The global Electric Motor Market is estimated to be valued at US$ 144.44 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The electric motor market manufactures a wide range of ac and dc motors that are used in various applications across industries such as industrial machinery, motor vehicles, heating ventilating and cooling equipment, household appliances and others. Electric motors offer advantages such as high energy efficiency, durability, reliability and require low maintenance.
Market key trends:
One of the key trends in the electric motor market is growth in demand for energy-efficient motors. Strict regulations regarding energy efficiency are prompting manufacturers to develop highly efficient motors that comply with new standards. For example, the International Electrotechnical Commission (IEC) introduced new energy efficiency regulations for three-phase induction motors with power ratings from 0.75 kW to 375 kW under standard IEC 60034-30-1. This is likely to drive demand for premium efficient motors. Industrial automation and focus on minimizing energy consumption across various industries will further support the demand for efficient motors over the forecast period.
SWOT Analysis
Strength: Electric motor market has a high growth potential owing to increasing adoption of automation in various industries like automotive, manufacturing, healthcare, etc. The electric motor technology is more efficient and cost effective than traditional combustion engines.
Weakness: High initial investment cost involved in setting up manufacturing facilities for electric motors. Significant R&D investments are required to further improve motor efficiency.
Opportunity: Rising demand for electric vehicles and consumer appliances is opening new growth avenues. Growing focus on renewable energy will augment the use of electric motors in wind turbines and solar panels.
Threats: Limited raw material resources and geopolitical issues can increase supply chain risks. Stiff competition from local players may lead to pricing pressures.
Key Takeaways
The global Electric Motor Market Growth is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing adoption of electric vehicles. Industry shifts towards automation and stringent emission regulations are boosting the electric motor demand.
Regional analysis: Asia Pacific dominates the global electric motor market and is expected to continue its lead, owing to the strong presence of manufacturing facilities and rapid industrialization in China and India. Growing automotive production in countries like China, Japan, and South Korea is driving the electric motor market in the region. North America is another major market owing to surging investments in smart grid projects, renewable energy integration, and data center construction.
Key players: Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp., Rockwell Automation Inc., and TECO-Westinghouse Motor Company are some of the prominent players operating in the electric motor market. Major players are focusing on new product launches, partnerships, mergers, and acquisitions to gain a competitive advantage in the market.
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