The global electric motor market accounted for a value of USD 115.5 billion in 2019. Electric motor market is projected to register growth at a CAGR of 4.7% during forecast period.
COVId-19 has impacted electric motor market significantly during forecast period. The supply chain of raw material and finished products is immensely disrupted due to travel restriction which resulted in delay in delivery and slow manufacturing. The manufacturing facilities have to shut down due to nation wise lockdown. The exports and imports of parts and have been stopped due to international border closer. Various components of electric motor come from China, US and Europe and all these parts are not available for manufacturing. There will be significant decline in electric motor market for next one or two years.
For more details, visit: Global Electric Motor Market By Output Power (< 1HP, > 1HP), By Rotor type (Inner Rotor, Outer Rotor), By Power Rating (<1 KW, 1-2.2 KW, Others), By End User (Industrial, Residential, Others), By Region–Forecast & Opportunities to 2026
Electric DC is used widely in HVAC systems. HVAC systems are considered t be one of the vital components as it provides thermal comfort and gives better air quality in indoor spaces. HVACs are widely adopted for in large buildings, shopping malls. The demand for HVAC systems are increasing across various regions. DC electric motor used in HVAC system ensures high efficiency in airflow and maximize power and life of such systems. The wide adoption of DC electric motor in HVAC systems is likely to drive growth in electric motor during forecast period.
On the basis of output power, the electric motor market is segmented into below 1 HP and above 1 HP. The above 1 HP motors segment is estimated to dominate the market for electric motor during forecast period. Electric motor is widely adopted in various end-users industries. The above 1 HP motors are compact, low maintenance and low weight. The large scale adoption in transportation and industrial segment is likely to drive growth in above 1 HP motors during forecast period.
On the basis of rotor type, the electric motor market is segmented into inner rotor and outer rotor. The inner rotor segment is estimated to hold largest market share during forecast period. The inner rotor motors are positioned at center and stator winding. The inner motor segment is widely used in automotive, consumer electronics, CNC machines, robotics, manufacturing and automatic door openers industries. This motor is used to carry out deceleration and acceleration of speed, it is compact and it offers high starting torque. This drives growth in inner rotor motors during forecast period.
On the basis of end-user, the electric motor market is segmented into industrial, residential, transportation, agriculture and commercial. The industrial segment is estimated to hold largest market share during forecast period. Major industries across the world are function on motorized automation. Major industries such as oil & gas, paper & pulp, water & wastewater, petrochemicals & chemicals, metal & mining, cement & manufacturing industries and others utilized electric motors. This drives growth in industrial segment during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. The rapid urbanization and industrialization are taking place in various countries such as India, Japan, South Korea, Australia and China. The industries in this region are moving towards internet-based operations. This region is adopting new technologies in automation and motorized based equipments and this region is increasingly exploring connected device and innovative services. This drives growth in Asia-Pacific region during forecast period.
The key market players in electric motors industry are ABB, NIDEC Corporation, Siemens, WEG, Johnson Electric, Wolong, Ametek, Allied Motion, Regal Beloit, Faulhaber Group, Toshiba Corporation, Hyosung Heavy Industries, Teco Electric & Machinery, Maxon Motor, Buhler Motor, ARC Systems, Brook Crompton and Hitachi.
- What are the expected industry trends over the next three to five years?
- Which of the electric motor type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?