Global sales of electric motors are set to be valued at over US$ 104 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). A new report estimates the market to expand at over 5.1% CAGR from 2021 to 2031.
According to Future Market Insights (FMI), increasing automation and robotics in industrial production sector have fuelled the demand for electric motors. The market also is gaining from rapid technological advancement and advent of industrial 4.0.
The electric motors market however registered 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 medical sector were not affected due to increase in demand amid the adoption of COVID-19 precautionary measures.
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Demand for alternating current (AC) electric motors has been steadily increasing. This can be attributed to operating advantage linked with it, its prime advantage is its speed torque characteristics which has raised the application for electric motors in various end uses, owing to which the AC electric motors has secured a prominent share in the global Electric motors market.
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Electric Motors Market by Category
Power Output:
- <1HP
- 1-5HP
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100HP
- 100 – 300 HP
- 300 – 500HP
- Above 500HP
Product Type:
- AC Motor
- Induction Motor
- Synchronous Motor
- DC Motor
- Brushed DC
- Brushless DC
By Application:
- Pumps
- Fans
- Drives
- Compressor
- General Machinery
- Centrifugal Machinery
- Grinders
- Extruders
- Robotics
- Others
By End Use:
- Industrial
- Oil & Gas
- Power Generation
- Mining
- Food & Beverages
- Pulp & Paper
- Chemicals
- Air Separation Plant
- Other Manufacturing
- Residential
- HVAC & Refrigeration
- Medical
- Municipal Water Treatment
- Transportation
- Automotive
- Aviation
- Electric vehicles
- Railways
- Boats
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Key Questions Answered in Electric Motors Market Study
- Which Is the Highest Grossing Electric Motors Market?
North America currently holds dominance, accounting for over more than 1/4th of the electric motors market in 2021. Expansion of 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.
- Which is the Top-selling Electric Motors Type in the Electric Motors market?
AC Electric Motors will remain top-selling product in the market, accounting for over 70% of revenue generated in the global market by 2031.
- Which Are Some Of The Leading Companies Offering Electric Motors?
Some of the leading companies in this landscape are General Electric, Robert Bosch GmbH, Hitachi, Ltd., Nidec Corporation, WEG S.A., Siemens AG, ABB Group, Regal Beloit Corporation, Toshiba Corporation, Johnson Electric, Hyosung Corporation, Schneider Electric SE, Bonfiglioli Riduttori S.p.A., Kirloskar Electric Company Ltd., Allied Motion Technologies Inc., East West Manufacturing, LLC, Hyundai Electric Co. Ltd. and others. As per FMI, over 20% of the market share is currently covered by the top 10 players.
- Who is the Leading End User of Electric Motors?
The industrial sector is expected to dominate the market over the forecast period, generating revenue of US$ 72.3 Bn by 2031 due to rising focus on automation and digitalization.
- What is the North America Electric Motors Market Outlook?
The demand for electric motors is expected to increase at 5.4% CAGR in North America between 2021 and 2031.
- At What Rate will the Demand for Electric Motors Increase in Europe?
The demand for electric motors is expected to increase by 5.2% in Europe through 2031.
- Who are the Key Producers of Electric Motors?
Germany, China, U.S., and Japan are the key producers of electric motors.
- At What Rate Did the Demand for Electric Motors Increase in the Last Five Years?
The electric motors demand grew by 3.5% CAGR between 2016 and 2020.
- What is the South Korea and Japan Market Outlook for Electric Motors?
South Korea and Japan are expected to account for 5% of the global electric motors market in 2021.