Visiongain has published a new report entitled Electric Motors Market Report 2023-2033: Forecasts by Type (AC Motors, DC Motors), by Power Output (Integral HP Output, Fractional HP Output), by Voltage (Low Voltage Motors, Medium Voltage Motors, High Voltage Motors), by Power Rating (<1 kW Motors, 1–2.2 kW Motors, 2.2–375 kW Motors, 375-500 kW Motors, >500 kW Motors), by Application (Motor Vehicles, Industrial Machinery, HVAC Equipment, Aerospace & Transportation, Household Appliances, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global electric motors market was valued at US$126.1 billion in 2022 and is projected to grow at a CAGR of 5.9% during the forecast period 2023-2033.
Driving Sustainability Through Electric Propulsion
Growing environmental concerns and stricter regulatory standards are propelling the adoption of electric motors. As governments worldwide focus on reducing greenhouse gas emissions and promoting cleaner technologies, industries are increasingly shifting towards electric propulsion systems powered by electric motors. Electric motors offer the advantage of zero tailpipe emissions, contributing to cleaner air and a more sustainable future. Regulatory incentives and mandates for electric vehicle adoption further drive the demand for electric motors across automotive, transportation, and industrial sectors.
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How has COVID-19 had a significant negative impact on the Electric Motors Market?
The COVID-19 pandemic had a profound and widespread negative impact on the Electric Motors Market, affecting various aspects of production, demand, supply chains, and overall industry growth. As governments worldwide implemented lockdowns, travel restrictions, and social distancing measures to contain the spread of the virus, economic activities came to a standstill, causing a ripple effect across industries, including the electric motors sector.
Firstly, the pandemic disrupted the global supply chain. Many electric motor manufacturers heavily rely on components sourced from different regions, often from countries heavily affected by the pandemic. Factory closures, labour shortages, and transportation restrictions led to disruptions in the supply of essential parts, hampering production and delaying project timelines.
Secondly, reduced consumer spending and business investments during the pandemic translated to decreased demand for various products, such as electric vehicles, industrial automation equipment, and consumer electronics. This drop-in demand directly impacted the electric motors market, as these motors are integral components in a wide array of applications. Manufacturers faced challenges such as cancelled orders, deferred projects, and decreased revenues.
The COVID-19 pandemic had a multifaceted negative impact on the Electric Motors Market. Supply chain disruptions, decreased demand across various industries, automotive sales decline, construction delays, and operational challenges in aerospace and maritime sectors collectively contributed to a significant setback for the industry. While the electric motors market is poised for recovery as economies reopen and industries regain momentum, the pandemic's effects have highlighted the vulnerabilities of global supply chains and the interconnectedness of industries in a crisis scenario.
How will this Report Benefit you?
Visiongain’s 410-page report provides 127 tables and 196 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global electric motors market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Electric Motors. Get financial analysis of the overall market and different segments including type, power output, voltage, power rating, application, and capture higher market share. We believe that there are strong opportunities in this fast-growing electric motor market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Industrial Automation and Robotics is Driving the Market Growth
The rise of Industry 4.0 and automation has significantly driven the demand for electric motors in industrial applications. Electric motors play a critical role in various automated processes and robotic systems, providing precise motion control and high-speed operation. From assembly lines to manufacturing robots, electric motors enable efficient and accurate movement, enhancing productivity and reducing human intervention. As industries increasingly adopt automation to improve efficiency and reduce costs, the demand for electric motors tailored to these applications continues to grow.
Growing Urbanization and Infrastructure Development
Rapid urbanization and infrastructure development drive the demand for electric motors across various sectors. As urban populations expand, there is a growing need for efficient transportation solutions, including electric buses, trains, and trams. Electric motors offer quieter operation, reduced emissions, and lower maintenance requirements, making them ideal for urban mobility. Additionally, infrastructure development projects such as elevators, escalators, and HVAC systems in buildings require electric motors for smooth and reliable operation.
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Where are the Market Opportunities?
Technological Advancements and Efficiency Improvements Creating Opportunities in the Market
Technological advancements and continuous innovation have been creating opportunities in the global electric motors market. Manufacturers are constantly seeking ways to enhance the efficiency, power output, and overall performance of electric motors. Advancements in materials science, design techniques, and manufacturing processes have led to the development of more compact, lightweight, and energy-efficient motors. These improvements enable electric motors to deliver higher torque, lower energy consumption, and reduced heat generation, making them more suitable for a wide range of applications.
Innovating the Future of Electric Propulsion
Investments in research and development (R&D) are driving advancements in electric motor technology, which are expanding applications for it. Companies and research institutions are allocating resources to develop new materials, designs, and manufacturing techniques that enhance the performance and efficiency of electric motors. R&D efforts are focused on addressing challenges such as heat dissipation, energy density, and cost reduction. These investments pave the way for breakthroughs that will shape the future of electric motor applications across industries, driving sustained growth in the global electric motors market.
Competitive Landscape
The major players operating in the electric motors market are ABB Ltd, AMETEK, Inc., ARC Systems, Inc., ASMO Co. Ltd., DENSO Corporation, Emerson Electric Co., General Electric Company, Hitachi, Ltd, Johnson Electric, Maxon Motor AG, Nidec Corporation, Robert Bosch GmbH, Rockwell Automation, Inc., Siemens AG, Toshiba Corporation. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On May 2023, ABB revealed had inked a contract to buy Siemens' low voltage NEMA motor division. This acquisition offers a respected product portfolio, a seasoned North American clientele, and a skilled operations, sales, and management team. Manufacturing activities are located in Guadalajara, Mexico.
- On May 2023, A premier provider of highly engineered motion control solutions for numerous markets and uses, Bison Gear & Engineering Corp. (Bison) has been acquired by AMETEK, Inc. (NYSE: AME).For use in demanding and highly precise applications in the automation, power, food and beverage, and transportation industry, Bison designs and manufactures specialised motion control products.
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To find more Visiongain research reports on the automotive sector, click on the following links:
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