Report Overview

Global Electric Motor Market- Industry Trends & Forecast Report 2028

The global electric motor market was worth USD 119.7 billion in 2021 and is further projected to reach USD 187.1 billion by the year 2028, exhibiting a CAGR of 6.70% during the forecast period. The demand for electric motors is increasing due to an increase in demand for energy-efficient electric motors in the agricultural and industrial sectors, an upsurge in HVAC applications, and a rise in awareness about electric and green vehicles among customers.

Electric Motor - Overview

Electric motors are electromechanical devices that transform electrical energy into mechanical energy. Electric motors work through the contact between the motor's magnetic field and electric current in a wire winding to generate force in the form of rotation of a shaft. Electric motors are integral components of compressors, conveyor systems, pumps, disk drives, electric cars, etc., that are further applied in the manufacturing, residential, and commercial sectors. By integrating electronic hardware and sensors, AC and DC motors can be generated that offer predictive maintenance and reduce downtime during maintenance.

Global Electric Motor Market Forecast and Trends

Growth Drivers

Increase in Demand for Energy-Efficient Electric Motors in Agricultural and Industrial Sectors

The demand for electric motors is gaining huge traction in the market owing to their highly efficient, low energy consumer, longer operating life as well as high endurance from fluctuating voltages. Due to this, electric motors are gaining significant popularity in the agricultural and industrial sectors. Furthermore, the use of electric motors also minimizes the financial burden on the consumers and end-users by reducing the consumption of electricity, which is significantly driving the growth of the global electric motor market.

Rising Awareness about Electric and Green Vehicles among Customers

The increasing awareness regarding the benefits of using smart motors among small and medium enterprise owners is emerging as the major growth factor for the electric motor market. The government is also taking various initiatives to boost the adoption of electric motors and forming regulatory policies against fuel motors due to their negative impact on the environment. This is also playing a pivotal role in boosting the growth of the global electric motor market.

Restraints

High Initial Cost of Motors

The high initial cost of electric motors increases the price of appliances and electronic products which may hamper the growth of the electric motors industry over the forecast period. The cost of an average industrial electric motor ranges from a few hundred dollars to hundreds of thousands of dollars. The end-users do not compromise on the quality of the electric motor since it can directly influence the overall performance of the production output. However, this also increases the cost of the product.

Impact of COVID-19 on Global Electric Motor Market

The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the global electric motor market. The lockdown imposed by several countries to mitigate the spread of the virus halted the manufacturing and production activities of the appliances and other electronic products that use electric motors. Furthermore, the demand for these appliances and operations of the end-user industries such as aerospace and transportation, etc., were also hindered during this period, which directly influenced the demand for electric motors, obstructing the overall market growth.

Global Electric Motor Market - By Type

Based on type, the global electric motor market is segmented into AC motors, DC motors, and others. The AC motors segment holds the largest market share owing to the rise in the demand for energy-efficient conveyor systems in the manufacturing and automotive industries. This type of electric motor is cheaper as well as smaller in size and lighter in weight, due to which they can be fitted in a wide range of electric equipment, which acts as a major driving factor for this segment growth.

Global Electric Motor Market - By Voltage

Based on voltage, the global electric motor market is segmented into high voltage, medium voltage, and low voltage. The high voltage segment accounts for the largest market share as they are most prominently used in industries such as oil and gas, petrochemicals, pulp and paper, electric utility, steel, marine, air separation, and mining. Due to this, the segment is anticipated to register substantial growth during the forecast period as well.

Global Electric Motor Market - By Output Power

Based on output power, the global electric motor market is segmented into integral horsepower (IHP), and fractional horsepower (FHP). The fractional horsepower (FHP) segment accounts for the largest market share. This type of output power is mainly used for driving pumps and compressors in refrigerators, coffee machines, washing machines, vacuum cleaners, etc. The rising demand for consumer electronic goods due to increasing disposable income and purchasing power of the consumers acts as a major driving factor for the largest market share.

Global Electric Motor Market - Regional Insights

Geographically, the global electric motor market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the market of electric motors in terms of revenue due to rapid industrial growth and expansion of the aerospace industry. Furthermore, the high concentration of leading automobile manufacturers in the United States such as Tesla, General Motors, Hyundai Motor, etc., is also propelling the demand for electric motors in this region. APAC is anticipated to have the fastest growth during the forecast period.

Competitive Landscape

The leading market players of the global electric motor market are Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation, Johnson Electric Holdings Limited, Toshiba, FAULHABER GROUP, Danaher Motion, WEG, and other prominent players.

The market is highly concentrated and competitive with the presence of multinational corporations. However, several small-scale players are also emerging and establishing themselves as leading players in the market. The companies significantly invest in research and development activities to bring innovations into their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Development

• In April 2021, Yamaha Motor Co., Ltd., a Japanese leading manufacturing company, announced to have developed a high output electric motor that is aimed towards hyper-EV models and other offerings in the high-output mobility segment.

Scope of the Report

By Type

• AC Motors

• DC Motors

• Others

By Voltage

• High Voltage

• Medium Voltage

• Low Voltage

By Output Power

• Integral horsepower (IHP)

• Fractional horsepower (FHP)

By Application

• Industrial Machinery

• Motor Vehicle

• HVAC Equipment

• Aerospace & transportation

• Household appliances,

• Other Commercial Applications

By Speed

• Low Speed

• Medium Speed

• High Speed

• Ultra-high Speed

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Electric Motor Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Electric Motor Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. AC
         2. DC
      2. By Power Rating
         1. <1 KW
         2. 1-2.2 KW
         3. 2-375 KW
         4. >375 KW
      3. By Output Power
         1. <1 HP
         2. >1 HP
      4. By Rotor Type
         1. Inner Rotor
         2. Outer Rotor
      5. By End-User
         1. Industrial
         2. Residential
         3. Commercial
         4. Agriculture
         5. Transportation
         6. Others
      6. By Region
         1. North America
         2. Europe
         3. The Asia Pacific
         4. Latin America
         5. The Middle East and Africa
6. North America Electric Motor Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Power Rating
      3. By Output Power
      4. By Rotor Type
      5. By End-User
      6. By Country
         1. United States
         2. Canada
7. Europe Electric Motor Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Power Rating
      3. By Output Power
      4. By Rotor Type
      5. By End-User
      6. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. The Asia Pacific Electric Motor Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Power Rating
      3. By Output Power
      4. By Rotor Type
      5. By End-User
      6. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America Electric Motor Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Power Rating
      3. By Output Power
      4. By Rotor Type
      5. By End-User
      6. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. The Middle East & Africa Electric Motor Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Power Rating
       3. By Output Power
       4. By Rotor Type
       5. By End-User
       6. By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
12. Impact of Covid-19 on Global Electric Motor Market Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. ABB
    2. Siemens
    3. Nidec Corporation
    4. Wolong
    5. WEG
    6. Johnson Electric
    7. Regal Beloit Corporation
    8. Toshiba Corporation
    9. TECO Electric & Machinery
    10. Hyosung Heavy Industries
    11. ARC Systems Inc.
    12. Denso Corporation
    13. Emerson Electric Co.
    14. Maxon
    15. Rockwell Automation, Inc.
    16. Other prominent players

14. Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List Of Figures

Figure 1        Global Electric Motor Market Segmentation

Figure 2        Global Electric Motor Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Global Electric Motor Market Size, By Value (USD Million), 2018-2028

Figure 5        Global Electric Motor Market Share, By Type, By Value, 2018-2028

Figure 6        Global Electric Motor Market Share, By Power Rating, By Value, 2018-2028

Figure 7        Global Electric Motor Market Share, By Output Power, By Value, 2018-2028

Figure 8        Global Electric Motor Market Share, By Rotor Type, By Value, 2018-2028

Figure 9        Global Electric Motor Market Share, By End-User, By Value, 2018-2028

Figure 10       Global Electric Motor Market Share, By Region, By Value, 2018-2028

Figure 11       North America Electric Motor Market Size, By Value (USD Million), 2018-2028

Figure 12       North America Electric Motor Market Share, By Type, By Value, 2018-2028

Figure 13       North America Electric Motor Market Share, By Power Rating, By Value, 2018-2028

Figure 14       North America Electric Motor Market Share, By Output Power, By Value, 2018-2028

Figure 15       North America Electric Motor Market Share, By Rotor Type, By Value, 2018-2028

Figure 16       North America Electric Motor Market Share, By End-User, By Value, 2018-2028

Figure 17       North America Electric Motor Market Share, By Country, By Value, 2018-2028

Figure 18       Europe Electric Motor Market Size, By Value (USD Million), 2018-2028

Figure 19       Europe Electric Motor Market Share, By Type, By Value, 2018-2028

Figure 20       Europe Electric Motor Market Share, By Power Rating, By Value, 2018-2028

Figure 21       Europe Electric Motor Market Share, By Output Power, By Value, 2018-2028

Figure 22       Europe Electric Motor Market Share, By Rotor Type, By Value, 2018-2028

Figure 23       Europe Electric Motor Market Share, By End-User, By Value, 2018-2028

Figure 24       Europe Electric Motor Market Share, By Country, By Value, 2018-2028

Figure 25       The Asia-Pacific Electric Motor Market Size, By Value (USD Million), 2018-2028

Figure 26       The Asia-Pacific Electric Motor Market Share, By Type, By Value, 2018-2028

Figure 27       The Asia-Pacific Electric Motor Market Share, By Power Rating, By Value, 2018-2028

Figure 28       The Asia-Pacific Electric Motor Market Share, By Output Power, By Value, 2018-2028

Figure 29       The Asia-Pacific Electric Motor Market Share, By Rotor Type, By Value, 2018-2028

Figure 30       The Asia-Pacific Electric Motor Market Share, By End-User, By Value, 2018-2028

Figure 31       The Asia-Pacific Electric Motor Market Share, By Country, By Value, 2018-2028

Figure 32       Latin America Electric Motor Market Size, By Value (USD Million), 2018-2028

Figure 33       Latin America Electric Motor Market Share, By Type, By Value, 2018-2028

Figure 34       Latin America Electric Motor Market Share, By Power Rating, By Value, 2018-2028

Figure 35       Latin America Electric Motor Market Share, By Output Power, By Value, 2018-2028

Figure 36       Latin America Electric Motor Market Share, By Rotor Type, By Value, 2018-2028

Figure 37       Latin America Electric Motor Market Share, By End-User, By Value, 2018-2028

Figure 38       Latin America Electric Motor Market Share, By Country, By Value, 2018-2028

Figure 39       The Middle East & Africa Electric Motor Market Size, By Value (USD Million), 2018-2028

Figure 40       The Middle East & Africa Electric Motor Market Share, By Type, By Value, 2018-2028

Figure 41       The Middle East & Africa Electric Motor Market Share, By Power Rating, By Value, 2018-2028

Figure 42       The Middle East & Africa Electric Motor Market Share, By Output Power, By Value, 2018-2028

Figure 43       The Middle East & Africa Electric Motor Market Share, By Rotor Type, By Value, 2018-2028

Figure 44       The Middle East & Africa Electric Motor Market Share, By End-User, By Value, 2018-2028

Figure 45       The Middle East & Africa Electric Motor Market Share, By Country, By Value, 2018-2028

List Of Tables

Table 1         Global Electric Motor Market Size, By Type, By Value, 2018-2028

Table 2         Global Electric Motor Market Size, By Power Rating, By Value, 2018-2028

Table 3         Global Electric Motor Market Size, By Output Power, By Value, 2018-2028

Table 4         Global Electric Motor Market Size, By Rotor Type, By Value, 2018-2028

Table 5         Global Electric Motor Market Size, By End-User, By Value, 2018-2028

Table 6         Global Electric Motor Market Size, By Region, By Value, 2018-2028

Table 7         North America Electric Motor Market Size, By Type, By Value, 2018-2028

Table 8         North America Electric Motor Market Size, By Power Rating, By Value, 2018-2028

Table 9         North America Electric Motor Market Size, By Output Power, By Value, 2018-2028

Table 10        North America Electric Motor Market Size, By Rotor Type, By Value, 2018-2028

Table 11        North America Electric Motor Market Size, By End-User, By Value, 2018-2028

Table 12        North America Electric Motor Market Size, By Country, By Value, 2018-2028

Table 13        Europe Electric Motor Market Size, By Type, By Value, 2018-2028

Table 14        Europe Electric Motor Market Size, By Power Rating, By Value, 2018-2028

Table 15        Europe Electric Motor Market Size, By Output Power, By Value, 2018-2028

Table 16        Europe Electric Motor Market Size, By Rotor Type, By Value, 2018-2028

Table 17        Europe Electric Motor Market Size, By End-User, By Value, 2018-2028

Table 18        Europe Electric Motor Market Size, By Country, By Value, 2018-2028

Table 19        The Asia-Pacific Electric Motor Market Size, By Type, By Value, 2018-2028

Table 20        The Asia-Pacific Electric Motor Market Size, By Power Rating, By Value, 2018-2028

Table 21        The Asia-Pacific Electric Motor Market Size, By Output Power, By Value, 2018-2028

Table 22        The Asia-Pacific Electric Motor Market Size, By Rotor Type, By Value, 2018-2028

Table 23        The Asia-Pacific Electric Motor Market Size, By End-User, By Value, 2018-2028

Table 24        The Asia-Pacific Electric Motor Market Size, By Country, By Value, 2018-2028

Table 25        Latin America Electric Motor Market Size, By Type, By Value, 2018-2028

Table 26        Latin America Electric Motor Market Size, By Power Rating, By Value, 2018-2028

Table 27        Latin America Electric Motor Market Size, By Output Power, By Value, 2018-2028

Table 28        Latin America Electric Motor Market Size, By Rotor Type, By Value, 2018-2028

Table 29        Latin America Electric Motor Market Size, By End-User, By Value, 2018-2028

Table 30        Latin America Electric Motor Market Size, By Country, By Value, 2018-2028

Table 31        The Middle East & Africa Electric Motor Market Size, By Type, By Value, 2018-2028

Table 32        The Middle East & Africa Electric Motor Market Size, By Power Rating, By Value, 2018-2028

Table 33        The Middle East & Africa Electric Motor Market Size, By Output Power, By Value, 2018-2028

Table 34        The Middle East & Africa Electric Motor Market Size, By Rotor Type, By Value, 2018-2028

Table 35        The Middle East & Africa Electric Motor Market Size, By End-User, By Value, 2018-2028

Table 36        The Middle East & Africa Electric Motor Market Size, By Country, By Value, 2018-2028

Table 37        ABB Company Overview

Table 38        ABB Financial Overview

Table 39        Siemens Company Overview

Table 40        Siemens Financial Overview

Table 41        Wolong Company Overview

Table 42        Wolong Financial Overview

Table 43        WEG Company Overview

Table 44        WEG Financial Overview

Table 45        Regal Beloit Corporation Company Overview

Table 46        Regal Beloit Corporation Financial Overview

Table 47        TECO Electric & Machinery Company Overview

Table 48        TECO Electric & Machinery Financial Overview

Table 49        Hyosung Heavy Industries Company Overview

Table 50        Hyosung Heavy Industries Financial Overview

Table 51        ARC Systems Inc. Company Overview

Table 52        ARC Systems Inc. Financial Overview

Table 53        Denso Corporation Company Overview

Table 54        Denso Corporation Financial Overview

Table 55        Emerson Electric Co. Company Overview

Table 56        Emerson Electric Co. Financial Overview

Table 57        Maxon Company Overview

Table 58        Maxon Financial Overview

Table 59        Rockwell Automation, Inc. Company Overview

Table 60        Rockwell Automation, Inc. Financial Overview