Global Electric Motor Market By Type (DC Motor, AC Motor), By Power Output (Integral Horsepower (Above 1HP), and Fractional Horsepower (Up to 1HP)), By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The Global Electric Motor Market size is expected to be worth around USD 253.70 Billion by 2032 from USD 131.4 Billion in 2022, growing at a CAGR of 6.80% during the forecast period from 2023 to 2032.

An electric motor converts electrical energy to mechanical energy. It consists of a rotor, bearings, stator, air gap, and windings. AC motors are a great choice for robotics system manufacturers because they can handle angular movements and other factors such as torque requirements, acceleration, speed, and control.

There are three types of DC motors: series, permanent, and shunt. Synchronous machines and reluctance are two types of AC motors. Many electric motors are used in OEM-based products, pumps and conveyor systems, compressors, fans, compressors, and other industrial machines. Integration of electronic hardware and sensors can help to develop AC and DC motors.

This allows for predictive maintenance and minimizes downtime. The electric motor market is growing due to the high efficiency of AC-synchronous motors and increased demand for better machine control in the automotive industry.

To achieve the maximum motor output, regulations like Minimum Energy Performance Standards (MEPS), have led to the development of energy-efficient motors. The adoption of efficient motors in appliances has also driven the global growth of the electric motors market.

Due to their high torque and low noise levels, electric motors have seen a rise in demand in HVAC (heating, ventilation, and air conditioning) applications. The International Energy Agency (IEA) estimates that around 40% of electricity is used to power electric motors.

Electric motors are more efficient, lighter, and have a high operating speed. Material handling systems are the main consumers of fractional horsepower motors (FHP), which has boosted their demand around the world. These motors will be in high demand due to the widespread adoption of motors between 21-60 V in HVAC industries.

Driving Factors

The increasing adoption of automobiles and the industrial sectors is The Main Driving Factor For The Growth Of the electric motor market.

By using electrical motors as power sources for many applications, including transportation and power, the company can diversify its market share and expand its global reach. The industrial sector has seen a significant increase in power demand over the past decade. Combined heat and power technologies are now being introduced to the market.

In the industrial sector, this has resulted in an increase in electric machines. The electric motor market has also grown due to the increasing demand for automobiles and the introduction of electric cars (EVs). With the increasing demand for, cooling, and heating in residential, commercial, as well as industrial areas, the heating and air conditioning (HVAC), industry has grown.

HVAC equipment supply has become a key characteristic of new construction. It has also fueled the demand to deploy electric motors. The major markets that are embracing the HVAC industry’s growth are the countries with developing economies as Commercial spaces are growing and so is the standard of living.

Restraining Factors

High Maintenance Cost To Limit The Market Growth.

The high maintenance costs of motors can limit the key market growth. The high operational costs of the motor may prevent customers from adopting it. If a motor with high horsepower is used along with a low load factor the cost per hour increases. Some motors, such as induction motors, do not have self-starting torque. Auxiliaries may be needed to start single-phase motors. These factors could limit the market’s growth.

Growth Opportunities

As The End Use Product Is an Electric Motor For Renewable Energy, The Demand for the Electric Motor Market Will Increase Globally.

The rise in the global population has led to an increase in urbanization. The U.N. estimates that 56% of the world’s population lives in urban areas. In developed countries, 79% of the population lives in cities. This number will likely rise over the next few years. Rapid urbanization will lead to a rise in demand for domestic and industrial goods.

Globally, renewable energy production is growing at an increasing rate every year. The U.S. Energy Information Administration, (EIA) states that renewable energy makes up 12% of total energy consumption in the country. Eurostat estimates that 22.1% of the energy consumed in Europe in 2020 will come from renewable sources.

According to the State Grid Corp. of China, nearly 43% of China’s energy requirements can be met by renewable energy. The main end-use product from renewable energy sources is electric motors. As a result, electric motors will be more in demand as renewable energy is used more.

Trending Factors

Rapid Growth Of Urbanization To Increase The Demand Of Electric Motor Market.

The growing urbanization directly results in high demand for services, which, therefore, opens up opportunities to deploy electric motors. The growing number of construction activities encourages the use of electric motors, as they are essential for many construction tasks. The demand for motors in the residential sector increases for many household purposes.

High demand for power leads to an increase in energy generation capacity. The cultivation of crops has a direct impact on the adoption of electric machines in the agricultural sector. Motors are crucial for crop irrigation purposes and motors can be used to power them. These factors will likely favor global market growth for electric motors in the coming years.

Type Analysis

The AC Motor Segment Dominates The Electric Motor Market Growth Globally.

The electric motor market can be divided into three types based on motor type: AC motors, DC motors, and Hermetic. Due to their widespread use in various applications, including irrigation pumps and advanced industrial operations, the AC motors segment will hold a substantial market share.

Due to electric vehicles’ increasing use and the booming transportation industry, the DC motors market will see significant growth. Growing demand from emerging economies is driving Hermetic motor use for heating, compression, and ventilation. Segmental growth is expected during the forecast period.

Power Output Analysis

The Fractional Horsepower(up to 1HP) Segment Dominates The Market Globally.

The electric motor market can be divided into integral horsepower (Above 1HP) or fractional horsepower (up to 1HP). Due to the increasing use of electric motors with power ranges up to 1HP in small-scale industries like paper & pulp, textile mills, and warehouses, the fractional horsepower (Up To 1HP) segment will lead the market. Large-scale businesses will be the main source of investments in the integral horsepower segment (Above 1. HP).

Application Analysis

The Motor Vehicle Segment Dominates The Market Globally.

The electric motor market can be divided by application into motor vehicles, industrial machinery, HVAC equipment, and electrical appliances. Due to increasing investments in electric vehicles, and the automotive industry’s efforts to reduce carbon emissions globally, the motor vehicle segment will continue to be the most prominent.

Growing investment in the industrial sector and rising demand for energy-efficient motors drives the demand for industrial machinery. In the coming years, the growth of the electrical appliances segment will be boosted by the rapid deployment of electrical motor-based products like vacuum cleaners and washing machines as well as refrigerators.

Key Market Segments:

Based on Type

• DC Motors
• AC Motors
• Hermetic Motors

Based on Power Output

• Integral Horsepower (Above 1HP)
• Fractional Horsepower (UpTo 1HP)

Based on Application

• Motor Vehicles
• Industrial Machinery
• Electrical Appliances
• HVAC Equipment
• Others

COVID-19 Impact Analysis

The absence Of Workers And Restriction On Travel Have Affected The Market Growth During Covid-19.

All industries have suffered from the global health crisis caused by the rapid spread of COVID-19. Following strict policies like a nationwide lockdown to stop the spread of the virus, industries have suffered a significant loss. The virus outbreak has affected the demand for electric motors. The electric motor market is large and has many sales channels.

The absence of workers and restrictions on travel have caused the market to stagnate. Many currencies have seen rapid depreciation due to the pandemic. The result has been a significant difference in the global value of imports and exports which are all purchased in US dollars. The currency depreciation has caused financial losses for component manufacturers and is expected to further suppress the global electric motors market.

Regional Analysis

Asia Pacific Region Dominates The Market Globally.

Asia Pacific was the dominant market for electric motors and had the largest revenue share. This can be attributed to significant investments in industrialization and improvements in agriculture in countries like Australia, South Korea, India, South Korea, and China.

The electric motor market’s growth prospects are expected to be boosted by the increased production and sale of electric vehicles in countries like China and Japan, as well as the presence of established OEMs like Honda Motor Co., Ltd., Hyundai Motor Company, Nissan Motor Corporation, and Toyota Industries Corporation. Asia Pacific was followed by Europe and North America, which held high market shares in 2020.

They are also witnessing increasing demand. These are the most important markets for premium efficiency motors. They are used in HVAC, industrial applications, and electric cars. The market for motors in Latin America, the Middle East, and Africa is expected to grow rapidly due to increased government funding. These regions are seeing a rise in demand for motors in the oil and gas sector, the rapid development of the mining industry, as well as significant demand for cement in the construction industry helps in the growth of the market.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

There are many small and large players in the electric motor market. To improve the effectiveness of their products, companies are focusing more on research and development. Manufacturers have been forced to invest more in product development to meet customer needs.

Companies are also attempting to create premium quality products and high-value products at a low cost in order to be competitive in a price-sensitive market.

Market Key Players:

• ABB
• AMETEK
• Johnson Electric
• Siemens
• Rockwell Automation
• General Electric
• Nidec Motor Corporation
• WEG
• Toshiba Corporation
• Hitachi
• Mitsubishi Heavy Industries
• TECO-Westinghouse Motor Company
• Arc Systems Inc.
• DENSO (Japan)
• Regal Beloit Corporation
• Other Key Players

Recent Developments:

• Mabuchi Motors announced the acquisition of Electromag SA at a total capital of approximately CHF 0.1 million / USD 0.11 million in June 2021. Mabuchi Motors will be acquiring Electromag SA to expand its portfolio of brushless motors that can be used in healthcare facilities, such as dental care and ventilators.
• Turbo Power Systems signed a partnership agreement in April 2021 with Statcon Energiaa, an Indian power electronics manufacturing company. This collaboration will allow for increased expertise between the two companies in developing, producing, and marketing power electronics products for energy, rail, defense, and other markets.
• Siemens announced in March 2021 that its Simotics SD motor series variants will now offer Super Premium Efficiency (IE4) output to meet the European ErP Directive 2019/1781. Siemens also announced that electric motors with a power rating of between 3HP and over 1,300HP, along with other pole designs, will be available in the IE4 spectrum.

Report Scope: