Electric Motor Market to Exhibit 7.0% CAGR by 2028 Backed by Increasing Demand for Electric Vehicles in Europe – About Your Online Magazine


The leading companies in the global electric motor market are ABB (Switzerland), AMETEK (United States), Johnson Electric (China), Siemens (Germany), Rockwell Automation (United States), GE (United States), Nidec Motor Corporation (Japan ) , WEG (Brazil), Toshiba Corporation (Japan), Hitachi (Japan), Mitsubishi Heavy Industries (Japan), TECO-Westinghouse Motor Company (United States), Arc Systems Inc. (Japan), DENSO (Japan), Regal Beloit Corporation (United States)

Pune, India, 11 June 2021 (GLOBE NEWSWIRE) – The global electric motor market size should show considerable growth when reaching $181.89 billion in 2028 while displaying a 7.0% CAGR between 2021 and 2028. Fortune Business Insights published this information in its latest report, entitled, Electric motor market, 2021-2028. ” The report also mentions that the market was in $106.45 billion in 2020. Factors such as the growing adoption of electric motors in the commercial sector and accelerated urbanization should favor market growth in the coming years.

Click here for COVID-19’s short-term and long-term impact on this market.

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The effect of the global pandemic, COVID-19, has been felt in several economies facing unprecedented losses. Due to the blockage announced by government agencies, several industries were paralyzed with limited operational activities. However, a collective effort by the government and industries should bring the economy back on track and assist in the resumption of industrial activities.

Market segmentation:

Based on engine type, the market is divided into AC motor, DC motor and hermetic motor.

  • Based on engine type, the AC motors segment held a global electric motor market share of around 57.9% in 2020 and is expected to show considerable growth in the coming years. This can be attributed to factors such as the growing adoption of AC motors for various industrial applications such as irrigation pumps around the world.

Based on energy production, the market is bifurcated into fractional horsepower (up to 1 HP) and full horsepower (above 1hP). Furthermore, based on voltage, the market is categorized into segments up to 1 kV, 1 kV-6.6 kV and above 6.6 kV. Furthermore, based on the application, the market is segregated into industrial machines, motor vehicles, HVAC equipment, electrical appliances and others. Finally, based on region, the market is segmented into North America, Asia-Pacific, Middle East and Africa, Europe and Latin America.

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What does the report provide?

The global market report provides detailed qualitative and quantitative analysis of the market and focuses on crucial aspects such as materials, leading companies, applications and products. In addition, the report provides insight into the latest trends and highlights key industry developments. The report also includes historical data and revenue growth forecasts at the global, regional and national levels and analyzes the latest industry dynamics and opportunities that will affect market growth between 2021 and 2028.

List of companies profiled in the market:

  • ABB (Switzerland)

  • AMETEK (United States)

  • Johnson Electric (China)

  • Siemens (Germany)

  • Rockwell Automation (United States)

  • GE (United States)

  • Nidec Motor Corporation (Japan)

  • WEG (Brazil)

  • Toshiba Corporation (Japan)

  • Hitachi (Japan)

  • Mitsubishi Heavy Industries (Japan)

  • TECO-Westinghouse Motor Company (United States)

  • Arc Systems Inc. (Japan)

  • DENSO (Japan)

  • Regal Beloit Corporation (United States)

DRIVING FACTORS

Increased demand from the commercial and residential sector to promote growth

According to the International Energy Agency, energy-related CO2 emissions fell by around 5.8% worldwide in 2020 due to reduced energy demand. Coronavirus led to blocking measures announced by government agencies that led to limited mobility and halted industrial applications. However, the problem of vehicular emissions still exists and the growing concern about the degradation of air quality has driven manufacturers to adopt renewable energy sources. This has led to increased demand for electric motors across the automotive sector to achieve emission-free levels. In addition, accelerated urbanization has led to greater adoption of HVAC applications such as vacuum cleaners, washing machines and others. This is expected to contribute to the growth of the global electric motor market during the forecast period.

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REGIONAL INSIGHTS

Asia-Pacific – The region stood at $37.77 billion in 2020 and is expected to maintain the highest market position during the forecast period. This is due to the growing demand for electricity due to rapid urbanization in countries like India and China.

Europe – The market in the region is expected to show considerable growth supported by the growing demand for electric vehicles that will drive the adoption of advanced electric motors in the region between 2021 and 2028.

COMPETITIVE SCENARIO:

Expansion of facilities by prominent companies to brighten their market prospects

The market is consolidated with the presence of large companies such as GE and ABB, which are seeking to expand their electric motor production units to meet growing industrial demand. In addition, other key players are struggling to maintain their presence, embracing strategies such as collaboration, partnering, and mergers and acquisitions that will bode well for market growth.

Industry development:

December 2020 – Tata Motors Ltd delivered 26 electric buses to Brihanmumbai Electric Supply and Transport (BEST), which operates a fleet of passenger buses in Mumbai, India. The buses were delivered as part of a large order for 340 electric buses under the government’s FAME II initiative.

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Main index:

  • Introduction

  • Executive summary

  • Market Dynamics

    • market motivators

    • market restrictions

    • market opportunities

  • Main insights

    • Major emerging trends – for major countries

    • Latest Technological Advancement

    • Regulatory Scenario

    • Industry SWOT Analysis

    • Analysis of the Five Forces of Porters

  • Qualitative Analysis – Impact of COVID-19

    • Impact of COVID-19 on the electric motor market

    • Measures taken by the government to overcome the impact

    • Key developments by industry participants in response to COVID-19

    • Potential opportunities and challenges due to the COVID-19 outbreak

  • Global Electric Motor Market Analysis (Billions of Dollars), Perceptions and Forecasts, 2017-2028

    • Main conclusions / summary

    • Market analysis, insights and forecast – by engine type

      • AC motors

      • DC motors

      • hermetic engines

    • Market analysis, insights and predictions – by power output

    • Market analysis, insights and forecasting – by voltage

      • Up to 1 kV

      • 1 kV-6.6 kV

      • Above 6.6 kV

    • Market analysis, insights and predictions – by app

      • industrial machinery

      • motor vehicles

      • HVAC equipment

      • Home appliances

      • Others

    • Market analysis, insights and predictions – by end user

      • Industrial

      • Commercial

      • residential

      • Agriculture

      • Transport

    • Market analysis, insights and forecasts – by region

      • North America

      • Europe

      • Asia Pacific

      • Middle East and Africa

      • Latin America

OCD Continued…!

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Paula Fonseca