“The electric motor  market is projected to grow at a CAGR of 6.9% from 2020 to 2026.”    

The electric motor market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026, at a CAGR of 6.9% during the forecast period. Increased demand for HVAC systems in residential, commercial, and industrial end-users in the Middle East and Asia Pacific regions along with growing use of electric motors across major industries such as oil & gas, chemicals (compressors & pumps), power & energy, metals & mining (rolling mills, hoists, blowers, and processing lines), paper & pulp (grinders, chippers, and refiners), wastewater, marine, automotive, and power utilities (pumps & condensers. However, Due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing electric motors are typically procured in US dollars, which results in increased component cost which is likely to hamper the growth of the electric motor market.

“The AC motors, by type, is expected to be  the largest market from 2020 to 2026.”

The type segment is categorized as AC motors and DC motors. AC motors are widely used in air conditioners, washers, dryers, industrial machinery, fans, blowers, vacuum cleaners, and other applications. The advantages of AC motors include low cost, speed variation, high power factor, greater reliability, low maintenance, fewer losses, and no requirement to replace brushes. The advantages and benefits of AC motors over DC motors is likely to drive the growth of AC motors segment in the electric motor market.

“The 2.2-375 kW segment, by power rating, is expected to be the fastest- growing  market from 2020 to 2026.”

The 2.2-375 kW segment is expected to grow at the fastest rate during the forecast period. These medium and high-voltage electric motors are basically used in industries and the transportation sector. They are also suitable for heavy industries, such as oil & gas and mining, where consistency, reliability, and easy maintenance of equipment are required for smooth operations. Medium-voltage motors find major application in the water & wastewater treatment  and wind power industries. High-voltage motors are used in pumps, compressors, fans, refineries, mixers, conveyors, and mills, especially in the oil & gas, chemicals & petrochemicals, mining, and railway industries.

“Asia Pacific: The largest and the fastest-growing region in the electric motor market.”  

Asia Pacific is expected to be the largest electric motor market during the forecast period. Asia Pacific comprises China, India, Japan, Australia, and Rest of Asia Pacific. With the rapid industrialization, the countries in Asia Pacific are moving toward internet-based industrial operations in each sector. According to the GSM Association, the developed countries in Asia Pacific, such as South Korea, Japan, and Australia, are increasingly exploring the potential of innovative services and connected devices. The automotive sector in the region is also booming.  Asia Pacific is the largest producer of automobiles in the world. In 2018, the region manufactured more than 50 million commercial vehicles. These factors are expected to drive the growth of the electric motor market in Asia Pacific.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

• By Company Type: Tier 1- 7%, Tier 2- 38%, and Tier 3- 55%
• By Designation: C-Level- 80%, Director Level- 15%, and Others- 5%
• By Region: Asia Pacific- 40%, North America- 25%, Europe- 15%, Middle East & Africa – 12%, and South America- 8%

*Others includes sales managers, engineers, and regional managers.

Note: Tier 1 Company—Revenue > USD 5 billion, Tier 2 Company—Revenue between USD 50 million and USD 5 billion, and Tier 3 Company—Revenue < USD 50 million

The electric motor market is dominated by a few major players that have an extensive regional presence. The leading players in the electric motor market are ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil).

Study Coverage:

The report defines, describes, and forecasts the electric motor market, by type, power rating, output power, rotor type, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the electric motor market.

Key Benefits of Buying the Report

• The report identifies and addresses the key markets for electric motors sales, which would help equipment manufacturers and service providers review the growth in demand.
• The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
• The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.