April 18, 2024
Electric Motor Market

Electric Motor Market Is Expected To Be Flourished By Growing Demand From The Automotive Sector

Electric motors are machines that convert electrical energy into mechanical energy. They are widely used to power a variety of residential and industrial equipment such as automatic doors, windows, refrigerators, pumps, milling machines, fans, power tools, and disc drives. Electric motors play an important role in industries such as manufacturing, aerospace, mining, agriculture, healthcare, and construction. A key application for electric motors is the automotive industry where they power vehicle systems including steering, windows, seating, mirrors and climate control mechanisms.

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 3.2%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

One of the key drivers for the growth of the electric motor market is the increasing demand from the automotive sector. With rising environmental awareness and implementation of stringent emission norms, automakers are increasingly focusing on electric vehicles. Electric motors are a core component of electric vehicles as they power functions such as acceleration, braking and steering. The rapid adoption of EVs around the world is fueling demand for high-performance motors with improved efficiency. Additionally, the growing industrialization and infrastructure development activities have also led to increased uptake of electric motors for various commercial applications such as HVAC equipment, machine tools and assembly lines. The trend towards automation across end-use industries is further propelling the electric motor market.

Segment Analysis

The electric motor market can be segmented based on type into AC motors and DC motors. AC motors dominate the market with over 80% share as they are cheaper, efficient and require less maintenance compared to DC motors. Within AC motors, induction motors capture around 60% share due to their robust nature and lower cost in comparison to synchronous motors.

PEST Analysis

Political: Governments across regions are supporting the adoption of electric vehicles and focus on renewable energy generation which is promoting the growth of the electric motor market. Economic: Growing industrialization and infrastructure projects are driving the demand for electric motors from various end-use industries. Social: Increasing awareness about energy efficiency and carbon footprint reduction is encouraging consumers opt for motorized appliances using electric motors. Technological: Advancements in motor control technologies like variable frequency drives are improving motor efficiency.

Key Takeaways

The global Electric Motor Market Analysis is expected to witness high growth over the forecast period. Regionally, Asia Pacific dominates currently due to rapid industrialization in major economies like China and India. Factors like strong manufacturing sector growth, infrastructure building activities and presence of key players in the region are driving the electric motor demand.

Key players operating in the electric motor market are Smurfit Kappa, Optopack Ltd., Amcor plc, Montibox, Aran Packaging, Liquibox, Peak Liquid Packaging, DS Smith, Graficas Digraf Sl, and Goglio SpA. Smurfit Kappa and Amcor plc lead the market with wide product portfolio and global presence.

Regional analysis comprises Europe is poised to grow at a significant rate during the forecast period due to stringent emission norms and policy push for electrification of transportation in countries like Germany. Key players related content comprises Key players operating in the electric motor market are focusing on new product development, mergers & acquisitions to expand their market share. For instance, in 2022, Regal Beloit acquired Macromatic Industrial Company, a manufacturer of fractional horsepower AC motors to enhance its product offerings in the industrial automation sector.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it