Electric Motor Market: Current Analysis and Forecast (2021-2027)

Report Description

Electric Motor Market was valued at US$ 100 billion in 2020 and is expected to grow at a CAGR of 6% over the forecast period (2021-2027). A rise in technological advancement in the industries such as medical, food and beverage, manufacturing, etc. are generating the demand for electric motor globally.  As per a report by DataProt, there are more than 10 billion active IoT devices In 2021. Moreover, it is estimated that the number of active IoT devices will surpass 25.4 billion in 2030. Also, the trending smart factory concept globally is one of the prominent reasons that are contributing to the growth of the market. Smart factories in North America are expected to be worth more than US$500 billion in 2022, as revealed by Forbes. Moreover, due to the wide application of electric motors in consumer goods, food and beverage, and the automobile industry, the demand for electric motors is witnessing an uptick. In the food and beverage sector, electric motors are used in ready-to-eat processing, meat and poultry processing, soft drink production, distilling, and malting, etc. Whereas in the consumer goods industry, motors are used in applications such as electric toothbrushes vacuum cleaners, coffee machines, refrigerators, etc. More than 10% of fractional horsepower motors power domestic appliances, finding use in microwave turntables, blenders, mixers, refrigerators, washers and dryers, and garage door openers

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However, the COVID-19 pandemic became a disruption for the global electric motors market. The magnitude of this unpreceded crisis has yet to be fully manifested and resailed. The global electric motor industry was growing at a considerable pace in the past year but, the pandemic impacted the supply chain, dwindle the imports, and slowed down the operations, causing the sluggish market demand. However, amid partial business reopening, the demand for electric motors would show some enhancement, resulting from its recovery. The opening of end0use industries use as commercial, residential, retail along with connected market efforts to improve product awareness will go a long way in augmenting the growth of the electric motor market.

Brief History of Electric Motors

ABB Group, ARC Systems, Inc., Asmo Co., Ltd., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emerson Electric, Maxon Motors AG, Regal Beloit Corporation, Rockwell Automation, Inc., Siemens AG, etc., are some of the prominent players operating in the global Electric Motor market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Type, AC Motor segment holds the major share”

Based on the type, the market is fragmented into AC, DC, and Hermetic Motor. The AC motor segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to the numerous advantages it offers coupled with the launch of new AC motors across regions. For instance: Two new traction motor systems, the 200 kW Ni200Ex and 50 kW Ni50Ex was launched by Nidec Corporation in 2020.

“Amongst Rotor Type, Inner Rotor Motor segment dominated the market during the forecast period”

Based on rotor type, the market is mainly fragmented into inner and outer. In 2020, the inner segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period. The advantage of Inner rotor motors such as great ability to dissipate heat, fast acceleration and deceleration of speed, high starting torque, have reversible action capability, compact, low prices are contributing to the growth of this segment

“Amongst Speed Type, Low-Speed Motor segment to Witness exhibit growth during the forecast period”

Based on Speed Type, the market is mainly fragmented into Low-speed, Medium-speed, High-speed, and Ultra High- Speed. In 2020, the low-speed segment grabbed the XX% market share. The segment gathered USD XX Mn revenue in 2020. The demand for low-speed motors is on the rise on account of the growing demand from the food and beverage industry, Chemical industry, and others as well. Foodservice machines, Ice making machines, Chemical fluid pumps, and Lawn and garden equipment that require log speed and high torque for operations

“North America represents one of the largest markets of Electric Motor market”

For a better understanding of the market dynamics of the Electric Motor market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South-Korea, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ XX million in 2020 owing to the rising per capita income that is leading to the growing demand for luxury. As per the World Bank, GDP per capita income in the United States increased from US$ 56,839.38 in 2015 to US$ 65,297.51 in 2019.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Electric Motor Market were the three major steps undertaken to create and analyze the adoption of Electric Motor for the different diseases across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Electric Motor sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Electric Motor through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Electric Motor market, we conducted a detailed secondary analysis to gather historical market insights and share for different types, output power, voltage range, rotor types & speed types for major regions. Major segments included in the report are application, type, and regions. Further country-level analyses were conducted to evaluate the overall adoption of Electric motors in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of electric motors. Further, we conducted factor analysis using dependent and independent variables such as the surging demand for vehicles, HVAC, and government regulation for energy efficiency. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Electric Motor industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Electric Motor market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up/ top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Electric Motor across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Electric Motor market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Electric Motor market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of motor type and applications of the Electric Motor market.

Main Objective of the Electric Motor Market Study

The current & future market trends of Electric Motor were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Electric Motor in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of application, technology, material, tissue type, and end-user sector
• Define and analysis of the regulatory framework for the Electric Motor industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Electric Motor market for the major region
• Major regions studied in the report include North America (the U.S and Canada), Europe (Germany, France, U.K Spain, and Italy), Asia-Pacific (China, Japan, Australia, South-Korea, and India), Rest of the World
• Company profiles of the Electric Motor market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive country level analysis of the industry