The Global Electric Motor Market Size valued for USD 151.1 Billion in 2021 and is anticipated to reach USD 263.1 Billion by 2030 with a CAGR of 6.5% from 2022 to 2030.

Electric motors are sophisticated machines that use electromagnetic to transform electrical energy into mechanical energy. They are made up of a stator, rotor, and housing, among other essential parts. Typically, laminated iron cores with copper wire windings make up the stator, the motor's stationary component. Via these windings, an electric current creates a magnetic field. On the other hand, the rotor, which rotates within the motor, can either be of the wound or squirrel-cage types. Permanent magnets or laminated iron cores are typically used as the material. The rotor rotates as a result of an interaction between the magnetic fields of the stator and rotor. The mechanical energy needed to power various applications is created by this circular motion. The electric motor's casing encloses and safeguards its internal parts. In order to dissipate heat produced during operation, it is often built of sturdy materials like metal or plastic and may have cooling systems like fans or heat sinks.

The operation of electric motors is based on the electromagnetism principle, which involves the interaction of magnetic fields and electric currents. When an electric current passes through the stator's windings, it generates a magnetic field that, in the case of wound rotors, induces or interacts with the rotor's preexisting permanent magnetic field (in the case of permanent magnet rotors). The rotor rotates as a result of this interaction, creating mechanical power.

Electric Motor Market Dynamics

The market for electric motors has been significantly impacted by the growing acceptance of electric vehicles as a cleaner and more environmentally friendly form of transportation. Electric motors are necessary for EVs’ propulsion, and as interest in EVs grow, so too is the demand for the motors that power them. Governments all across the world are putting policies and programmes into place to encourage energy efficiency and lower greenhouse gas emissions. With energy efficiency requirements and incentives, electric motors-which are more energy-efficient than conventional combustion engines—are being promoted for usage in a variety of applications, including as industrial machinery, appliances, and HVAC systems. Electric motor demand in various industries is being driven by this.

The need for electric motors is rising as industrial automation and digitalization become more widely used in a variety of sectors, including manufacturing, automotive, and aerospace. Robots and automated systems rely on electric motors to precisely and effectively regulate motion. The demand for electric motors is anticipated to expand as companies continue to automate their processes for greater effectiveness and productivity. A greater emphasis is being placed on sustainable technology, such as electric motors, as a result of growing public awareness of environmental problems including air pollution and climate change. Electric motors are renowned for having a smaller environmental impact than combustion engines since they emit no direct emissions and use less energy. As a result, more electric motors are being used in a variety of applications, such as renewable energy systems, appliances, and transportation.

Some purchasers may be put off by the fact that electric motors can be more expensive up front than mechanical systems or conventional combustion engines. Electric motor adoption is constrained, especially in price-sensitive industries, by the initial investment needed for them, which includes the cost of the motor itself as well as accompanying parts such power electronics, controllers, and battery systems for electric cars.

Supply chains for rare earth metals and other essential raw materials needed in the manufacture of electric motors, in particular, can be a bottleneck. Electric motor output and cost can be impacted by the availability and sourcing of these components, and any supply chain disruptions or price changes can have an impact on the dynamics of the market as a whole.

Electric Motor Market Insight

The electric motor market is divided into type, power output, application, and geographic markets. Based on type, the segment is categorized AC Motors, DC Motors, and hermetic motor. By power output, the industry is split into Integral HP Output and Fractional HP Output. Application segment is categorized into aerospace & transportation, household appliances, HVAC equipment, industrial machinery, motor vehicles, and others. North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa comprise the region sector.

Global Electric Motor Market Geographical Competition

Electric motor sales are widely established in North America, where there is a strong emphasis on environmental sustainability and energy efficiency. Several factors, such as the rising popularity of electric vehicles, strict energy conservation laws, and the expanding use of electric motors in HVAC and industrial automation systems, are fueling the need for electric motors in North America. The largest market for electric motors in North America is the United States, followed by Canada and Mexico.

The largest and fastest-growing market for electric motors is in Asia Pacific, where demand is being driven by nations like China, Japan, and India. Electric motors are in higher demand in industries including manufacturing, construction, and transportation as a result of the region's fast industrialization and urbanization. Due to its emphasis on industrial automation and electric vehicles, China has emerged as the world's largest market for electric motors.

Global Electric Motor Industry Segment Analysis

Market By Type

·         DC Motors

·         AC Motors

·         Hermetic Motor

Market By Power Output

·         Integral HP Output

·         Fractional HP Output

Market By Application

·         Aerospace & Transportation

·         Household Appliances

·         HVAC Equipment

·         Industrial Machinery

·         Motor Vehicles

·         Others

Electric Motor Market Leading Companies

The players profiled in the report are ABB Group, Ametek Inc., ARC Systems, Inc., Asmo Co., Ltd., Baldor Electric Company, Inc., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emerson Electric, Franklin Electric Co., Inc., Maxon Motors AG, Regal Beloit Corporation, Rockwell Automation, Inc., and Siemens AG.

Electric Motor Market Regions