Electric Motor Market - Forecast(2024 - 2030)

Report Code: ESR 0732 Report Format: PDF + Excel

Electric Motor Market Overview

Electric Motor Market Size is forecast to reach $169 billion by 2030, at a CAGR of 5.6% during 2023-2030. 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 the growth in the electric motor market during the forecast period. An increase in awareness of green vehicles among customers has been a key factor leading the market. Besides this, a rising number of government incentives to encourage sales of green vehicles for safeguarding the environment from carbon emissions is analysed to drive the market. The growing interest in sustainable transportation has driven the demand for electric vehicles. Electric motors play a crucial role in powering EVs, and advancements in motor technology contribute to increased efficiency and range. The industrial sector is witnessing the integration of electric motors with the Internet of Things (IoT) and Industry 4.0 technologies. This integration allows for real-time monitoring, predictive maintenance, and improved efficiency in industrial processes.

Smart motor technologies, incorporating features like connectivity, sensors, and advanced control systems, are becoming more prevalent. These innovations contribute to better performance, remote monitoring, and enhanced automation in various applications. Developments in motor control systems, including advanced algorithms and power electronics, contribute to improved motor performance, reduced energy losses, and enhanced control precision. There is an increasing emphasis on developing more energy-efficient electric motors to meet sustainability goals and reduce energy consumption. Regulations and standards promoting energy efficiency also influence the design and manufacturing of electric motors. Additionally, Electric motors have been observing several advancements in technology over the past few years, owing to which its demand is set to gain higher traction during the forecast period 2023-2030.

Market Snapshot


                               

Report Coverage

The report: “Electric Motor Market Report– Forecast (2023-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Electric Motor market

By Product Type: AC Motor (Induction Motor, Synchronous Motor, Servo Motor, Stepper Motor), DC Motor (Brushed DC Motor, Brushless DC Motor, Servo Motor, Series Motor, Stepper motor, Compound Motor).
By Product Category: Permanent Magnet, Non-Permanent Magnet.
By Phase: Single Phase, Three Phase.
By Power Rating: Below 0.5W, 0.5W-1W, 1W to 100W, 100W to 1KW, 1KW to 10KW, 10KW and Above.
By Efficiency: IE1, IE2, IE3, IE4.
By Application: Commercial (Automated Doors, Elevators & Escalators, Blowers, Electric Sweepers, Hand Dryers, Data Center & UPS, Pumps, Power Tools, Water Coolers, Camera PTZ Control, Drones, Others), Consumer Products (Pumps, Hair Dryers, Lawn Mowers, Boilers, Dishwashers, Vacuum Cleaners, washing machine, Blenders & Mixers, Fans & Chimneys, Desktop & Laptops, Smartphones, Refrigerators, Others), Automotive (Body Control motors, EPS Motors, Brake Booster BLDC Motor, Seat Adjustment, Belt Tensioner, Car Window Motor, Door Lock Motors, Wiper Motor, Others), Medical & Healthcare (Diagnostic Equipment (CT Scanners, MRI, Biopsy Systems, Diagnostics Analyzers, Ultrasound Transducers, X-Ray, Others), Medical Centrifuges, Medical Pumps, Blowers and Compressors, Surgical Instruments (Saws, Drills, Surgical Robots, Others), Dental CAD/CAM Milling Machines, Exoskeleton & Prosthetics, Microscopes, Wheelchairs & Scooters, Stair Lifts, Hospital Beds & Exam Tables, Others).
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia, Netherlands, Poland, Czechia, Belgium, Sweden  and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa)

Key Takeaways

• 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 APAC.
• The DC Motor segment is growing at a significant CAGR of 7.6% in the forecast period. A DC motor consists of a stator and a rotor.
• Medical & Healthcare sector is expected to witness a highest CAGR of 8.5% the forecast period, due to its extensive reliance on electrically powered devices and equipment. Diagnostic imaging equipment, such as MRI and CT scanners, demands high-performance electric motors for precise movements and accurate imaging. 
• Electric Motor companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers. 

                                                                   Global Electric Motor Market, By Region, 2023

                                                     
 
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Electric Motor Market Segment Analysis - By Product Type

The DC Motor segment is expected to grow at a significant CAGR of 7.6% during the forecast period 2023-2030. Owing to the growing penetration of brushless DC motors across various industry verticals substituting brushed dc and even ac induction motors in certain applications such as home appliances. DC motors are used in electric vehicles in the automotive industry for various non-traction applications, contributing to the ongoing shift towards sustainable transportation. As the demand for electric vehicles grows, so does the demand for efficient and dependable DC motors. DC motors are also widely used in industrial automation, powering conveyor systems, robotics, and manufacturing equipment. Owing to the ease of control, they are suitable for accurate and regulated movements in automated processes.

Electric Motor Market Segment Analysis - By Application

Medical & Healthcare sector is expected to witness a highest growth of CAGR 8.5% during the forecast period 2023-2030, owing to the increase in investments in healthcare and medical sector, along with growing penetration of advanced medical devices & equipment in the sector such as surgical robots, advanced imaging & diagnostic equipment, prosthetics and so on. Medical advances and technical improvements have resulted in the development of a wide range of medical instruments and gear that significantly rely on the precision and efficiency provided by electric motors. High-performance electric motors are required for precise motions and accurate imaging in diagnostic imaging equipment such as MRI and CT scanners. Electric motors provide stability and consistency to patient care and monitoring systems such as infusion pumps and monitoring equipment. Furthermore, the incorporation of electric motors in mobility aids such as electric wheelchairs and patient lifts improves accessibility for people who have mobility issues. Electric motors are used in laboratory equipment, robotic surgical systems, and a variety of medical tools, all of which contribute to the overall efficiency and improvement of healthcare techniques. The demand for electric motors is on the rise as the healthcare industry evolves and adopts more technologically sophisticated solutions, fueling additional innovation in this critical sector.

Electric Motor Market Segment Analysis - By Geography 

Electric Motor market in Asia-Pacific region held significant market share of 38% in 2023. 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. 

Electric Motor Market Drivers

Rise in demand for Electric Vehicles

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 2022, Ford Motor has committed to increase its investments in electric vehicles to $50 billion by 2026, up from a previous spend of $30 billion by 2025. 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 for traction & auxiliary applications, the rising demand for electric vehicles globally is set to assist the market growth for electric motors used in the same.

Growing R&D activities 

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 analysed 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 analysed to drive the market growth in the forecast period 2023-2030.

Electric Motor Market Challenges 

Easy availability of low-quality electric motors

The market for electric motors is highly fragmented, with a significant number of domestic and international manufacturers. Product quality is a primary parameter for differentiation in this market. The organized sector in the market mainly targets industrial buyers and maintains excellent product quality, while the unorganized sector offers low-cost alternatives to tap local markets. Local manufacturers of electric motors in most countries target the unorganized sector and compete strongly with the global suppliers in the respective markets. Leading market players are currently exposed to intense competition from such unorganized players supplying inexpensive and low-quality electric motors. This acts as a key challenge for the growth of the market.

Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Electric Motor market. Electric Motor top 10 companies include ABB Ltd. AMETEK, Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd., Nidec Corporation, ARC Systems Inc., among others.

Acquisitions/Product Launches

• In July 2023, Nidec Corporation announced that it has successfully developed a new electric power steering motor power pack*1 (“EPS-PP”).
• In July 2023, WEG announced new investments for its motor manufacturing plant located in Manaus, Brazil. The Company will invest R$ 48 million, in the next three years, to expand production capacity and adapt the plant to produce a new line of permanent magnet electric motors for split-type air conditioners
• In December 2023, Johnson Electric Launches 48-Volt Cooling Fan Module with High Power and Efficiency. Johnson Electric is pleased to announce the launch of the 48-Volt Cooling Fan Module with power up to 1.5kW to meet the most demanding cooling requirements.  The need to reduce emissions and increase the electrification of the vehicle, requires higher cooling performance and efficiency.

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1. Electric Motor Market - Market Overview
    1.1 Definitions and Scope
2. Electric Motor Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by type
    2.3 Key trends segmented by geography
3. Electric Motor Market– Industry Landscape
    3.1 Comparative Analysis
        3.1.1 product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis                
        3.1.5 Pricing Analysis
4. Electric Motor Market - Startup companies Scenario Premium Premium (Premium)
    4.1 Top 10 startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Electric Motor Market - Industry Market Entry Scenario Premium Premium (Premium)
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top 10 companies
6. Electric Motor Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
7. Electric Motor Market - By Strategic Analysis (Market Size -$Million/Billion)
          7.1 Value Cain Analysis
          7.2 Opportunities Analysis 
          7.3 Product Life Cycle/Market Life Cycle Analysis
          7.4 Supplier/Distributor Analysis
8. Electric Motor Market – By Product Type (Market Size -$Million/Billion)
    8.1 AC Motor 
          8.1.1 Induction Motor
          8.1.2 Synchronous Motor
          8.1.3 Servo Motor
          8.1.4 Stepper Motor 
    8.2 DC Motor 
          8.2.1 Brushed DC Motor
          8.2.2 Brushless DC Motor
          8.2.3 Servo Motor
          8.2.4 Series Motor
          8.2.5 Stepper motor
          8.2.6 Compound Motor
9. Electric Motor Market – By Product Category (Market Size -$Million/Billion)
    9.1 Permanent Magnet
    9.2 Non-Permanent Magnet
10. Electric Motor Market – By Phase (Market Size -$Million/Billion)
    10.1 Single Phase
    10.2 Three Phase
11. Electric Motor Market – By Power Rating (Market Size -$Million/Billion)
    11.1 Below 0.5W
    11.2 0.5W-1W
    11.31W to 100W
    11.4 100W to 1KW
    11.5 1KW to 10KW
    11.6 10KW and Above
12. Electric Motor Market – By Efficiency (Market Size -$Million/Billion)
    12.1 IE1
    12.2 IE2
    12.3 IE3
    12.4 IE4
13. Electric Motor Market – By Application (Market Size -$Million/Billion)
    13.1 Commercial 
            13.1.1 Automated Doors
            13.1.2 Elevators & Escalators
            13.1.3 Blowers
            13.1.4 Electric Sweepers
            13.1.5 Hand Dryers
            13.1.6 Data Center & UPS
            13.1.7 Pumps
            13.1.8 Power Tools
            13.1.9 Water Coolers
            13.1.10 Camera PTZ Control
            13.1.11 Drones
            13.1. 12 Others
      13.2 Consumer Products 
            13.2.1 Pumps
            13.2.2 Hair Dryers
            13.2.3 Lawn Mowers
            13.2.4 Boilers
            13.2.5 Dishwashers
            13.2.6 Vacuum Cleaners
            13.2.7 Washing Machine
            13.2.8 Blenders & Mixers
            13.2.9 Fans & Chimneys
            13.2.10 Desktop & Laptops 
            13.2.11 Smartphones
            13.2.12 Refrigerators
            13.2.13 Others
     13.3 Automotive 
            13.3.1 Body Control motors
            13.3.2 EPS Motors
            13.3.3 Brake Booster BLDC Motor,
            13.3.4 Seat Adjustment
            13.3.5 Belt Tensioner
            13.3.6 Car Window Motor
            13.3.7 Door Lock Motors
            13.3.8 Wiper Motor
            13.3.9 Others
      13.4 Medical & Healthcare 
            13.4.1 Diagnostic Equipment 
                         13.4.1.1 CT Scanners
                          13.4.1.2 MRI, Biopsy Systems
                          13.4.1.3 Diagnostics Analyzers
                          13.4.1.4 Ultrasound Transducers
                          13.4.1.5 X-Ray
                          13.4.1.6 Others
            13.4.2 Medical Centrifuges, 
            13.4.3 Medical Pumps
            13.4.4 Blowers and Compressors
             13.4.5 Surgical Instruments 
                          13.4.5.1 Saws
                          13.4.5.2 Drills
                          13.4.5.3 Surgical Robots
                          13.4.5.4 Others
             13.4.6 Dental CAD/CAM Milling Machines
             13.4.7 Exoskeleton & Prosthetics
             13.4.8 Microscopes
             13.4.9 Wheelchairs & Scooters
             13.4.10 Stair Lifts
             13.4.11 Hospital Beds & Exam Tables
             13.4.12 Others
14. Electric Motor Market – By Geography
    14.1 North America
        14.1.1 U.S
        14.1.2 Canada
        14.1.3 Mexico
    14.2 South America
        14.2.1 Brazil
        14.2.2 Argentina
        14.2.3 Chile
        14.2.4 Others
    14.3 Europe
        14.3.1 U.K
        14.3.2 Germany
        14.3.3 France
        14.3.4 Italy
        14.3.5 Netherlands
        14.3.6 Belgium
        14.3.7 Spain
        14.3.8 Russia
        14.3.9 Others
    14.4 APAC
        14.4.1 China
        14.4.2 India
        14.4.3 Japan
        14.4.4 South Korea
        14.4.5 Indonesia
        14.4.6 Malaysia
        14.4.7 Australia & New Zealand
        14.4.8 Others
    14.5 ROW
        14.5.1 Middle East
        14.5.2 Africa
15. Electric Motor Market – Entropy
16. Electric Motor Market – Industry / Segment Competition landscape Premium Premium (Premium)
    16.1 Market Share Analysis
        16.1.1 Market Share by Region- Top 10 companies
        16.1.2 Market Share by type of Industry vertical – Top 10 companies
        16.1.3  Market Share by type of component- Top 10 companies
        16.1.4  Market Share at global level- Top 10 companies
        16.1.5  Best Practices for companies
17. Electric Motor Market – Key Company List by Country Premium Premium (Premium)
18. Electric Motor Market -Company Analysis
    18.1 Bosch Electric
    18.2 Nidec Corporation
    18.3 Regal Rexnord
    18.4 Franklin Electric Company Inc.
    18.5 Teco Electric & Machinery Co. Ltd.
    18.6 Johnson Electric
    18.7 Wolong Electric Group co. ltd.
    18.8 Vybronics
    18.9 Mabuchi Motor Co., Ltd
    18.10 Bonfiglioli Group 

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