Category : Automotive, Transportation and Logistics | Published at : June-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global electric motor market is expected to grow at a CAGR of around 6.6% from 2020 to 2027 and expected to reach the market value of around US$ 214.1 Bn by 2027.
The electric motor is the electro-mechanical machine that converts electrical energy into mechanical energy. The working of an electric motor depends on the interaction of the magnetic and electric fields. Additionally, the electric motor can be classified into the AC motor and the DC motor. The AC motor takes alternating current as an input and DC motor takes direct current as input.
Market Dynamics
The increasing usage of electric motors across major industries particularly to continue growth in automobile production is driving the market value. The growing commercial and residential sectors coupled with the rising demand for HVAC (Heating, Ventilation, and Air Conditioning) applications and motor-driven household appliances are accelerating the market value. The rapid growth in the agricultural sector and transition toward energy-efficient motors are further supporting the market value. Whereas, expanding demand for electric vehicles in emerging economies and growing robotics technology across the globe are likely to create potential opportunities over the forecast period from 2020 to 2027.
On the other hand, high maintenance cost for brushed DC motors is projected to hinder the growth during the estimated timeframe.
Motor Vehicle segment accounted for the major share
By application, the motor vehicle segment registered the maximum share in 2019. The segment is also projected to maintain its dominance over the estimated period from 2020 to 2027. The increasing investment in electric vehicles and the automobile industry is primarily driving the market value. The inclination towards the energy-efficient solutions in the automobile sector of emerging economies is further supporting the market value.
The market research study on “Electric Motor Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Electric Motor market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Electric Motor market, its type, power output, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Electric Motor market size and volume, and segment markets by type, power output, application, and geography along with the information on companies operating in the market. The Electric Motor market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific held the major share in the electric motor market
In 2019, Asia Pacific accounted for the major share in terms of value. The region is also projected to maintain its dominance over the estimated period from 2020 to 2027. The region is gaining pace on account of emerging economies including China, and India. The rapid industrialization, increasing disposable income, and expanding the commercial sector is driving the regional market value. The increasing demand for electric vehicles and the rising focus of major manufacturers in the regional market is additionally accelerating the regional market value. Additionally, favorable government support is further bolstering market value.
The players profiled in the report include ABB Group (Zürich, Switzerland), Ametek Inc. (US), ARC Systems, Inc. (US), Asmo Co., Ltd. (Japan), Baldor Electric Company, Inc. (US), Brook Crompton UK Ltd. (UK), Dr. Fritz Faulhaber GmbH, Emerson Electric (US), Franklin Electric Co., Inc. (US), Maxon Motors AG (Sachseln, Switzerland), Regal Beloit Corporation (US), Rockwell Automation, Inc. (US), and Siemens AG (Germany).
Market Segmentation
Market By Type
- AC Motors
- DC Motors
- Hermetic Motor
Market By Power Output
- Integral HP Output
- Fractional HP Output
Market By Application
- Industrial Machinery
- Motor Vehicles
- HVAC Equipment
- Aerospace & Transportation
- Household Appliances
- Others
Market By Geography
North America
- U.S.
- Canada
Europe
- UK.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The electric motor is the electro-mechanical machine that converts electrical energy into mechanical energy.
The electric motor can be classified into the AC motor and the DC motor. The AC motor takes alternating current as an input and DC motor takes direct current as input.
The increasing usage of electric motors across major industries, growing commercial and residential sectors, rising demand for HVAC applications, rapid growth in agricultural sector, and transition toward energy-efficient motors are the major factors driving the market value.
The market for electric motor is expected to reach the market value of around US$ 214.1 Bn by 2027.
The electric motor market is expected to grow at a CAGR of around 6.6% from 2020 to 2027.
The motor vehicle segment by application is leading the electric motor market.
ABB Group, Ametek Inc., ARC Systems, Inc., Asmo Co., Ltd., Baldor Electric Company, Inc., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emers on Electric, Franklin Electric Co., Inc., Maxon Motors AG, Regal Beloit Corporation, Rockwell Automation, Inc., and Siemens AG are some of the prominent players in the market.
