According to the report, the global electric motor industry generated $106.3 billion in 2020, and is estimated to reach $207.3 billion by 2030, witnessing a CAGR of 6.7% from 2021 to 2030. 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.
Drivers, Restraints, and Opportunities
Rise in demand for energy-efficient electric motors and surge in awareness about electric and green vehicles among customers drive the growth of the global electric motor market. However, high initial cost and maintenance of electric motors restrain the market growth. On the other hand, improvement in design methods to reduce carbon emissions creates new opportunities in the coming years.
Download Sample PDF (240 Pages with More Insight): https://www.alliedmarketresearch.com/request-sample/216
Covid-19 Scenario
- Manufacturing activities of electric motors halted partially or completely due to lockdown measures implemented across many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in carrying out manufacturing with full capacity.
- Owing to halt in manufacturing activities in the automotive sector during the lockdown, there has been reduced demand. However, the demand is expected to recover steadily during post-lockdown as daily operations get back on track.
- The ban on import-export activities led to supply chain disruption and presented the supply-demand gap. The sales volume and revenues decreased significantly.
The alternate current (AC) motor segment to continue its lead position during the forecast period
Based on motor type, the alternate current (AC) motor segment accounted for the highest market share in 2020, contributing to more than two-thirds of the global electric motor market, and is expected to continue its lead position during the forecast period. This is due to its adoption in the manufacturing of commonly used appliances. However, the direct current (DC) motor segment is estimated to register the largest CAGR of 7.0% from 2021 to 2030, owing to rise in adoption in industrial applications.
Get detailed COVID-19 impact analysis on the Electric Motor Market: https://www.alliedmarketresearch.com/request-for-customization/216
The automobile segment to continue its dominant share during the forecast period
Based on application, the automobile segment contributed to the highest market share in 2020, accounting for nearly two-fifths of the global electric motor market, and is projected to continue its dominant share during the forecast period. This is attributed to requirement of low capacity motors, which is fulfilled by the usage of electric motors. However, the medical equipment segment is expected to witness the fastest CAGR of 8.2% from 2021 to 2030. This is due to large-scale innovations and manufacturing of automated medical devices.
Asia-Pacific, followed by Europe and North America, to continue its lead position by 2030
Based on region, Asia-Pacific, followed by Europe and North America, held the highest share in 2020, contributing to more than two-fifths of the global electric motor market, and is expected to continue its lead position by 2030. This is due to surge in manufacturing activities of electrical and electronic equipment in China. However, LAMEA is projected to portray the highest CAGR of 8.3% during the forecast period, owing to rapid industrialization and urbanization of its developing countries.
Leading Market Players
- ABB
- ARC Systems Inc.
- Denso Corporation
- Emerson Electric Co.
- Johnson Electric Holdings Limited
- Maxon
- Nidec Corporation
- Regal Rexnord Corporation
- Rockwell Automation, Inc.
- Siemens
Interested in Procure Data? Visit:
https://www.alliedmarketresearch.com/purchase-enquiry/216
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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.