Electric Motor Market Size to Reach USD 224.94 Billion in 2030 | Industry Demand, Share, Growth & Forecast Analysis by 2030

June 28 20:48 2022
Electric Motor Market Size to Reach USD 224.94 Billion in 2030 | Industry Demand, Share, Growth & Forecast Analysis by 2030
Electric Motor Market Snapshot

Rising government support for electric vehicles as a means of reducing carbon and other harmful gas emissions is boosting demand for electric motors.

Market Size – USD 122.36 Billion in 2021, Market Growth – at a CAGR of 6.9%, Market Trends – Application of electric motors in various end-use industries

The global electric motors market size is expected to reach USD 224.94 Billion in 2030 and register a revenue CAGR of 6.9% over the forecast period, according to the latest report by Reports and Data. Development of eco-friendly laws and regulations to reduce carbon footprint is encouraging people to adopt electric appliances, which is driving revenue growth of the electric motor market in the forecast period.

The electric motor market is expected to grow at a steady rate over the forecast period due to rising demand in the industrial and agricultural sectors worldwide. Electric motors are used in the agricultural sector in mechanical tillers and similar machinery to produce and store grain and grass, prepare and distribute animal feed, provide a controlled atmosphere in stock-rearing houses, and greenhouses for horticulture crops, and others. Furthermore, government’s increased investment in infrastructural activities such as power, steel, and building is driving demand for electric motors, which is likely to boost revenue growth of the global electric motor market. The extremely efficient nature of electric motors is largely responsible for increased demand for electric motors.

The adoption of partial or complete lockdowns in a number of countries to combat the spread of the COVID-19 infection has hampered the electric motor market’s advancement. Automobile and machinery sales were hampered by limitations on the transit of products and factory activities.

Companies profiled in the global market report include AMETEK Inc., Toshiba Corporation, Hitachi Ltd, Brook Crompton, General Electric Company, Siemens AG, ASMO KARTS, Johnson Electric Holdings Limited, WEG, and Maxon.

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Some Key Highlights From the Report

  • In October 2019, Valeo, a worldwide automotive supplier, announced a global alliance with Dana for 48V hybrid and electric vehicle systems. The partnership’s first product was released in early 2020, and according to the company, subsequently used on a series of production cars by a major European automaker.
  • The Motor vehicles segment revenue is expected to grow at a steady rate over the forecasted period due to a rise in regulatory standards imposed by numerous organizations and governments in order to reduce emissions and promote zero-emission automobiles. The automakers have benefited from these by boosting their expenditure on electric car R&D and allowing them to offer electric automobiles in the future. This technique had a significant impact since there was a significant shift in purchasing patterns from traditional combustion engines to electric engines. The shift did not result in a decline in combustion engine car sales but rather has established a viable market for electric vehicles. Over the forecast period, due to the aforementioned factors, this segment will experience increased revenue growth.
  • The market in Asia Pacific accounted for a significant revenue share in 2021 due to strong Electric Vehicle (EV) sales in the region. Also, this region is very densely populated, and as a result to combat pollution and environmental hazards of traditional vehicles, the countries in this region are encouraging citizens to switch from traditional combustion engine vehicles to electric ones. The region also has a strong technological industry, which further drives revenue growth of the electric motor market in the forecast period.

For this study, Reports and Data have segmented the electric motor market based on motor type, output power, application, and region:

  • Motor Type Outlook (Revenue, USD Billion; 2019–2030)
    • Alternate Current (AC) Motor
    • Direct Current (DC) Motor
    • Hermetic Motor
  • Output Power Outlook (Revenue, USD Billion; 2019–2030)
    • Integral Horsepower (IHP) Output
    • Fractional Horsepower (FHP) Output
  • Application Outlook (Revenue, USD Billion; 2019–2030)
    • Industrial Machinery
    • Motor Vehicles
    • Heating, Ventilation and Air Cooling (HVAC)
    • Aerospace and Transportation
    • Household Appliances
    • Other
  • Regional Outlook (Revenue, USD Billion; 2019–2030)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

Key Advantages of Electric Motor Report:

  • Identification and analysis of the market size and competition
  • Qualitative and quantitative analysis of the market data
  • Data validated by industry experts after extensive primary and secondary research
  • Extensive regional analysis of the Electric Motor industry
  • Profiling of key players along with their business overview,  business strategies, deals and partnerships, and product portfolio
  • SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
  • Feasibility analysis and investment analysis to enable strategic investment decisions
  • Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

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