Electric Motor Market

The Electric Motor Market is valued at USD 161.2 Bn in 2026 and is projected to reach USD 250.5 Bn, growing at a CAGR of 7% by 2033.

Emerging Robotics Technology to Bode Well for Global Electric Motor Market Expansion

The budding robotics technology is expected to pave new opportunities for the electric motor market in the forthcoming years. Robotics has witnessed increased application across a myriad of industries as companies seek to reduce complexities in their processes by leveraging the technology. Robots are widely used to carry out repetitive tasks and in environments that are hazardous and include direct exposure to radioactive substances and explosive chemicals. In addition, robotics technology is also used to carry out various tasks including space exploration, assembly line work, warehouse delivery, military services, mine cleaning, duct cleaning, underwater exploration, agricultural activities and in surgical assistance. For instance, according to International Federation of Robotics (IFR), 2021 witnessed an all-time high with respect to robot installation in industries worldwide.

As per IFR, in 2021, 517,385 units of new industrial robots were installed in factories across the globe. This represents a 31% year-on-year growth rate and has exceeded the pre-pandemic record of 22% of robot installation in industries in 2018. In 2022, operational robot stock has hit a record of around 3.5 million units across the world and the deployment is further expected to increase over the coming years. This has fuelled the use of electric motors such as AC and DC motors in industrial and portable robots to support the functioning of their wheels, legs, weapon systems, sensor turrets and tracks, based on specific applications. This is expected to hold a lasting impact on the global electric motor market.

Gradual Rise in Adoption of Robotics Among SMEs to Aid Electric Motor Market Growth

The adoption of robotics in SMEs has been increasing gradually. With the proliferation of Industry 4.0, SMEs are witnessing a significant transformation with regards to automation integration to enhance productivity. This has further fuelled the demand of robots in small and medium sized enterprises, thus contributing towards the growth of the electric motor market. In addition, the pricing of robotics is likely to reduce, thus eliminating the major cost factor that challenges its adoption among SMEs. For instance, according to the International Society of Automation, price of robotics will go down by around 75% by end of 2025 as compared to the price in 2010, thus complementing the deployment of robots in SMEs. This factor contributes to the growth of the electric motor market, particularly with the rising adoption of robotics technology among SMEs.

Demand for Energy Efficient Motors to Present an Opportunistic Landscape for the Electric Motor Market

With growing economies, the demand for energy is also poised to increase significantly each year. Moreover, the energy used by electric motors has been rising at a momentous pace, thus exerting pressure on the energy sources. For instance, as per the US Department of Energy, half of the energy consumption in 2020 in the United States manufacturing sector was by electric motors. Electric motors used in infrastructure and industrial applications account for around 53% of the global electricity consumption. In view of this scenario, various regulations have been executed to ascertain effective and efficient utilization of energy. This will continue to influence the performance of electric motor market.

For instance, in Europe, International Electrotechnical Commission has set strict energy efficiency norms and motor efficiency regulations such as IE1, IE2, IE3, and IE4 in a bid to reduce carbon emissions. This has also fuelled the need for energy efficient electric motors. In 2017, efficiency regulations for electric motors were established and since then they have been evolving significantly. According to International Energy Agency, approximately 40% of electricity is used to power electric motors. With growing emphasis on developing energy efficient products, companies have invested in development of motors that are lightweight, have high operating speeds and are highly efficient. This factor is expected to pave new opportunities for the electric motor market.

Rising Demand for AC Motors to Complement Value Growth of Electric Motor Market

From the revenue standpoint, sale of AC motor is expected to significantly increase accounting for a major share in the electric motor market. High demand and adoption of AC motors can be attributed towards widespread applications. Not only limited to irrigation pumps but also widely used in new age robotics, AC motors are gaining high traction. In addition, their functional advantages such as small size, lightweight and cost efficiency have pushed their demand in HVAC equipment. Moreover, use of AC electric motors in automotive sector is also increasing backed by advent of low cost and efficient electronics coupled with enhancements in permanent magnetic material. Also, rising penetration of electric vehicles has also triggered the demand for AC electric motors. Furthermore, they are also used in industries such as paper, chemicals, cement, and wastewater treatment among others, in turn fuelling their sales. In this backdrop, increasing demand and adoption of AC motors is poised to largely contribute towards the revenue growth of the electric motor market on the global front.

Asia Pacific Stands Tall as the Most Lucrative Revenue Pocket in Global Electric Motor Market

Emerging nations in Asia Pacific are expected to showcase high growth potential in the electric motor market. This is mainly owing to advancements in various sectors in the region coupled with rising industrialization across countries such as South Korea, China, Australia, and India. Furthermore, the increasing sale of electric vehicles in the region owing to zero emission targets is expected to give an impetus to the electric motor market growth. Other aspects such as growing manufacturing sector, rising customer base and stable economic growth are expected to augur well for the electric motor market in Asia Pacific.

Electric Motor Market: Competitive Landscape

New launches, partnerships and acquisitions have been witnessed in the electric motor market. For instance, in 2021, Electromag SA was acquired by Mabuchi Motors. This acquisition was aimed to improve the portfolio of Mabuchi Motors by including new brushless motors that are used in the healthcare facilities. Same year in April, partnership was signed between Turbo Power Systems, and Statcon Energiaa. With this collaboration, the two companies can leverage their expertise to develop and market power electronics products for various markets. In February 2021, a novel range of low voltage DC (LVDC) motors was launched by Johnson Electric. These motors have compact size, lower operating noise, high power density, and high torque.

A few of the major players in the electric motor market include:

• ABB Ltd.
• Siemens AG
• Nidec Corporation
• WEG S.A.
• Regal Rexnord Corporation
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Johnson Electric Holdings Limited
• AMETEK, Inc.
• Rockwell Automation, Inc.
• Emerson Electric Co.
• Hitachi, Ltd.
• Schneider Electric SE
• TECO Electric & Machinery Co., Ltd.
• Bharat Heavy Electricals Limited (BHEL)  

The Global Electric Motor Market is Segmented as Below:

Electric Motor
• AC Motor
       o Synchronous AC Motor
       o Induction AC Motor
• DC Motor
       o Brushed DC Motor
       o Brushless DC Motor
• Hermetic Motor

Power Output
• Integral HP Output
• Fractional HP Output

Application
• Industrial Machinery
• Motor Vehicles
• HVAC Equipment
• Aerospace & Transportation
• Household Appliances
• Others 

By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa