The global electric motor sales market size is expected to reach USD 214.5 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.9% during the forecast period. Rapid technological advancements have been playing an imperative role in the growth of the market.
Electric motors are an inseparable component of heating, ventilation, and cooling (HVAC) equipment. They are also used in multiple application across industry verticals such as home appliance, industrial machinery, and motor vehicles among others. Improved insulation and operational efficiency have significantly improved the safety and functionalities of motors, leading to increased demand across multiple industries.
Rising fuel prices across the globe are impelling people to shift to non-conventional fuel alternatives. Electric vehicles, as a result, are manufactured with a view of reducing operational costs and carbon footprint. Upsurge in production of electric vehicles is expected to positively impact the demand for electric motors as they are used in variety of applications ranging from performance components to comfort components of the vehicle.
The industry is characterized by regulatory policies and government initiatives that promote energy efficiency in machines and equipment. High-efficiency and output, low power consumption, increased operational life, and low maintenance costs are basic requirements for electric motors. Notably, technological innovations have introduced improved design, components, and motor specifications resulting in fulfillment of end-user requirements. Innovations and evolving policy frameworks are crucial for industry development and will play a key role in fueling the demand for the products over the forecast period.
Improving standards of living and rising income levels are also anticipated to spur the production of motor vehicles and electronic appliances, globally. Additionally, the use of electric motors minimizes financial burden on governments and consumers by reducing consumption of electricity. Owing to aforementioned factors, these motors are estimated to witness massive demand, mainly from industrial users, in the replacement market over the next few years.
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Further key findings from the report suggest:
- Increased adoption of electric motors in vehicles, backed by technological advancements resulting in performance enhancement, is expected to positively impact the growth of the market
- The AC motor type held the largest share in 2018. It is estimated to generate over USD 152 billion by 2025, owing to extensive use of AC motors in various applications ranging from irrigation pumps to modern day robotics
- The fractional horsepower (FHP) output segment represented over 87.0% of the overall market value in 2018. Fractional horsepower motors are used widely in all household appliances ranging from vacuum cleaners to coffee machines to refrigerators
- Motor vehicles were the most prominent application segment, commanding more than 40.0% of the overall market value in 2018. Electric motors are also extensively used in heavy industrial equipment as well as agricultural machineries
- Asia Pacific will lead the market through 2025, exhibiting a CAGR of 9.3% during the forecast period. The growth of the regional market can be attributed to increasing direct investments in developing nations such as India and China
- Some of the prominent companies operating in the market are Allied Motion Technologies, Inc.; Ametek, Inc.; Siemens; Baldor Electric Company, Inc.; Johnson Electric Holdings Ltd.; Rockwell Automation; Franklin Electric Co.; and Asmo Co., Ltd.