What Is The Size Of Global Electric Motor Industry?
Global Electric Motor market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027.
The Global Electric Motor Market is largely driven by rising environmental concerns and driven by favorable government policies, the adoption of electric vehicles is expected to witness a massive development during the forecast period, which is expected to be a key driver for the electric motor market.
The number of plug-in electric vehicles (PEVs), including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), has been rising and is expected to continue having similar trends in the coming years.
Electrical motors have a widespread application in various sectors, including power, chemical, petrochemicals, and others, allowing them to diversify and strengthen their position in the global market. As the power demand has grown considerably across nations, the industrial sector has gained pace and developed technologies, such as combined heat & power (CHP), which has broadened the scope of deployment of electric motors in the industries and has led to a constant demand for the product in the sector.
The construction sector heavily influences heating, ventilation, air-conditioning (HVAC), and refrigeration equipment. Developing economies are the major countries indulged in the electric motor market growth.
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Global Electric Motor Market By Motor Type
The increasing automation in various industrial processes and the use of electric AC motors in diverse applications, such as healthcare, construction, automotive, and consumer goods, are expected to support the market growth.
Global Electric Motor Market By Voltage Type
Based on voltage, less than 1 kV is expected to have the largest share owing to the growing consumer spending for small appliances, coupled with increasing demand for small fans and pumps used in small equipment (Hairdryers, pumping machines, and others).
Global Electric Motor Market By Application
The residential usage of the electric motor is gaining importance because of the increasing demand for electric household appliances and increasing global purchasing power parity (PPP), which result from growth in consumption and modernization of various applications used in the residential sector.
Global Electric Motor Market By Geography
Asia-Pacific is the largest region and is also the fastest-growing region over the forecast period owing to the presence of several developing economies, such as China, India, and Japan.
Competition Scenario In Global Electric Motor Market
The smart home security market is highly fragmented due to low entry barriers. Some of the major companies are ABB Ltd. AMETEK Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd, and Toshiba Corp. Further strategic partnerships and innovations are the driving force for the industry, and the market is evolving faster in terms of technology and features.
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What Is The Expected Future Outlook For The Overall Global Electric Motor Market Across The Globe?
The Global Electric Motor market was valued at USD ~Bn in 2022 and is anticipated to reach USD ~Bn by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The global market scenario for electric motors is upbeat on account of increasing energy consumption, expanding manufacturing industry, and growing automobile sector. Furthermore, the demand for electric vehicles has constantly been increasing over the last few years due to the rising government awareness programs to attain emission-free vehicles. The electric car stock grew at a CAGR of ~ during 2016-2020.
The growth is expected to continue during the forecast period, fostered by the decreasing cost of lithium-ion batteries and technological advancements, which has enhanced the speed of the EV and also increased the number of kilometers covered in a single charge.
Technological advancements have made electric cars and two-wheeler more feasible for city travel apart from reducing pollution and decreasing the dependence on fuels. Additionally, in a bid to increase the share of electric vehicles, countries are spending a tremendous amount of money to establish the required infrastructure, which is likely to increase the demand for electricity and electric motors.
The developing economies of the world, such as China and India, are some of the major hotspots for the electric motor business. In India, the rising disposable incomes, improving standards of living, and policy level support to augment the manufacturing sector are anticipated to drive the demand for electric motors.
Moreover, the residential usage of the electric motor is gaining importance because of the increasing demand for electric household appliances and increasing global purchasing power parity (PPP), which result from growth in consumption and modernization of various applications used in the residential sector.
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