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Market Research Report
Product code
1065625
Electric Motor Market by Motor Type (Alternate Current Motor and Direct Current Motor), Output Power (Integral Horsepower Output and Fractional Horsepower Output), and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030 |
Electric Motor Market by Motor Type (Alternate Current Motor and Direct Current Motor), Output Power (Integral Horsepower Output and Fractional Horsepower Output), and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030 |
Published: January 27, 2022
Allied Market Research
Content info: 240 Pages
Delivery time: 2-3 business days
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The global electric motor market size was valued at $106.3 billion in 2020, and is expected to reach $207.3 billion by 2030, with a CAGR of 6.7% from 2021 to 2030. The global electric motor market size was $106.3 billion in 2020, and is expected to reach $207.3 billion by 2030, with a CAGR of 6.7% from 2021 to 2030. Electric motor is compact in size, and converts electrical energy into mechanical energy. Electric motor is used in various applications such as fans, electric shavers, electric toothbrushes, robots, electric pumps, and windshield scrubber. Micromotor find applications in industries such as automotive, robotics, pharmaceutical, and healthcare. It is small in size, lightweight, and has high torque.
The features of electric motor such as high efficiency, high torque, durability, outstanding controllability, and reliability boost its adoption in many industrial applications. Increase in demand for electric motor from electric vehicles, robotics technology, and HVAC applications are some of the key factors that fuel the market growth.
Electric motor is assembled in compressors, pumps, automotive, machine tools, lathe machines, disk drives, power tools, domestic appliances, and electric cars. Despite their high cost, these highly efficient motors are preferred over standard motors due to varied benefits such as longer operating life, low energy consumption, low maintenance, and high tolerance to voltage fluctuations. The need for improved productivity and low power consumption by the applications of electric motor is expected to increase the demand for high-efficiency motor.
However, slow-down in the automotive industry and high initial capital investment are expected to restraint the growth of the electric motor market. Furthermore, rise in demand for electric motor from robotics and automated robot technologies is anticipated to provide lucrative opportunities for growth of the electric motor market.
The global electric motor market is segmented into motor type, output power, application, and region. On the basis of motor type, the market is divided into alternate current (AC) motor and direct current (DC) motor. Depending on output power, the market is divided into integral horsepower (IHP) output and fractional horsepower (FHP) output. By application, the market is divided into automotive, HVAC, medical equipment, industrial machinery, home appliances, and others.
Region wise the global motor market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global electric motor market share, and is anticipated to secure a leading position during the forecast period.
COMPETITION ANALYSIS
The major players profiled in the electric motor market include ABB, ARC Systems Inc., Denso Corporation, Emerson Electric Co., Johnson Electric Holdings Limited, Maxon, Nidec Corporation, Regal Rexnord Corporation, Rockwell Automation, Inc., and Siemens.
The key players in this market adopted product launch, partnership, and expansion as their key strategies to meet the changing consumer demands. For instance, in February 2021, Nidec Corporation acquired Mitsubishi Heavy Industries Machine Tools Co. Ltd., based in Japan, which deals in motors, machine tools, cutting tools, and related products. The acquisition aimed to improve the product portfolio of motors and actuators.