Electric Motor Market Set to See Revolutionary Growth to Reach $207.3 billion by 2032 | Says AMR

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Rise in adoption of electric motors in servomotors drives the growth of the electric motor market.

WILMINGTON, DELAWARE, March 14, 2024 /EINPresswire.com/ — Electric motor is compact in size, possesses high torque, requires less maintenance, is low noise level, and provides better torque to weight ratio. This motor is used in various applications such as automotive, beauty & healthcare products, and robotics. All these factors drive the growth of the global electric motor market.

Rise in popularity of electric motors, owing to electronic computation in automation and construction applications drives the demand for electric motors in luxury features in automobiles and electrical vehicles, which fuels the electric motor market growth. For instance, according to the Indian Brand Equity Foundation, the pharmaceutical industry in India increased by 10.5% from 2018 to 2019.

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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. In 2020, Asia-Pacific dominated the global market, in terms of revenue, accounting for around 41.10% share of the global market.

The major players such as Mitsuba Corporation, Portescap, and Siemens AG launched new electric motor in the market. For instance, in April 2018, Mabuchi Motor Co. Ltd. launched a RS-4G5WA motor used for peripheral engine equipment. It has features such as improved heat resistance, improved vibration resistance, and have high torque speed, having output capacity of 2.0 W to 33 W. It weighs approximately 125g.

Various manufacturers in the electric motor had to shut down their businesses activities, due to the lockdown initiated in countries such as UAE, India, and Brazil. This break has directly impacted the sales of electric motor manufacturing companies globally. For instance, the net sales of Siemens AG dropped by 0.4% from September 2019 to September 2020. In addition, lack of raw materials, disruption in supply chain, and lack of man power halted the supply chain of electric motors products. However, the re-initiation of the electric motor industry and availability of vaccines for coronavirus disease are projected to lead the opening of the global electric motor at their full-scale capacities.

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Segmentation Based On:
The global electric motor market is segmented into motor type, product type, application, and region.

On the basis of motor type, the market is divided into alternate current (AC) motor and direct current (DC) motor. The AC segment generated the highest revenue in 2020.

Depending on output power, the market is divided into integral horsepower (IHP) output and fractional horsepower (FHP) output. The integral horsepower (IHP) output segment dominated the market in 2020.

By application, the market is divided into automotive, HVAC, medical equipment, industrial machinery, home appliances, and others. The home appliances segment dominated the market in 2020.

Regional Analysis:
Region wise, the global electric 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. 

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Top Players:
Arc Systems Inc., Rockwell Automation Inc., Denso Corporation, ABB, Emerson Electric Co., NIDEC CORPORATION, Maxon, Johnson Electric Holdings Limited, Regal Rexnord Corporation, Siemens AG

About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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March 13, 2024