Electric Motor Market is Projected to Expand at a 4.41% CAGR from 2019-2026
The global Electric Motor market is estimated to be USD 113,097 million in 2019 and is expected to reach USD 152,984 million by 2026, with a CAGR of 4.41% during the forecast period.
Electric motors are an inseparable component of heating, ventilation, and cooling (HVAC) equipment. They are also used in multiple application across industry verticals such as home appliance, industrial machinery, and motor vehicles among others.
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Key Players:
The intensity of rivalry in electric motor market is high, as the market is fragmented with the presence of large number of players. Key players in the Electric Motor market include ABB, Nidec, Siemens, Denso, Hitachi, Regal Beloit, GE, Bosch, Emerson, Rockwell Automation, Toshiba, Franklin Electric, Johnson Electric, Broad-Ocean, Ametek, Allied Motion, and etc. Owing to intense competition, in recent years, companies such as Nidec Corporation and ABB Ltd. were majorly active in mergers and acquisitions to increase their geographical footprint. While, companies such as Toshiba Corporation, Nidec Corporation, and DENSO Corporation were majorly involved in product launches and partnerships to increase their product portfolios.
Market Driver and Restraint
The electric motor market is majorly boosted by rising automobile productions globally coupled with increase adoption of electric vehicles. The increasing application of induction motors and electric motors are replacing gas turbines in big industrial plants. This is also expected to support the growth of the market. To reduce energy consumption and carbon dioxide emissions, many governments around the world have developed local regulations, such as MEPS (Minimum Energy Efficiency Standard), which are again expected to drive the demand for environmentally friendly and energy efficient motors in the country. In addition, factors such as increased industrial activity and increasing deployment of electric vehicles in many countries are expected during the forecast period to help complement the demand for electric motors.
On the other hand, large motors need more power in their respective applications. However, the portability of electric motors is a key limiting factor in the electric motor market. To achieve higher and better performance, suppliers manufacture large size motors for different industrial and commercial applications. These motors require high energy and therefore impose an additional burden on their total cost. The size of these motors depends on the power and voltage requirements of the application; therefore, they need to be kept weight and size. The portability and installation of large motors and their integrated systems is a major concern for suppliers. Problems associated with heavy duty motors may hamper the electric motor market growth.
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Forecast by Geography
Geographically, the global electric motor market is bifurcated into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Europe was the global electric motor market leader in 2018, followed by North America & Asia-Pacific markets, possessing the market share of 42.35%, 25.46% and 22.61% respectively. The electric vehicle market in Europe is driven by tight emission standards as well as high fuel taxes.
In 2018, North America accounted for approximately 18.0% of total revenue. A notable compound annual growth rate is expected to occur during the forecast period. The region is the largest market for high efficiency motors for HVAC and industrial applications as well as electric vehicles. In addition, the government is providing rebates and incentives, such as clean energy rebates, to provide consumers with zero-emission vehicles for between USD 1,500 and USD 2,500.
The electric motor market in the Asia-Pacific region is primarily driven by a number of factors, such as economic growth in the emerging nations, increasing penetration of electric vehicles, and rising industrial activities. In addition to the residential and commercial sectors in the Asia Pacific region, the demand for energy-efficient electric motors at oil and gas production sites has grown at an unprecedented rate over the past few years and is expected to increase further during the forecast period. Furthermore, industries, such as automotive, chemical, fertilizers and petrochemical are witnessing steady growth in the region, which is anticipated to offer tremendous growth opportunity for the global electric motor players in the Asia-Pacific region.
Growth opportunities in Latin America and the Middle East & Africa are projected to rise in the near future owing to increasing government funding. Demand in the oil and gas industry is growing, the rapid development of the mining industry and the huge demand for cement in the construction industry are benefiting from markets in these regions.
Type Segment Analysis
By product type, the Electric Motor market is segmented into AC Motor, DC Motor, Hermetic Motor, and Other. Among them, AC motor has the largest market share in the market share in 2017 and is expected to lead the market during the forecast period. A key factor driving the growth of this motor type is the increase in the output of motor vehicles and the growing adoption of energy efficient motors for industrial applications.
Application Segment Analysis
Electric Motor is widely used in Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace & Transportation, Household Appliances, and Others. Motor vehicles accounted for the largest market share in terms of revenue in 2017, due to surge in demand for combustion-engine vehicles, as well as increasing adoption of electric vehicles supported by increasing fuel prices and global warming concerns.
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Table of Content
1 Report Overview
1.1 Product Definition and Scope
1.2 PEST (Political, Economic, Social and Technological) Analysis of Electric Motor Market
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2 Market Trends and Competitive Landscape
3 Segmentation of Electric Motor Market by Types
4 Segmentation of Electric Motor Market by End-Users
5 Market Analysis by Major Regions
6 Product Commodity of Electric Motor Market in Major Countries
7 North America Electric Motor Landscape Analysis
8 Europe Electric Motor Landscape Analysis
9 Asia Pacific Electric Motor Landscape Analysis
10 Latin America, Middle East & Africa Electric Motor Landscape Analysis
11 Major Players Profile
11.1 ABB
11.1.1 ABB Company Profile and Recent Development
11.1.2 Market Performance
11.1.3 Product and Service Introduction
11.2 Nidec
11.3 Siemens
11.4 Denso
11.5 Hitachi
11.6 Regal Beloit
11.7 GE
11.8 Bosch
11.9 Emerson
11.10 Rockwell Automation
11.11 Toshiba
11.12 Franklin Electric
11.13 Johnson Electric
11.14 Broad-Ocean
11.15 Ametek
11.16 Allied Motion
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2019 to 2026
Target Audience:
• Electric Motor manufacturers
• Small and Medium-sized Enterprises (SMEs)
• Electric Motor end-user sectors
• Distributors and resellers of Electric Motor
• Electric Motor industry associations
• Product managers, Electric Motor industry administrator, C-level executives of the industries
• Market Research and consulting firms
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