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.
The industrial sector’s increased emphasis on R&D and investment will propel the electric motor market’s growth between 2021 and 2031, which will exceed the 3.8% CAGR seen between 2016 and 2020.
With the adoption of robotics and automation over the past ten years, a wide range of industry verticals, including the production of electronics, the food and beverage industry, and the automotive industry, have benefited. Additionally, there has been a steady increase in investments in smart factory automation, particularly in large production facilities. With the increasing adoption of automation and robotics technology, electric motor demand will be boosted regarding its use in drive units. The growth rate of the electric motor market growth is thus expected to be in proportion to that of industrial automation and robotics.
The residential appliances market, where low-power capacity motors are primarily used, is also expected to boost demand for electric motors. The electric motor market has a reputation for being one with high volume and high value.
According to estimates from the Energy Association, driving electric motors uses 40% of the total energy used in industries. Instead, focus on encouraging the use of high-efficiency motors.
Developed as well as developing countries are expected to usher in sound growth opportunities for the product via new units as well as replacement sales. Expansion of usage scope towards untapped end-use verticals is expected to augur the growth of electric motors on a long-term basis.
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.
Over the forecast period, demand is anticipated to increase in China at a CAGR of nearly 5.5%. China’s industrial sector is supported by a strong infrastructure and receives significant government funding. It is not surprising that China has the highest level of global expenditure.
Key Players:
- 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.
