With 6.9% CAGR, Electric Motors Market Size to Reach USD 188 billion by 2028
According to Exactitude Consultancy the Global Electric Motors Market value is expected to reach USD 188 billion by 2029, growing at a 6.9% CAGR of Between Forecast Period 2023 and 2028.
Luton, Bedfordshire, United Kingdom, March 20, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Electric Motors Market.
The global Electric Motor Market size was valued at 103 USD billion in 2022 and is expected to reach USD 188 billion by 2028, with a CAGR of 6.9% from 2022 to 2028. An electric motor is a device that converts electrical energy into mechanical energy through the use of various components such as a rotor, bearings, stator, air gap, windings, and commutator. AC motors are an ideal choice for manufacturers of robotic systems due to factors such as angular movements, torque requirements, acceleration, speed, and control.
DC motors come in different types such as shunt, series, and permanent magnetics, while AC motors include synchronous machines and reluctance motors. Electric motors are commonly used in OEM-based products, pumps, conveyor systems, compressors, fans, and various industrial machinery. Through integration with electronic hardware and sensors, AC and DC motors can be developed to offer predictive maintenance, reducing downtime during maintenance.
Industry Developments
In August 2022, ABB announced that it has signed an acquisition to purchase Siemen's low-voltage NEMA motor business. With manufacturing operations in Guadalajara, Mexico, this acquisition provides a well-regarded product portfolio, a longstanding North American customer base, and experienced operations, sales, and management team.
In July 2022, WEG launched the W12 electric motor, which is designed for use in high-performance industrial applications while offering versatility and efficiency.
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Report Coverage
The market report highlights leading regions across the world to offer a better understanding of the user. Additionally, the market research report provides insights into the latest electric motor market trends and analyses technologies that are being deployed at a rapid pace at a global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the industry.
Driving Factors
Increasing Adoption from Industrial and Automobile Sector to Promote Market Growth
Electric motors are utilized as a power source for numerous applications across transportation, power, and various other sectors, which has enabled the market to diversify and strengthen its position globally. With a significant rise in power demand across nations in the past decade, the industrial sector has gained pace and introduced new technologies such as combined heat and power to the market. This has expanded the scope for the deployment of electric machines in the industrial sector. Furthermore, the market has experienced growth due to the introduction of electric vehicles (EVs) and the increasing demand for automobiles.
Increasing Adoption for HVAC Application to Propel the Market Growth
The HVAC industry has experienced significant growth due to the increasing demand for heating and cooling in residential, commercial, and industrial sectors. As a result, HVAC equipment supply has become a crucial factor in new construction activities. This trend has led to a surge in demand for electric motors as they are widely used in HVAC systems. The growth of the HVAC industry is particularly notable in developing economies, where the expansion of commercial spaces and rising living standards have contributed to increased demand.
Restraining Factors
High Maintenance Cost to Hinder Market Growth
One of the primary challenges that may hinder the growth of the electric motor market is the high maintenance cost associated with these motors. In some cases, the operational cost of these motors can also be high, which could discourage customers from adopting them. For instance, if a high-horsepower motor is used with a low load factor, the cost per hour of operation can increase significantly. Additionally, some motors, such as induction motors, do not have a self-starting torque, and single-phase motors may require auxiliaries to start. Such factors may impede the growth of the market.
Report Attribute | Details |
Electric Motors Market size value in 2022 | USD 103 billion |
Revenue forecast in 2028 | USD 188 billion |
Market Growth rate | CAGR of 6.9% from 2023 to 2028 |
Base year for estimation | 2022 |
Historical data | 2018 - 2021 |
Forecast period | 2022 - 2028 |
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Companies Covered in Electric Motors Market Report:
ABB
ARC Systems Inc.
Denso Corporation
Emerson Electric Co.
Johnson Electric Holdings Limited
Maxon
Nidec Corporation
Regal Rexnord Corporation
Rockwell Automation, Inc.
Siemens.
Report Benefits
Develop business strategies by understanding the trends shaping and driving the Market.
Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Electric Motors Market in the future.
Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Electric Motors Market leaders.
Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
Track sales in the global and country-specific Market.
Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
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Regional Analysis:
The market has been analyzed across major regions, which include North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
Asia-Pacific stood at USD 40 % of the share in 2022 and is expected to dominate the global electric motor market in the forthcoming years. This is due to the growing demand from sectors such as industrial, automotive, and power. Furthermore, the region stands as the hub for automation and is experiencing massive demand for electric vehicles. The region is further witnessing a significant rise in demand for power due to rapid-paced urbanization in India and China.
Europe is projected to experience exponential growth during the forecast period owing to an increased focus on renewable energy and green energy targets. Additionally, the growing focus on the deployment of electric motors for agricultural and industrial activities will favor the market’s demand in the region. In Europe, as per the latest update for targets by European Union for 2028, it includes a 40% reduction in greenhouse gas emissions by 2028 as compared to 1990 levels.
The growing demand for electric vehicles and the growing focus on achieving renewable energy targets will play a major part in the growth of the market in North America.
Latin America and the Middle East & Africa regions are expected to showcase exponential growth due to the increasing investments in the oil and gas sector and growing construction activities within the regions, which promote the growth of residential and commercial sectors.
By Motor Type | By Output Power | By Application |
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Frequently Asked Questions About This Report
How big is the electric motor market?
The Electric Motor Market size was valued at 103 USD billion in 2022 and is expected to reach USD 188 billion by 2028, with a CAGR of 6.9% from 2022 to 2028
Which is the dominating segment in the market?
The AC motor segment is anticipated to dominate this market during the forecast period.
What are the different types of electric motor markets?
Based on motor type, the global market is divided into AC, DC, and hermetic motors. AC motors have two subsegments, which includes synchronous AC motors, and induction AC motor. Similarly, DC motor is further classified as brushed DC motor and brushless DC motor.
Which region held the highest share of the market?
Asia Pacific dominated the market in terms of share in 2022
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