An Esomar certified market research firm, Future Market Insights, projects that the electric motors market is slated to grow at 4.8% CAGR through 2030. Despite a modest rally for the market amidst the ongoing pandemic, improvements in motor technology are slated to have a tangible and profound effect on the market in the near term. The advent of electric motors in electric vehicles is gathering huge momentum and paving way for public-private joint ventures. In the future, the market’s growth trajectory will heavily rely on the potent combination of electric motors and drivetrains. Key technologies such as 3D printing and in-wheel motors (IWMs) are gaining traction within the performance-driven automotive sector.
Key highlights of the electric motors market study finds that:
- The industrial segment accounts for approximately 65% to 70% of electric motor applications. Following suit are the commercial and residential sectors.
- Within the residential sector, HVAC systems, central heating, pumps, and ventilation are the foremost end uses for electric motors.
- Europe, China and U.S. have the highest adoption of electric motors with all three regions accounting for nearly 50% of global electricity consumption.
- Medium-sized motors account for three quarters of electricity demand globally.
- Compressors, pumps, fans and mechanical machinery and equipment generate the maximum demand for motor pumps.
Because of the pandemic, the electric motors market is anticipated to contract slightly through 2020. This can be attributed to subdued demand for industrial equipment in countries such as China in the first quarter of 2020.
End users across various industries have put their orders on hold and cut down on investments in new equipment across different verticals.
A slight sluggishness had also been observed in the market in the year 2019 owing to the ongoing trade war, which had put a dent on exports and imports of industrial goods.
Some optimism was there that the market will rebound by 2020, but the pandemic has dampened consumer and manufacturer confidence.
With more than 300 million electric motors being manufactured globally, the market is highly competitive. At a time when strategies have been implemented to reduce global emissions, electric motor markets are disrupting with well-timed innovations:
- Siemens, headquartered in Germany, is one of the top players in the electric motors market. Lately, the company is innovating in electric motor technology in electric vehicles. Siemens has partnered with Alstom for a greater footprint in mobility solutions.
- Toshiba, headquartered in the U.S., has garnered a reputation for itself for manufacturing some of the most reliable and robust electric motors. It strives to continuously acquire other motor manufacturers. For instance, its acquisition of Hamilton has allowed it to innovate and build more sophisticated electric motors in a new 63,000-square-foot facility
- Similarly, ABB headquartered in Zurich, Switzerland, is a world leader in electrification products, robotics, motion and power grids. In 2018, the company signed a contract with GE industrial solutions to strengthen its electric motors portfolio and gain better access into the North American market.
The new market research study offers an unbiased analysis of the electric motors market, looking at global industry analysis for 2015 to 2019 and opportunity assessment for the 2020 to 2030. The report offers analysis on the global electric motors market across different categories – product type, power output, application, end user and region. The global electric motors market study also provides information on pricing through different application analysis, product life cycle, capacity assessment, key market trends and technologies that are being implemented in the deployment of electric motors and product adoption in various end use industries.
