Electric Motor Market - Forecast(2022 - 2027)

Report Code: ESR 0732 Report Format: PDF + Excel

Electric Motor Market Overview

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 the growth in the electric motor market during the forecast period. An increase in awareness regarding 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 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.

Report Coverage

The report: “Electric Motor Market Report– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Electric Motor market
By Deployment Mode: Cloud, On-Premises
By Vertical: Automobile, Aerospace & Defense, Electrical & Electronics, Industrial Manufacturing, Healthcare, Education & Research, Others
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia 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 inner rotor segment is growing at a significant CAGR of 7.9% in the forecast period. In inner rotor type motors, rotors are positioned at the centre and surrounded by stator winding. 
  • Automotive sector is expected to witness a highest CAGR of 8.3% the forecast period, owing to various factors such as increase in sales of electric vehicles due to rising concerns over greenhouse gases emissions, and favourable government policies in countries such as India, China and so on. 
  • 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, 2020

Global Electric Motor Market

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Electric Motor Market Segment Analysis - By Deployment

The inner rotor segment is expected to grow at a significant CAGR of 7.9% in the forecast period. In inner rotor type motors, rotors are positioned at the centre and surrounded by stator winding. These motors are used in the manufacturing, automotive, and consumer electronics industries for robotics, CNC machines, automatic door openers, and metal cutting and forming machine applications. These applications require motors that can carry out fast acceleration and deceleration of speed, offer high starting torque, have reversible action capability, and are compact. According to the IEA, EV Outlook 2020, the global sales of electric cars reached 2 million in 2019, 40% higher than in 2018. This indicates the increased demand for electric vehicles and their accelerated manufacturing in coming years, which in turn, is expected to fuel the demand for inner rotor electric motors. 

Electric Motor Market Segment Analysis - By Vertical 

Automotive sector is expected to witness a highest CAGR of 8.3% the forecast period, owing to various factors such as increase in sales of electric vehicles due to rising concerns over greenhouse gases emissions, and favorable government policies in countries such as India, China and so on. Increasing focus on R&D activities and rapid technological changes owing to the changing government norms for vehicle safety are projected to drive the market.  In addition automotive safety norms are evolving in developing countries due to upcoming legislations for active and passive safety systems, which mandate the installation of safety systems in passenger cars. This considerably increases the installation of safety systems such as ABS and ESC per vehicle and thus, increases the demand for electric motors. Safety features are enhanced by ABS, ESC, and brake assist motors platforms, which provide high power density and reliability for all vehicles, including hybrid and electric car braking systems. Advanced compact pedal adjuster motors are designed to provide the highest uniformity in the smallest package to enhance driver control and comfort. All these features are increasing the comfort and performance of a vehicle, subsequently driving the demand for electric motors in the forecast period 2021-2026. 

Electric Motor Market Segment Analysis - By Geography 

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. 

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 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.

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 2021-2026.

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 2021 BorgWarner launched HVH 320 electric motors in four variants. They are offered to light-duty passenger cars and heavy-duty commercial vehicles.
  • In 2020, ABB has launched new range of low voltage IEC induction motors, which are compactly designed and reduces the overall size of the equipment by minimizing space and total cost of ownership.

Relevant Report Titles:

Report Code: AIR 0033

Report Code: AIR 0033

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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)
    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)
    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 -$Million/Billion)
          7.1 Value Cain Analysis
          7.2 Opportunities Analysis 
          7.3 Product Life Cycle/Market Life Cycle Analysis
          7.4 Supplier/Distributor Analysis
8. Electric Motor Market – By Type (Market Size -$Million/Billion)
    8.1 AC Motors 
    8.2 DC Motors
    8.3 Hermetic Motors
9. Electric Motor Market – By Rotor type (Market Size -$Million/Billion)
    9.1 Inner Rotor
    9.2 Outer Rotor
10. Electric Motor Market – By Output Power (Market Size -$Million/Billion)
    10.1 Fractional Horse Power
    10.2 Integral Horse Power
11. Electric Motor Market – By Voltage (Market Size -$Million/Billion)
    11.1 Up to 1 KV
    11.2 1Kv – 6.6 KV
    11.3 Above 6.6 KV
12. Electric Motor Market – By End User (Market Size -$Million/Billion)
    12.1 Industrial
    12.2 Commercial
    12.3 Residential
    12.4 Agricultural
    12.5 Automotive
    12.6 Others
13. Electric Motor Market – By Geography
    13.1 North America
        13.1.1 U.S
        13.1.2 Canada
        13.1.3 Mexico
    13.2 South America
        1 3.2.1 Brazil
        13.2.2 Argentina
        13.2.3 Chile
        13.2.4 Others
    13.3 Europe
        13.3.1 U.K
        13.3.2 Germany
        13.3.3 France
        13.3.4 Italy
        13.3.5 Netherlands
        13.3.6 Belgium
        13.3.7 Spain
        13.3.8 Russia
        13.3.9 Others
    13.4 APAC
        13.4.1 China
        13.4.2 India
        13.4.3 Japan
        13.4.4 South Korea
        13.4.5 Indonesia
        13.4.6 Malaysia
        13.4.7 Australia & New Zealand
        13.4.8 Others
    13.5 ROW
        13.5.1 Middle East
        13.5.2 Africa
14. Electric Motor Market – Entropy
15. Electric Motor Market – Industry / Segment Competition landscape Premium (Premium)
    15.1 Market Share Analysis
        15.1.1 Market Share by Region- Top 10 companies
        15.1.2 Market Share by type of Industry vertical – Top 10 companies
        15.1.3  Market Share by type of component- Top 10 companies
        15.1.4  Market Share at global level- Top 10 companies
        15.1.5  Best Practices for companies
16. Electric Motor Market – Key Company List by Country Premium (Premium)
17. Electric Motor Market -Company Analysis
    17.1 ABB Ltd.
    17.2 AMETEK, Inc.
    17.3 Johnson Electric Holdings Limited
    17.4 Siemens AG
    17.5 Toshiba Corp. 
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10
"*Financials would be provided on a best efforts basis for private companies"
18. Electric Motor Market –Appendix (premium)
    18.1 Abbreviations Sources
     18.2 Sources
19. Electric Motor Market -Methodology Premium (premium)
    19.1 Research Methodology
        19.1.1 Company Expert Interviews
        19.1.2 Industry Databases
        19.1.3 Associations
        19.1.4 Company News
        19.1.5 Company Annual Reports
        19.1.6 Application Trends
        19.1.7 New Products and Product Database
        19.1.8 Company Transcripts
        19.1.9 R&D Trends
        19.1.10 Key Opinion Leaders Interviews
        19.1.11 Supply and Demand Trends