The new report by Expert Market Research titled, ‘Global Electric Motor Market Size, Share, Price, Trends, Report and Forecast 2020-2025′, gives an in-depth analysis of the global electric motor market, assessing the market based on its segments like types, voltage, rated power, magnet types, weight, speeds, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include
Market Overview (2015-2025)
The growing industrialisation and increasing automation across industries have propelled the growth of the global electric motor market. With the rising population, a drive towards reducing carbon emissions and conserving energy by the governments across the globe has rapidly gained pace. Governments are encouraging potential customers to buy electric vehicles, providing further impetus to the market growth. A rise in disposable incomes of people has allowed potential customers to increase their purchasing power. Increased electrification and the rapid growth of the automotive industry, aided by a rise in demand for vehicles, is expected to drive the global electric motor market growth.
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Industry Definition and Major Segments
Electric motors operate on the principles of electromagnetism, that is, converting electrical energy into mechanical energy. They find their application across diverse sectors because of the favourable characteristics like durability, low energy consumption, high efficiency, and low maintenance costs. They also have high endurance for fluctuating voltages.
The types of the electric motor include:
AC electric motor type dominates the market.
The segments based on rated power are:
The fractional horsepower output segment accounted for the majority of the share.
Based on magnet type, the industry is divided into:
The industry is fragmented on the basis of weight as follows:
The low weight segment is the key demand contributor.
By speed, the industry is categorised into:
The industry finds wide applications in the following:
Motor vehicles are the most prominent application segment.
The Asia Pacific is the largest automotive electric motor market. Other regions include:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Emerging nations like China and India have provided impetus to the global electric motor market growth. With an increase in demand in these countries, the Asia Pacific accounted for a majority market share in the electric motor market in 2018. The market in these regions was aided by a shift towards energy-efficient motors. The rising demand for infrastructural development in these countries has also propelled the market growth. The expansion of the automotive industry and rapid technological advancements are the major driving forces of market growth. Industry efficiency standards set by governments across the globe have forced an increase in the usage of energy-efficient motors, thus, driving the market forward.
Key Market Players
The major players in the market are ABB Limited (SWX: ABBN), Siemens AG (ETR: SIE), Nidec Corporation (TYO: 6594), WEG S.A. (BVMF: WEGE3), and Regal Beloit Corporation (NYSE: RBC), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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