Electric Motor Market Size, Trends & Analysis - Forecasts to 2026 By Type (AC and DC), By Type of Power Rating (<1 KW, 1-2.2 KW, 2-375 KW, and >375 KW), By Type of Size (Below 20 mm, 20–110 mm, and Others), By Type of End-User (Industrial, Residential, Commercial, Agriculture, and Transportation), By Region (NA [North America], Europe, APAC [Asia Pacific], MEA [the Middle East & Africa], and CSA [Central & South America]), End-User Landscape, Vendor Landscape, Company Market Share Analysis & Competitor Analysis
An electric motor produces mechanical energy from electrical energy. The DC motor operates on electromagnetic induction. Electric motors can be classified as AC, DC, or brush and brushless motors. The main parts found in an electric motor are the stator, air gap, bearings windings, and commutators. The applications of electric motors can be seen in multiple domains like automotive, transportation, aerospace, Defense, residential and commercial industries.
According to the analysis conducted by Global Market Estimates, the Electric Motor market is indicated to depict a noticeable endowment of 6.9% between the period (2020-2026).
Fluctuating raw materials for the manufacturing of electric motors from China and India are the primary deterrents of the market whereas increased demand for heating, ventilation, and air conditioning applications in residential, commercial, and industrial users, increase usage of electric machines, and expansion of small and medium-sized enterprises are the major factor influencing the global electric motors market respectively.
AC and DC are the types of electric motors in the global market. The segment calculated to perform lucratively in the forecast period is the DC motor. A DC motor is capable of producing mechanical energy through electrical energy. The DC motor operates on electromagnetic induction. Industrial and transportation end-user are one of the major driving factors of the electric motor market.
Based on the type of power rating, <1 KW, 1-2.2 KW, 2-375 KW, and >375 KW are the market categorization of the global market. The above 1KW electric motor segment is predicted to be growing upwards in the given time frame. The electric motor above 1 HP is popular for its properties like miniature, light-weight, and portable characteristics. The increased demand for electric vehicles in regions like the Asia Pacific, Europe, and North America, is the influencing driver of the global market.
Based on the end-user, Industrial, Residential, Commercial, Agriculture, and Transportation are the classifications of the electric motor market. The industrial segment is predicted to show unprecedented growth in the forecast period. An increase in motorized automation is the influential impulse creator of the global market. Motorized automation includes smart homes, smart grids, smart healthcare, and many end-use applications.
Given the regional analysis, the Asia Pacific region is expected to emerge as a prominent player in this market. Global electricity consumption, advancements in battery industries, and an increase in revenue inflow towards research and developments are the accelerators of the global electric motor market.
Johnson Electric, Regal Beloit Corporation, Toshiba Corporation, TECO Electric & Machinery, Hyosung Heavy Industries, ABB, Siemens, Nidec Corporation, Wolong, WEG, and other industries are the dominant players in the global electric motor market.
Please note: This is not an exhaustive list of companies profiled in the report.
In February 2020, Nidec Corporation launched the 200 kW Ni200Ex and 50 kW Ni50Ex, new traction motor systems.
In October 2019, WEG established an electric motor plant in Hosur, India. The brand new 13,000 square meter facility is competent of delivering 250,000 electric motors per year.
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The Global Electric Motor Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Electric Motor Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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