Oceania Electric Motor Market Report and Forecast 2024-2032

Oceania Electric Motor Market Outlook

The Oceania electric motor market size reached approximately USD 1,301.88 million in 2023. The market is projected to grow at a CAGR of 4.9% between 2024 and 2032, reaching a value of around USD 2,000.47 million by 2032.

Key Takeaways

• When maintained properly, the capacity of electric motors reaches 30,000 hours and is designed to run at 50% to 100% of rated load.

• HVAC systems account for around 50% of a commercial building’s energy use in Australia. As a result, demand for energy motors will rise to ensure energy savings.

• The Australian government aims to reduce the country’s GHG emissions by 43% by 2030 and reach net zero by 2050. Consequently, this will propel the demand for electric vehicles (EVs) and renewable energy.

Countries in Oceania that include  Australia, New Zealand, Papua New Guinea, Fiji, and others are witnessing strong growth in their industrial and manufacturing sector. The Australian government has laid out investment funds to support advanced manufacturing enabling manufacturers to expand their operations, and industrial processes, and use research and development to attain growth in technology. The growing industrial sector further contributes to a greater need for electric motors to power fans, blowers, machine tools, turbines, pumps, power tools, compressors, etc.

Key factors driving the electric motor market in Oceania include rising technological advancements concerning electric motors, rising adoption of electric vehicles, and adoption of consumer appliances that function on electric motors.

Key Trends and Developments

Rising demand for renewable energy systems, demand for equipment like fans and blowers, and a shift towards electric vehicles aid the Oceania electric motor market development.

Electric Vehicle (EV) Policy Development to Support EV Adoption in Oceania

During 2021 and 2022, countries in Oceania enacted policies to support EV uptake and fuel efficiency standards.

• In 2021, Australia introduced its Future Fuels and Vehicles Strategy supported by the USD 170 million Future Fuel Funds. The strategy is aimed at supporting the charging infrastructure and commercial fleet transitions in the country.

• In 2022, Australia passed the Electric Car Discount legislation that exempts eligible electric cars from import tariffs and the fringe benefits tax.

• In New Zealand, the Clean Vehicle Standard sets specific GHG emissions targets for transport at 65.9 million tonnes for 2022- 2025, 76 million tonnes for 2026-2030 and 56.8 million tonnes for 2031-2035.

• In its 2022-23 budget, Fiji raised its subsidy for capital investments for EV charging infrastructure from 5% to 10%.

Oceania Electric Motor Market Trends

This shift towards renewable and clean energy is supporting Oceania electric motor market growth. The expansion of the electric vehicle market is a significant driver for the market. Electric vehicles heavily rely on electric motors for their propulsion. The region's abundant potential for renewable energy generation, including hydro, wind, and solar power, offers an opportunity for deploying electric motors to harness clean energy sources effectively. Electric motors are instrumental in seamlessly integrating renewable energy into power systems.

Market Segmentation

Oceania Electric Motor Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

AC motors are further divided into synchronous AC motors and induction AC motors while DC motors are sub-divided into brushed DC motors and brushless DC motors.

Meanwhile residential and commercial applications are bifurcated into HVAC, home appliances, and others. E-mobility is sub-divided into 2 and 3 wheelers, light vehicle, commercial and heavy vehicle, and others.

By power output, fractional HP motors are expected to hold a significant Oceania electric motor market share to meet the power needs of small household appliances

According to the Oceania electric motor report, fractional HP motors are smaller and more compact, making them ideal for space-constrained applications and small appliances. These motors are also more affordable compared to larger motors.

Integral HP motors typically have higher power ratings, making them suitable for heavy-duty applications and larger machinery, including large pumps, compressors, and manufacturing equipment. These motors often have better efficiency at higher power levels, leading to lower energy consumption and reduced operating costs.

Industrial segment is a prominent application of electric motors in the electric motor market in Oceania

According to the Oceania electric motor market analysis, there is a rising demand for industrial electric motors energised by alternating current (AC) for power grids and generators. Electric motors are widely used in industrial applications like high-voltage AC heating, cooling, and ventilating equipment.

In the residential and commercial sector, electric motors are an integral part of HVAC systems and perform functions including operating fans, pumps, compressors, and moving hot and cold air. Since HVAC systems account for around 50% of a commercial building’s energy use in Australia, the country is likely to invest in electric motors that offer significant advantages such as energy efficiency, reliability, performance, and sustainability.

Electric vehicles such as light vehicles, 2 and 3-wheelers, and heavy vehicles incorporated with electric motors are gaining popularity due to the lower operating, maintenance, and fuel costs. Moreover, electric vehicles offer a quieter and smoother ride, improving the driving experience for drivers and passengers. According to the Federal Chamber of Automotive Industries (FCAI), a record 1.21 million new cars were sold in Australia in 2023. Battery EVs accounted for 7.2% of the total, a rise from 3.2% in 2022, while hybrid vehicles accounted for 8.1% from 7.9% the previous year.

Competitive Landscape

In Oceania, the electric motor market is characterised by intense competition, with a significant presence of both global and local players vying for market share.

Other key players in the Oceania electric motor market include Emerson Electric Co., Nidec Corporation, General Electric Company, and Toshiba International Corporation, among others.

Oceania Electric Motor Market Analysis

Australia holds a significant market Oceania electric motor market share owing to rising demand for household and industrial appliances

A growing manufacturing sector in Australia is catering to an increased demand for electric motors for compressors, fans and blowers, and heavy-duty equipment. Prominent fan manufacturers in the country include Aerotech Fans Pty Ltd, AirEng Pty Ltd, and Aerovent Australia Pty Ltd.

In New Zealand, the prevalence of standards such as Minimum Energy Performance Standards (MEPS) for three-phase cage induction electric motors (motors, or electric motors) is ensuring the quality of electric motors sold in the country.

Papua New Guinea is witnessing an increased deployment of electric vehicles due to the target set out by the Nationally Determined Contribution (NDC) of the country to increase the share of renewable energy as the source of electricity. The adoption of electric vehicles will create a drop in oil consumption and reduce emissions by up to 22% by 2035. With the growing adoption of electric vehicles, the demand for electric motors is anticipated to rise.

The Fiji Low Emission Development Strategy aims to achieve net zero carbon emissions by 2050. It is aimed at enabling Fiji to transform its energy sector with a wide array of on-grid and off-grid renewable energy generation. The adoption of clean energy for domestic, commercial, and industrial use as well as the conversion of Fiji's land transportation networks to electric cars, is anticipated to aid the Oceania electric motor market growth.

Key Highlights of the Report

Oceania Electric Motor Market Report Snapshots

Oceania Electric Motor Market Size

Oceania Electric Motor Market Trends

Oceania Electric Motor Market Analysis

Oceania Electric Motor Companies