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Global Electric Motors Market to Grow at a CAGR of 5.9% During 2022-2027, Aided by the Increasing Demand for High-Efficiency Vehicles and Industrial Machinery

Electric Motors Market

Global Electric Motors Market: By Type: AC Motors, DC Motors, Hermetic Motors; By Power Output: Integral HP Output, Fractional HP Output; By Application: Industrial Machinery, Motor Vehicles, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Electric Motors Market Outlook

The global electric motors market stood at a value of around USD 109.1 billion in 2021 and expected to grow at a CAGR of 5.9% in the forecast period of 2023-2028 to attain a value of USD 153.6 billion by 2027.     

 

Electric Motor Market

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AC Motors Segment to Account for a Significant Market Share of the Global Electric Motors Industry

Based on type, the AC motors segment is predicted to hold a significant market share in the electric motors industry. This growth can be attributed to the increased implementation of AC motors in various products ranging from industrial equipment and motor vehicles to household appliances. Moreover, these are small and lightweight while also being energy-efficient and are increasingly being utilised in HVAC equipment. Furthermore, these are also exceedingly popular in the automotive sector owing to their high efficiency and low cost. These factors are expected to contribute to the overall market growth in the forecast period.

 

The Asia Pacific to Occupy a Substantial Market Share in the Global Electric Motors Industry

The Asia Pacific is estimated to hold a substantial share of the electric motors industry in the forecast period. This growth can be attributed to the increased industrialisation in the region, which is leading to a rise in demand for electric motors in various industry verticals. Moreover, the government is increasingly investing in the production and implementation of electric motors in the manufacturing of automobiles, the construction industry, and mining activities. Furthermore, electric motors are also utilised in the agriculture sector in countries like India, where a significant population relies on agricultural practices. These factors are estimated to positively influence the growth of the electric motors industry.

 

Electric Motors: Market Segmentation

Electric motors refer to those devices that help convert electrical energy into mechanical energy, usually by employing the electromagnetic phenomenon, which is the interaction between the magnetic field of the motor and the electric current present in a wire winding. In other words, electric motors or electromagnetic transducers use electricity as their energy source, which gets converted into mechanical energy utilised to keep an object in motion, such as cars, trains, and washing machines, among others. In addition, electric motors are powered by direct or alternating energy sources such as DC motors, that is, direct current motors powered by batteries or AC motors, that is, alternating current motors powered by inverters and power grids.

 

Electric Motor Market by Segments

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By type, the market is divided into:

  • AC Motors 
  • DC Motors
  • Hermetic Motors

Among these, AC motors can be further bifurcated by type into synchronous AC motors and induction AC motors. At the same time, DC motors can be further divided 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 
  • Fractional HP Output

Based on application, the industry can be categorised into:

  • Industrial
  • Residential and commercial
  • E-Mobility
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Electric Motor Market by Region

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Heightened Demand for Energy Efficient Vehicles and the Rising Environmental Awareness  to Augment the Global Electric Motors Industry

The rising population worldwide and the growing urbanisation rates have led to a rise in demand for housing and other commercial and industrial infrastructure facilities. This, coupled with the growing environmental consciousness, is leading to an increased adoption of electric motors in various industries, including heavy industrial equipment and machinery, due to their properties like durability, high efficiency, and low energy consumption, along with a high endurance for fluctuating voltages.  Moreover, with the increasing disposable income and need for transportation, consumers are exceedingly investing in personal passenger vehicles. With subsequent technological advancements, electric cars are being introduced in the market, which is expected to reduce the usage of fossil fuel-based energy resources and increase the demand for electric motors that enhance the utility of electric vehicles, thus, aiding the market growth. Furthermore, the increased investments in the research and development of electric motors by the leading manufacturers are expected to positively impact the market growth in the forecast period.

 

Key Industry Players in the Global Electric Motors Market

The report gives a detailed analysis of the following key players in the global electric motors market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • ABB Ltd
  • Allied Motion Technologies Inc
  • Ametek Inc
  • General Electric
  • Johnson Electric Holdings Limited
  • Rockwell Automation, Inc.
  • Siemens AG 
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Power Output, Application, Region
Breakup by Type AC Motors, DC Motors, Hermetic Motors
Breakup by Power Output Integral HP Output, Fractional HP Output
Breakup by Application Industrial, Residential and Commercial, E-Mobility, and Others.
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Trade Data Analysis Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered ABB Ltd., Allied Motion Technologies Inc., Ametek Inc., General Electric, Johnson Electric Holdings Limited, Rockwell Automation, Inc., Siemens AG, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Electric Motors Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Electric Motors Historical Market (2018-2022) 
    8.3    Global Electric Motors Market Forecast (2023-2028)
    8.4    Global Electric Motors Market by Type
        8.4.1    AC Motors
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
            8.4.1.4    Breakup by Type
                8.4.1.4.1    Synchronous AC Motors
                8.4.1.4.2    Induction AC Motors
        8.4.2    DC Motors
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
                8.4.2.3.1    Brushed DC Motors
                8.4.2.3.2    Brushless DC Motors
        8.4.3    Hermetic Motors
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Electric Motors Market by Power Output
        8.5.1    Integral HP Output
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Fractional HP Output
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global Electric Motors Market by Application
        8.6.1    Industrial
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
            8.6.1.4    Breakup by Power Type
                8.6.1.4.1    Low Power (less than 1KW)
                    8.6.1.4.1.1    Market Share
                    8.6.1.4.1.2    Historical Trend (2018-2022)
                    8.6.1.4.1.3    Forecast Trend (2023-2028)
                8.6.1.4.2    Medium Power (1 KW to 100 KW)
                    8.6.1.4.2.1    Market Share
                    8.6.1.4.2.2    Historical Trend (2018-2022)
                    8.6.1.4.2.3    Forecast Trend (2023-2028)
                8.6.1.4.3    High Power (More than 100 KW)
                    8.6.1.4.3.1    Market Share
                    8.6.1.4.3.2    Historical Trend (2018-2022)
                    8.6.1.4.3.3    Forecast Trend (2023-2028)
        8.6.2    Residential and Commercial
            8.6.2.1    Market Share
                8.6.2.2    Historical Trend (2018-2022)
                8.6.2.3    Forecast Trend (2023-2028)
                8.6.2.4    Breakup by Application Type
                    8.6.2.4.1    HVAC
                        8.6.2.4.1.1    Market Share
                        8.6.2.4.1.2    Historical Trend (2018-2022)
                        8.6.2.4.1.3    Forecast Trend (2023-2028)
                    8.6.2.4.2    Home Appliances
                        8.6.2.4.2.1    Market Share
                        8.6.2.4.2.2    Historical Trend (2018-2022)
                        8.6.2.4.2.3    Forecast Trend (2023-2028)
                    8.6.2.4.3    Others
        8.6.3    E-Mobility
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
            8.6.3.4    Breakup by Type
                8.6.3.4.1    2 and 3 Wheelers
                    8.6.3.4.1.1    Market Share
                    8.6.3.4.1.2    Historical Trend (2018-2022)
                    8.6.3.4.1.3    Forecast Trend (2023-2028)
                8.6.3.4.2    Light Vehicle (Passenger Vehicle)
                    8.6.3.4.2.1    Market Share
                    8.6.3.4.2.2    Historical Trend (2018-2022)
                    8.6.3.4.2.3    Forecast Trend (2023-2028)
                8.6.3.4.3    Commercial Vehicle (Light and Medium Commercial)
                    8.6.3.4.3.1    Market Share
                    8.6.3.4.3.2    Historical Trend (2018-2022)
                    8.6.3.4.3.3    Forecast Trend (2023-2028)
                8.6.3.4.4    Heavy Truck (Heavy Commercial)
                    8.6.3.4.4.1    Market Share
                    8.6.3.4.4.2    Historical Trend (2018-2022)
                    8.6.3.4.4.3    Forecast Trend (2023-2028)
                8.6.3.4.5    Marine
                    8.6.3.4.5.1    Market Share
                    8.6.3.4.5.2    Historical Trend (2018-2022)
                    8.6.3.4.5.3    Forecast Trend (2023-2028)
                8.6.3.4.6    Train
                    8.6.3.4.6.1    Market Share
                    8.6.3.4.6.2    Historical Trend (2018-2022)
                    8.6.3.4.6.3    Forecast Trend (2023-2028)
                8.6.3.4.7    Aerospace
                    8.6.3.4.7.1    Market Share
                    8.6.3.4.7.2    Historical Trend (2018-2022)
                    8.6.3.4.7.3    Forecast Trend (2023-2028)
                8.6.3.4.8    Others
        8.6.4    Others
    8.7    Global Electric Motors Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2018-2022)
        9.1.2    Forecast Trend (2023-2028)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2018-2022)
        9.2.2    Forecast Trend (2023-2028)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2018-2022)
        9.3.2    Forecast Trend (2023-2028)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2018-2022)
        9.4.2    Forecast Trend (2023-2028)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2018-2022)
        9.5.2    Forecast Trend (2023-2028)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Trade Data Analysis (HS Code: 8501)
    12.1    Major Exporting Countries
        12.1.1    By Value
        12.1.2    By Volume
    12.2    Major Importing Countries
        12.2.1    By Value
        12.2.2    By Volume 
13    Competitive Landscape
    13.1    Market Structure
    13.2    Company Profiles
        13.2.1    ABB Ltd.
            13.2.1.1    Company Overview
            13.2.1.2    Product Portfolio
            13.2.1.3    Demographic Reach and Achievements
            13.2.1.4    Certifications
        13.2.2    Allied Motion Technologies Inc.
            13.2.2.1    Company Overview
            13.2.2.2    Product Portfolio
            13.2.2.3    Demographic Reach and Achievements
            13.2.2.4    Certifications
        13.2.3    Ametek Inc.
            13.2.3.1    Company Overview
            13.2.3.2    Product Portfolio
            13.2.3.3    Demographic Reach and Achievements
            13.2.3.4    Certifications
        13.2.4    General Electric 
            13.2.4.1    Company Overview
            13.2.4.2    Product Portfolio
            13.2.4.3    Demographic Reach and Achievements
            13.2.4.4    Certifications
        13.2.5    Johnson Electric Holdings Limited
            13.2.5.1    Company Overview
            13.2.5.2    Product Portfolio
            13.2.5.3    Demographic Reach and Achievements
            13.2.5.4    Certifications
        13.2.6    Rockwell Automation, Inc.
            13.2.6.1    Company Overview
            13.2.6.2    Product Portfolio
            13.2.6.3    Demographic Reach and Achievements
            13.2.6.4    Certifications
        13.2.7    Siemens AG
            13.2.7.1    Company Overview
            13.2.7.2    Product Portfolio
            13.2.7.3    Demographic Reach and Achievements
            13.2.7.4    Certifications
        13.2.8    Others
14    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Electric Motors Market: Key Industry Highlights, 2017 and 2027
2.    Global Electric Motors Historical Market: Breakup by Type (USD Billion), 2018-2022
3.    Global Electric Motors Market Forecast: Breakup by Type (USD Billion), 2023-2028
4.    Global Electric Motors Historical Market: Breakup by Power Output (USD Billion), 2018-2022
5.    Global Electric Motors Market Forecast: Breakup by Power Output (USD Billion), 2023-2028
6.    Global Electric Motors Historical Market: Breakup by Application (USD Billion), 2018-2022
7.    Global Electric Motors Market Forecast: Breakup by Application (USD Billion), 2023-2028
8.    Global Electric Motors Historical Market: Breakup by Region (USD Billion), 2018-2022
9.    Global Electric Motors Market Forecast: Breakup by Region (USD Billion), 2023-2028
10.    North America Electric Motors Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    North America Electric Motors Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Europe Electric Motors Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Europe Electric Motors Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Asia Pacific Electric Motors Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Asia Pacific Electric Motors Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Latin America Electric Motors Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Latin America Electric Motors Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Middle East and Africa Electric Motors Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Middle East and Africa Electric Motors Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Major Exporting Countries by Value
21.    Major Importing Countries by Value
22.    Major Exporting Countries by Volume
23.    Major Importing Countries by Volume
24.    Global Electric Motors Market Structure

Key Questions Answered in the Report

What was the global electric motors market size in 2021?

In 2021, the global electric motors market attained a volume of nearly USD 109.1 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 5.9% between 2022 and 2027.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 153.6 billion by 2027.

What are the major industry drivers?

The major drivers of the industry, such as the increased demand for high performance and energy efficient machining systems, growing urbanisation and global population, increased utilisation of electric motors in various household appliances, rising environmental awareness, and the rapid investments in the R&D of electric motor machinery by the leading manufacturers, are expected to aid the market growth.

What are the key industry trends of the electric motors market?

The key market trends guiding the growth of the industry include the increasing demand for high efficiency vehicles and the rapid technological advancements.

What are the major regional markets of electric motors , according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the significant types of the product available in the market?

The significant types of the product include 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. At the same time, DC motors can be further segmented by type into brushed DC motors and brushless DC motors.

What are the different segments of the product, based on power output?

The different segments based on power output of the product include integral HP output and fractional HP output.

What are the significant applications of the product in the industry?

The significant applications of the product include industrial, residential and commercial, e-mobility, and others.

Who are the key industry players, according to the report?

The major players in the industry are ABB Ltd., Allied Motion Technologies Inc, Ametek Inc, General Electric, Johnson Electric Holdings Limited, Rockwell Automation, Inc., Siemens AG, and others.

Analyst Review

The global electric motors market attained a value of around USD 109.1 billion in 2021, driven by the growing demand for high performance and energy efficient industrial machinery and automobiles. Aided by the rapid technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 5.9%. The market is projected to reach USD 153.6 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By type, the market can be categorised 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. At the same time, DC motors can be further divided by type into brushed DC motors and brushless DC motors. On the basis of power output, the industry can be segmented into integral HP output and fractional HP output. The market can be categorised, based on application, into industrial, residential and commercial, e-mobility, and others. The major regional markets for electric motors are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include ABB Ltd., Allied Motion Technologies Inc, Ametek Inc, General Electric, Johnson Electric Holdings Limited, Rockwell Automation, Inc., and Siemens AG, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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