Electric Motors Market worth USD 176.35 billion by 2027, registering a CAGR of 6.2% – Report by Market Research Future (MRFR)
New York, June 29, 2021 (GLOBE NEWSWIRE) — Electric Motors Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Motors Market Research Report, Motor Type, Voltage, Output Power, End-Use and Region – Forecast till 2027”, The market is projected to be worth USD 176.35 billion by 2027, registering a CAGR of 6.2% during the forecast period (2021 – 2027), The market was valued at USD 115.9 billion in 2020.
HVAC Industry Drives Worldwide Electric Motors Market
The rapid pace of industrialization and commercialization that will propel construction activities around the world – particularly in the Asia Pacific region – will directly drive the global electric motor market expansion. As a result of the increased need for industrial equipment, the global demand for electric motors will rise. The HVAC (Heating, ventilation, and air conditioning) industry (a significant consumer of electric DC motors) is also linked to the construction industry and will drive the global electric motors market upward throughout the projection period.
Environment Awareness and Global Focus on Reducing Carbon Footprint
The electric motor market is being driven by environmental awareness and a global focus on lowering carbon footprint. With several new technical advances reshaping the automotive industry’s façade and the world shifting toward electric mobility, the electric vehicular segment provides an outstanding development opportunity for the electric motor market.
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Governments all around the world are also creating a growth-friendly environment for electric vehicle manufacturers by granting tax exemptions and other incentives, consequently supporting the electric motor market. According to reports, China will take 50% of the global market for passenger electric vehicles by 2025.
List of the Key Companies Profiled in the Electric Motors Market Research Report are:
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- General Electric Company (U.S.)
- Nidec Corporation (Japan)
- Denso Corporation (Japan)
- Allied Motion Technologies Inc. (U.S.)
- Ametek Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- Emerson Electric Co. (U.S.)
- Hitachi Ltd. (Japan)
- Johnson Electric Holdings Limited (Hong Kong)
- Rockwell Automation (U.S.)
- WEG S.A. (Brazil)
- ARC Systems Inc. (U.S.)
- Toshiba International Corporation (U.S.).
Industry News
In March 2020, Wolong Electric, a subsidiary of Wolong, absorbed GE’s small industrial motors business for USD 160 million. This acquisition is anticipated to help Wolong gain a leading position in terms of market share.
In February 2020, Nidec Corporation introduced two new traction motor systems — the 200 kW Ni200Ex and 50 kW Ni50Ex — based on the company’s original 150 kW E-Axle (fully integrated traction motor system with an electric motor, reduction gearbox, and inverter).
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China’s Dominance on Raw Materials
China dominates and effectively determines the market for raw materials used in the manufacture of electric motors. Steel bars, copper wires, and precision thin metals such as specialty alloys, which are required for the manufacture of electric motors, are controlled globally by a limited number of Chinese manufacturers and suppliers. The items are completely identical, and the sole area of contention is pricing – whichever product is less expensive gains traction in the worldwide market. Price fluctuations are subsequently borne by importers and users of these items, and when a product price increases, profit margins are lowered, posing a threat to the overall growth prospects of the electric motors market.
COVID-19 Crisis to Impact the Market Growth
The global supply chain disruptions caused by the COVID-19 pandemic will be the primary cause of any recent repercussions on the global electric motors market and its value. The widespread construction slowdown, delivery halts, and labor shortages caused by global shutdowns in 2020 will have an immediate impact on the global electric motors industry. Trade wars between China and the United States, as well as manufacturing and supply chain disruptions in Europe and China – major sources of electric motor components and spare parts – have harmed the global electric motors market share, and this impact will be felt for at least another year before the market recovers completely.
The pandemic scenario has also had an impact on currencies all around the world, with many experiencing rapid depreciation. This has resulted in a global imbalance in the value of exports and imports paid for in US dollars. Currency depreciation will therefore result in financial losses for component manufacturers, dampening the global electric motors market even further.
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Regional Analysis
APAC to Grow at the Fastest Rate
Due to rapid industrialization and broad commercialization in the region, Asia Pacific is predicted to have the quickest electric motor market growth during the forecast period. The APAC automotive sector will also grow at a faster rate throughout the forecast period, propelling the electric motors market trends higher in the forecast period till 2023. The developed economies are projected to grow steadily and to provide a clear direction in the sector by investing in novel eco-friendly technologies that will have an impact on the overall structure.
Segmentation of Market covered in the research:
Information Motor Type (AC, DC, Hermetic), Voltage (Up to 1 kV, 1 kV–6.6 kV, Above 6.6 kV), By Output Power (Upto 1 hp, Above 1 hp), By End-Use (Industrial, Commercial, Residential, Agriculture, Transportation) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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