Anticipated Expansion of Electric Motors Industry with 6.53% Compound Annual Growth Rate Through 2030
Electric motors serve the key role of converting electrical energy into mechanical energy, featuring essential components such as rotors, bearings, stators, air gaps, windings, and commutators. AC motors are favored for robotics given their capacity for angular movements and control to meet torque, velocity, and speed needs. DC motors encompass varieties like shunt, series, and permanent magnet motors, while the AC variants include synchronous and reluctance motors. These motors are integral to OEM products, pumping systems, conveyor systems, compressors, fans, and diverse industrial machines.
Market intelligence firm Straits Research indicates that sectors such as electronics, food, and automotive are increasingly embracing automated production. Investments in smart automation for large-scale manufacturing facilities are also on the rise, pointing toward a heightened future demand for electric motors, boosted by the proliferation of industrial automation and robotics.
Global Electric Motor Sales Market: DRIVING FACTORS
Increased Utilization of HVAC Systems
HVAC systems, essential for thermal comfort and air quality in modern offices and shopping centers, are increasingly employing DC motors to improve efficiency, service life, and output. The Asia-Pacific region, especially China and India, is seeing growth in their commercial and industrial sectors. The Timetric Construction Intelligence Center anticipates a significant global construction industry investment of about USD 1.08 trillion over the next few years, mostly in industrial buildings.
Importance of High-Speed Electric Motors
The electric motor sector is categorized into low, medium, high, and ultra-high-speed segments. Due to its versatility, the high-speed segment holds the largest market share. Operations like cutting, grinding, and winding benefit from the high rotational speeds provided by these motors. With controllable torque and operability at diverse voltages, these motors enhance the performance of fast-paced equipment, spurring the global electric motor sales.
Global Electric Motor Sales Market: FUTURE OPPORTUNITIES
Evolution of the Automotive Sector Towards Electric Vehicles and Robotics
Advancements in electric vehicle technology are propelling the automotive industry towards electric mobility. In Europe, concerns over environmental impacts are popularizing electric vehicles with electric motors. Innovations have reduced battery costs and improved charging times. Government support, including incentives and tax benefits for eco-friendly, electric-powered vehicles, is fostering growth in the electric motor sphere.
The emergence of robotics technology might also create new sales avenues for electric motor manufacturers in Europe. Industrial robots, capable of performing repetitive tasks or operating in hazardous environments, herald new commercial prospects.
Regional Overview of Global Electric Motor Sales Market
The global market is divided into North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East & Africa (MEA). In 2021, the Asia-Pacific region commanded about 50% of market revenue, thanks to significant industrial investments by countries like China, India, South Korea, and Australia.
The growth in electric vehicle production and sales in China and Japan, coupled with major players like Hyundai, Honda, Toyota Industries Corporation, and Nissan, is anticipated to enhance the market in this region. From 2022 to 2030, a 7.91% growth rate is expected.
Asia Pacific led in market share for electric motor sales in 2021, followed by Europe and North America. These regions predominantly utilize premium efficiency motors in HVAC, industrial operations, and electric vehicles.
Areas like Latin America, Middle East, and Africa are predicted to gain from increased governmental investments, benefiting from rising demands in the oil and gas industry, rapid mining sector expansion, and the cement demand in construction.
Electric Motor Sales Market: Growth Driven by Automation, Robotics, and E-Mobility
Electric motors, the workhorses of modern industry, are experiencing significant growth due to several key drivers, including:
- Rising automation and robotics: As automation and robotics become increasingly prevalent across various industries like electronics, food, and automotive, the demand for electric motors to power these systems surges.
- Shift towards electric vehicles (EVs): The growing popularity of EVs, fueled by advancements in battery technology and government incentives, leads to a significant increase in demand for electric motors used in these vehicles.
- High-speed motor applications: High-speed electric motors are crucial for various industrial processes like cutting, grinding, and winding, contributing to their market dominance.
- Increased HVAC usage: The widespread use of HVAC systems in modern buildings for thermal comfort and air quality necessitates efficient DC motors, further expanding the market.
BonChip Electronics, a trusted distributor of a wide range of electric motors and related components, offers a comprehensive selection from leading manufacturers. Our experienced team can assist you in finding the right motor for your specific application. Contact us today to explore our extensive product portfolio and discuss your needs.
Market Size and Forecast:
- The global electric motor sales market was valued at USD 153.87 billion in 2021 and is projected to reach USD 271.90 billion by 2030, reflecting a CAGR of 6.53% from 2022 to 2030.
Key Market Segments:
- By application:
- Industrial machinery (dominant segment with 45% revenue share in 2021)
- Motor vehicles
- HVAC equipment
- Aerospace & transportation
- Household appliances
- Others
- By power output:
- Integral HP output
- Fractional HP output (largest share in 2021 with 88% revenue)
- By motor type:
- Hermetic motor
- AC motor (most lucrative segment with 71% revenue share in 2021)
- DC motor
- By region:
- Asia Pacific (largest share of nearly 50% in 2021)
- North America
- Europe
- Latin America
- Middle East & Africa
Recent Developments:
- July 2022: ABB and SKF signed an MoU to explore collaboration in manufacturing process automation.
- June 2022: Siemens and NVIDIA expanded their partnership to advance the industrial metaverse and AI-driven digital twins, further propelling industrial automation.
Major Players:
- Baldor Electric Company, Inc.
- Franklin Electric Co., Inc.
- Asmo Co., Ltd.
- ABB
- Regal Rexnord Corporation
- Siemens
- Ametek Inc.
- Johnson Electric Holdings Limited
- Maxon
- ARC Systems Inc.
- DENSO CORPORATION
- Rockwell Automation Inc.
- Emerson Electric Co.
- NIDEC CORPORATION
The electric motor sales market is poised for significant growth due to advancements in automation, robotics, and electric vehicle technology. BonChip Electronics is your one-stop shop for all your electric motor needs, offering expert support and a diverse product portfolio.
