for Electric Motors Increase in the Last Five Years?

  The electric motors demand grew by 3.5% CAGR between 2016 and 2020.

• What is the South Korea and Japan Market Outlook for Electric Motors?

  South Korea and Japan are expected to account for 5% of the global electric motors market in 2021.

Electric Motors Market by Category

Power Output:

• <1HP
• 1-5HP
• 5 – 10 HP
• 10 -20 HP
• 20 – 50 HP
• 50 - 100HP
• 100 – 300 HP
• 300 - 500HP
• Above 500HP

Product Type:

• AC Motor
  • Induction Motor
  • Synchronous Motor
• DC Motor
  • Brushed DC
  • Brushless DC

By Application:

• Pumps
• Fans
• Drives
• Compressor
• General Machinery
• Centrifugal Machinery
• Grinders
• Extruders
• Robotics
• Others

By End Use:

• Industrial
  • Oil & Gas
  • Power Generation
  • Mining
  • Food & Beverages
  • Pulp & Paper
  • Chemicals
  • Air Separation Plant
  • Other Manufacturing
• Residential
• HVAC & Refrigeration
• Medical
• Municipal Water Treatment
• Transportation
  • Automotive
  • Aviation
  • Electric vehicles
  • Railways
  • Boats
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)