Global Electric Motor Market to Grow at Nearly 7% in Coming Years

Published | 25 April 2022

The global electric motor market is growing on account of its longer operating life, low energy consumption, high endurance for fluctuating voltages, and low maintenance requirements…

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global electric motor market was worth USD 119.7 billion in the year 2021. It is forecast that the market would grow at a CAGR of 6.70%, thereby reaching USD 187.1 billion by 2028. Consumers are leaning towards eco-friendly non-conventional fuel alternatives due to the surging fuel prices. These conventional electric appliances that use fuel to run are also polluting the environment, causing many health-related problems, creating a problem in sustaining life on earth. These are the factors impelling the end-user industries to go for electric motors, which is anticipated to propel the electric motors market in the forecast period.

High Demand from HVAC Equipment Sector is Driving Global Electric Motor Market

Based on application, the global electric motor market is segmented into industrial machinery, motor vehicles, HVAC equipment, aerospace & transportation, household appliances, and other commercial applications. The HVAC equipment segment holds the largest market share. This is because the HVAC equipment such as air conditioners, cooling towers, compressors, etc., are heavily dependent on electric motors to function. However, the motor vehicle segment is also growing at a high rate owing to the expanding automobile production.

Market Inclination toward High-Speed Electric Motors is Presenting Growth Opportunities

Based on speed, the global electric motor market is segmented into low speed, medium speed, high speed, and ultra high-speed. The high-speed segment accounts for the largest market share owing to its wide range of applications. High-speed electric motors are prominently used in applications that require high rotation speed such as high-speed cutting, grinding, and winding. These motors have high rotational speed and managed torque powered with low voltage and high voltages to operate fast-paced machinery effectively, which favors its market growth.

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Global Electric Motor Market - By Output Power

Based on output power, the global electric motor market is segmented into integral horsepower (IHP), and fractional horsepower (FHP). The fractional horsepower (FHP) segment accounts for the largest market share. This type of output power is mainly used for driving pumps and compressors in refrigerators, coffee machines, washing machines, vacuum cleaners, etc. The rising demand for consumer electronic goods due to increasing disposable income and purchasing power of the consumers acts as a major driving factor for the largest market share.

Global Electric Motor Market - Regional Insights

Geographically, the global electric motor market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America is dominating the market of electric motors in terms of revenue due to rapid industrial growth and expansion of the aerospace industry. Furthermore, the high concentration of leading automobile manufacturers in the United States such as Tesla, General Motors, Hyundai Motor, etc., is also propelling the demand for electric motors in this region. APAC is anticipated to have the fastest growth during the forecast period.

Competitive Landscape

The leading market players of the global electric motor market are Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation, Johnson Electric Holdings Limited, Toshiba, FAULHABER GROUP, Danaher Motion, WEG, and other prominent players.

The market is highly concentrated and competitive with the presence of multinational corporations. However, several small-scale players are also emerging and establishing themselves as leading players in the market. The companies significantly invest in research and development activities to bring innovations into their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Don’t miss the business opportunity of the global electric motor market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global electric motor market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global electric motor market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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