In 2021, the electric motor market is expected to grow annually (YoY) by 4.2% and reach 1.2 billion units. According to the report, demand for AC motors increased by 5.1% to 837 million units in 2021, while demand for DC motors will increase by 2.2% to 339 million units. North America currently holds dominance, accounting for over more than 1/4th of the electric motor market in 2021. The expansion of the electronics sector in the region is creating growth opportunities for the years ahead. The U.S. currently leads the global market, with revenue expected to reach US$ 40.4 Bn by 2031.
The electric motors market however registered a moderate decline in its sales volume in FY2020 due to the unforeseen COVID-19 pandemic. Demand from major end-use industries like automotive, oil & gas, and other waned. Contrary to this, sections of the medical sector were not affected due to an increase in demand amid the adoption of COVID-19 precautionary measures. AC Electric Motors will remain the top-selling product in the market, accounting for over 70% of revenue generated in the global market by 2031.
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Demand for alternating current (AC) electric motors has been steadily increasing. This can be attributed to the operating advantage linked with it, its prime advantage is its speed torque characteristics which have raised the application for electric motors in various end uses, owing to which the AC electric motors have secured a prominent share in the global Electric motors market.
The growing requirement for pumping applications from agriculture, water treatment plants, the oil & gas sector and other industries is expected to drive the electric motors market in the forecast period. An increasing number of players are focusing on research and development related to electric motors, which is anticipated to contribute towards market growth in the years to come.
“The electric Motors market is anticipated to grow at a strong pace driven largely by increasing demand for innovative and energy-efficient products across industries. Raising automation and digitalization in various end-use sectors are key factors fuelling the demand for electric motors. Industry participants are investing in expansions, strategic alliances, and cost-effective solutions to gain a competitive advantage,” says a Future Market Insights analyst.
Big Is The Opportunity For Electric Motor Market In The U.S.
North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to be the largest market in North America and reach US$ 40.4 Bn by 2031.
The United States’ highly developed end-use sectors are supporting the electric motor market growth. Overall industrial spending grew at a rate of about 4.6 percent in 2019 than overall economic growth of 4.0 percent in the United States calculated by Gross Domestic Product (GDP), according to CMS’ Office of the Actuary estimates.
Furthermore, the U.S. is home to the most technically advanced industrial sector in the world, making it a lucrative market for electric motor manufacturers, as it exhibits high demand for robotics and automation for industrial as well as residential applications.
Demand for Electric Motor Increasing in China
Demand in the China market is expected to rise at nearly 5.5% CAGR over the forecast period. China’s Industrial sector is backed by a well-developed infrastructure and it is largely supported by the government. It is not surprising that China has the most elevated level of expenditure across the globe.
As per the report, China is recognized as a primary market and it is expected to continue exhibiting high demand for electric motors through the forecast period. Moreover, rising research activities, the presence of several major players, and the growing electric vehicle and Industrial sector are creating attractive opportunities for the electric motor market in the country.
Electric Motor Market Competitive Landscape
Companies operating in Electric Motor Market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity and address the demand of an expanding consumer pool.
For instance, In, On January 24, 2019, Bosch assumed full control of EM-motive, one of Europe’s most successful manufacturers of electric motors.
On August 3rd, 2021, Nidec Corporation acquired stocks of Mitsubishi Heavy Industries Machine Tool Co., Ltd. and announced an outline for its new subsidiaries.
Manufacturers are also focusing on the expansion of their product portfolio to maintain a high customer base across the globe
For instance, On 5 Feb, 2021 Johnson Electric Launches Low Voltage DC Motor Solutions for Smart Furniture. The LVDC motor solutions are designed for actuators used in smart recliners, height adjustable desks, hospital beds and other smart furniture products.
On February 16th, 2021 Regal announced a collaboration with Rexnord’s PMC segment to create world-class power transmission technology.
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