by The electric motor market is estimated to be valued at US$ 144.44 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric motors are electromechanical devices that convert electrical energy into mechanical energy and torque. They are used in applications across industries such as automotive, industrial machinery, HVAC, and others. In the automotive industry, electric motors are used to power vehicles, move windows and seats, power exterior mirrors, and much more. Additionally, electric motors find increasing usage in industrial equipment for conveyor belts, compressors, pumps, generators, and other machinery.
Market Dynamics:
The electric motor market is expected to witness significant growth over the forecast period owing to rising demand from the automotive industry. The growing adoption of electric and hybrid vehicles globally is a major factor fueling demand for electric motors. According to the IEA, the global electric car stock passed 10 million in 2021, and electric car sales are expected to increase dramatically over the next decades. Furthermore, stringent emission norms worldwide are encouraging automakers to focus on fuel-efficient vehicles, thereby supporting market growth. Additionally, the increasing adoption of industrial automation robots across industries is also augmenting market growth. However, availability of substitutes such as pneumatic and hydraulic actuators may hinder the market growth.
SWOT Analysis
Strength: The Electric Motor Market Growth has high demand from various end-use industries like manufacturing, construction, automotive, oil & gas and others. The electric motors offer advantages like low maintenance, high energy efficiency and easy controllability. The government support for adoption of energy efficient products will further drive the demand.
Weakness: High initial investment costs for installation of electric motors pose a challenge. Moreover, lack of skilled workforce for maintenance and repair of motors can hamper the market growth.
Opportunity: Growing industrial automation and increasing investments in renewable energy sector will create new opportunities. Further, development of smart electric motors with integrated sensors will open new growth avenues.
Threats: Fluctuations in raw material prices can increase the product costs. Development of alternative technologies like fuel cells poses threat to replacement of existing electric motors.
Key Takeaways
The global electric motor market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing investments industrial sector and renewable energy projects. Rapid industrialization and growth of manufacturing industries in Asia Pacific and Middle East will drive the demand for electric motors. Further, supportive government policies for adoption of energy efficient products will propel the market revenues.
Regional analysis:
Asia Pacific dominated the global electric motor market in 2022. Growing manufacturing sector and rising construction activities in China, India make Asia Pacific fastest growing regional market. North America is another major region owing to reshoring of manufacturing plants. Middle East & Africa is expected to exhibit significant growth, supported by ongoing investments in oil & gas and infrastructure projects.
Key players
Key players operating in the electric motor market are Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp., Rockwell Automation Inc., and TECO-Westinghouse Motor Company. Major players are focusing on new product launches, partnerships and mergers to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
