At 6.4{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} CAGR, Electric Motors Market Size to hit 193.64 billion by 2027, says Brandessence Market Research

PUNE, India, Dec. 13, 2021 /PRNewswire/ — According to Brandessence market research, the electric motor market size reached USD 125.43 billion in 2020. The electric motor market is likely to grow at robust CAGR of 6.4{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91}, and reach size of USD 193.64 billion by 2027 end. Due to increased demand for market share expansion, organizational efficiency, and innovation; consolidation in the market continues to skyrocket. In 2018, WEG S.A acquired Antriebstechnik Katt Hessen GmbH. Similarly, Bosch acquired EM-motive in 2019, while Nidec acquired Emerson electric company’s subsidiary. Bluffton Motor Works was acquired by WEG, signaling a clear strategic ambition on the part of larger players to make key acquisitions to gain a larger share of the electric motor market.

Types of Electric Motors

There are 12 major electric motor types in the market. These include hysteresis motor, pancake or axial rotor motors, synchronous reluctance motor, stepper motor. Others include wound-rotor synchronous motor, AC SCIM split-phase, AC SCIM split-phase capacitor-run. Furthermore, it also includes AC induction shaded-pole motor, universal motor, switched reluctance motor, brushless DC motor, and brushed DC motor. Their application varies substantially ranging from aircrafts to handheld power tools in industrial use.

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Scope of Electric Motor Market

Electric motor is one of the most important tools in industrial use today. Brushed DC motors are widely used in steel mills, automotive accessories, treadmill exercisers, and paper making machines. Brushless DC motors are used in rigid disk drives, RC vehicles, electric vehicles, CD/DVD vehicles, and even UAVs. Furthermore, the electric motors offer a key advantage to industrial use – tremendous improvement in energy efficiency. The existing technology, Internal Combustion Engine (ICE) offers a below 50{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} energy efficiency, while the electric motors can offer over 95{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} energy efficiency. Furthermore, electric motors remain cheaper to build, compact, and lightweight in application. These also offer consistent and instant torque for applications like electric vehicles, while simultaneously operating on renewable energy.

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According to a 2020 BloombergNEF study, electric vehicles today make up for 3{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} of total car sales worldwide. On the other hand, the study projects the sales to grow at 28{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} to 2030 and reach 10{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} of total car sales by 2025 end. Electric motors also make up for some of its smallest designs in smartphones, which enables the device to vibrate and alert users. According to Sony Ericsson’s mobility report, the adoption of 5G continues to increase at one million subscriptions per day globally. According to the report, 5G technology promises the swiftest adoption in telecom history, with estimates of over 73{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} adoption by 2026 end. The widespread penetration of electrical motors in industrial, and commercial use, and growing sales of key applications like electric engines, mobiles, among others; and major advancements over conventional technology remain key drivers of growth for the electric motor market.

Key Segmentations Analysis of Electric Motor Market:

By Motor Type

• Alternate Current (AC) Motor (Synchronous AC motors, Induction AC motor)

• Direct Current (DC) Motor (Brushed DC motor, Brushless DC motor)

• Hermetic Motor

By Output Power

By Voltage Range

• 9 V & Below

• 10-20 V

• 21-60 V

• 60 V & Above

By Application

By Speed (RPM):

• Low-Speed Electric Motors (Less Than 1,000 RPM)

• Medium-Speed Electric Motors (1,001-25,000 RPM)

• High-Speed Electric Motors (25,001-75,000 RPM)

• Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)

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Electric Motor Market: Competitive Analysis

The electric motor market is an innovative, and yet consolidated landscape. The electric motor market remains a promising driver of innovation, as diversified end-use, and its strong demand in key industries remain a tremendous driver of growth. The large players in the market continue to engage in product innovations, while engaging in strategic collaborations, mergers, and acquisitions in the global electric motor market. The strategic acquisitions are likely to continue in the market during the forecast period. Some key players in the global electric motor market are

• Ametek Incorporation

• Allied Motion Technologies Inc.

• Baldor Electric Incorporation

• Asmo Corporation Limited

• ARC Systems Incorporation

• Franklin Electric Cooperative Incorporation

• Brook Crompton UK Limited

• Johnson Electric Holdings Limited

• Rockwell Automation Incorporation

• Hitachi

• ABB Group

• General Electric

• WEG, Bosch

• Maxon Motors AG

• Siemens AG

• Toshiba Corporation

• Asmo Co., Ltd.

Electric Motor Market: Key Trends

Electric motor makers continue to work around conventional issues of noise, efficiency, and performance, thanks to ever-growing expectations from end-users. On the supply side, the demand to integrate magnets made up from more abundant materials remain widespread. The inclusion of rare earth magnets has become problematic. This has also forced imaginative innovation in machine designs, limiting the need of rare earth magnets. Despite the limitations of such exercise, the small gains in this area promise to deliver major commercial gains. This is likely to continue adoption of new machine designs, and remains a core trend in the electric motor market.

Motor design also continues to evolve in relation to accuracy, and reliability in end-applications where load-responsive motion control is used. Such demand also remains high in applications where positioning remains a core requirement in design. Closed-loop stepper motors, and servomotors continue to operate more axis, with increased demand for robotics, semiconductor manufacturing, and packaging. The limitation in use of rare earth magnet has propelled demand for synchronous motors, which remain widespread, partially due to the supply of permanent magnets.

In end-applications like warehousing, the growing demand for automation has shifted conventional demand from lower costs and higher performance to increased flexibility, and reliability. According to Carter Green, Dunkermotoren, “Every industry is changing how it views motion. This is partially because increasingly complex automation as well as demand for efficient designs is spurring end users to ask suppliers for more flexible machine builds.”

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Electric Motor Market: Regional Analysis

The electric motor market report is segmented into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region is likely to witness highest growth, thanks to major penetration of electric vehicles, and increasing adoption of the 5G technology. Furthermore, increased emphasis on automation to drive manufacturing in key nations like the US also remains a major promise for growth for companies in the electric motor market.

Asia Pacific is likely to drive fastest growth in the electric motor market. The region continues to remain home to global manufacturing, with key initiatives to develop 5G infrastructure by key nations like China. The tremendous promise of increasing consumer sales of electronic devices, tremendous growth of electric two-wheelers, and cars also remain promising aspects of future growth in the region.

North America

Europe

• Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC,

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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