Rise in demand for electric vehicles owing to ongoing developments in automotive sector and favorable government policies and support in terms of subsidies and grants is anticipated to boost Electric Motor Market during the forecast period 2021-2026. Electric Motor Market Size Is Forecast To Reach $186.0 Billion By 2026, At A CAGR Of 6.9% During 2021-2026
Electric Motor Market Size is forecast to reach $186.0 billion by 2026, at a CAGR of 6.9% during 2021-2026. The increase in global electricity consumption and the use of electrical equipment and machines in different industries and the renewables sector are major factors driving growth in the electric motor market during the forecast period. In addition, increase in awareness regarding green vehicles among customers has been a key factor driving the market. Besides this, a rising number of government incentives to encourage sales of green vehicles for safeguarding the environment from carbon emissions is expected drive the market growth. Additionally, Electric motors have been observing several advancements in technology over the past few years, owing to which its demand is gaining traction in the forecast period 2021-2026.
The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favorable government policies and support in terms of subsidies and grants, tax rebates. Major manufacturers such as General Motors, Toyota, and BMW plan to release a potential of 400 models and estimated global sales of 25 million by 2025. In 2021, Ford Motor has committed to increase its investments in electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. Similarly, in 2020, Volkswagen, Chinese ventures has committed to invest $17.5 billion in electric vehicles by 2025. As electric vehicles use various types of electric motors, hence the rising demand for electric vehicles globally drives the automotive valves market.
Electric Motor market in Asia-Pacific region held significant market share of 40% in 2020. Increasing compliance for energy efficient motors and rising adoption of motor-driven electric vehicles are the key factors driving market growth. The rising demand for efficient energy usage over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the electric motor market. In addition advancements in the agriculture sector and enormous investments in industrialization in countries such as China, India, South Korea, and Australia is driving the market growth. Further, the increasing production and sales of electric vehicles in countries including China and Japan is also analyzed to drive the market growth.
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Radiation Hardened Electronics Market Growth Drivers:
- Growing R&D activities is analyzed to drive the market growth in the forecast period
Manufacturers are continuously focusing on R&D to develop new and effective electric motors to meet consumer demand. Increasing concerns, such as environmental pollution and regulations, are forcing manufacturers to develop electric motors that reduce vibration and increase efficiency. For instance, a synchronous electric motor is around 80% more efficient than an induction electric motor. Similarly, the development of a new type of steel for electric motors, which reduces the weight of the electric motor and makes it more efficient and powerful. This new type of electric motor will be small in size and cost effective, which will raise demand from residential and commercial applications. Moreover growing developments from various companies is also analyzed to drive the market growth. In 2020, ABB has launched low voltage IEC induction motor to reduce the overall size of the equipment. Similarly, Arc Systems Inc developed the squirrel cage induction electric motor with class-H insulation materials, which can sustain high temperature. Hence these factors are analyzed to drive the market growth in the forecast period 2021-2026.
The Major Players in this Market Include
Major players in Electric Motor include ABB Ltd. AMETEK, Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd., Nidec Corporation, ARC Systems Inc., among others. In 2021 BorgWarner launched HVH 320 electric motors in four variants. They are offered to light-duty passenger cars and heavy-duty commercial vehicles.
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