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Global Electric Motors Market to Grow at a CAGR of 10.2% During 2021-2026, Aided by the Increasing Demand for High-Efficiency Vehicles and Industrial Machinery

According to a new report by EMR titled, ‘Global Electric Motors Market Report and Forecast 2021-2026’, the market reached a volume of around 731.7 million units in 2020. It is expected to witness a further growth in the forecast period, growing at a CAGR of 10.2% between 2021 and 2026 to attain 1307.3 million units by 2026.

The global electric motors industry is being driven by the heightened demand for high-efficiency vehicles and machinery. In addition, the growing population and the rising disposable incomes are leading to a rise in demand for passenger vehicles. At the same time, the increased construction activities due to rapid urbanisation have elevated the requirements for high-performance industrial vehicles and equipment. Moreover, the growing implementation of HVAC systems is also expected to aid the market growth. Furthermore, in the pursuit of reducing carbon emissions, the leading automobile manufacturers are developing electric cars, which is expected to spearhead the demand for electric motors.

The growing focus of the leading players, such as General Electric (NYSE: GE), Ametek Inc (NYSE: AME), and others, to develop electric motors by incorporating advanced technological solutions is expected to positively stimulate the industry growth in the forecast period. According to a press release issued by General Electric, dated September 2020, the company announced its plans to research and develop a hybrid-electric propulsion system that runs on carbon-neutral biofuels under two projects ARPA-E’s Aviation-class Synergistically Cooled Electric-motors with iNtegrated Drives (ASCEND) and Range Extenders for Electric Aviation with Low Carbon and High Efficiency (REEACH) programs, which awarded the company with a sum of $4.8 million. This is expected to tap deep research capabilities across associated areas, including electric motors, thermal management, power conversion, and others. Such developments are expected to drive the growth of the electric motors industry in the forecast period.

Market Breakup by Type, Power Output, Application, and Region:

  • The market is divided based on type into AC motors, DC motors, and hermetic motors. Among these, AC motors can be further bifurcated by type into synchronous AC motors and induction AC motors. Meanwhile, DC motors can be further categorised by type into brushed DC motors and brushless DC motors.
  • On the basis of power output, the market can be bifurcated into integral HP output and fractional HP output.
  • The industry is segmented, on the basis of application, into industrial machinery, motor vehicles, HVAC equipment, aerospace and transportation, household appliances, and others.
  • Region-wise, the global market for electric motors can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for electric motors is being driven by the growing demand for high-efficiency vehicles and industrial machinery. 
  • The increased demand for AC motors in many industry verticals, such as the automotive industry, has significantly contributed to the market expansion. 
  • The escalating eco-consciousness among consumers is also aiding the industry growth. 
  • The rising technological advancements are expected to further propel the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for electric motors for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the types, power outputs, applications, and regions of electric motors.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global electric motors market are ABB Ltd., Allied Motion Technologies Inc, Ametek Inc, General Electric, Johnson Electric Holdings Limited, Rockwell Automation, Inc., Siemens AG, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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