Electric Motor Market Estimated to Exceed US$ 162 Billion Globally By 2024: IMARC Group

Global Electric Motor Market Research Report and Forecast 2024

Report Edition: 2019 © 2019 IMARC All Rights Reserved

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Global Electric Motor Market Overview: Electric motors refer to mechanical devices which work on the basic principle of electromagnetism.

Over the years, these motors have gained traction due to their growing usage in a number of applications ranging from hair dryers, toys, electric shavers and extractor fans to washing machines, dishwashers, coffee grinders, microwaves and electric can openers. A new research report by IMARC Group, titled “ Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-202 4 ”, estimates that the global electric motor market reached a value of nearly US$ 125 Billion in 2018. The report further anticipates the market to reach a value of US$ 162 Billion by 2024, at a projected CAGR of 4.35% during 2019-2024.

Global Electric Motor Market Drivers/Constraints: •

Electric vehicles are environment friendly since they do not emit toxic gases or smoke into the environment and also minimise energy consumption. As a result, there is a rise in the demand for hybrid and electric vehicles which, in turn, is further elevating the growth of the electric motor market globally.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

• •

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Billion US$

in Billion US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

The various government initiatives and regulatory policies aimed to promote energy efficiency and reduce carbon emissions in various industrial verticals are bolstering the demand for highefficiency motors.

Some of the other factors contributing to the growth of the global electric motor market are rapid advancements in technology, increasing automation and rapid industrialisation.

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The high cost of manufacturing and assembling efficient electric motors and the limited portability of large motors hinder the market growth. Moreover, the intense competition in the market also acts as a major deterrent.

Key Market Segmentation: Market Segmentation by Motor Type • • •

AC Motor o Induction AC Motor o Synchronous AC Motor DC Motor o Brushed DC Motor o Brushless DC Motor Others

On the basis of motor type, the market has been segmented into AC and DC motors. The AC motors segment is further categorised into induction and synchronous AC motors, whereas the DC motors segment is segregated into brushed and brushless DC motors.

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Currently, AC motors are the most popular motor type, accounting for the majority of the market share.

Market Segmentation by Voltage • • •

Low Voltage Electric Motors Medium Voltage Electric Motors High Voltage Electric Motors

Based on voltage, low voltage electric motors dominate the market as these motors consume less energy and are highly efficient. Low voltage electric motors are followed by medium and high voltage electric motors.

Market Segmentation by Rated Power • •

Fractional Horsepower Motors Integral Horsepower Motors

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On the basis of rated power, the market has been segregated into fractional and integral horsepower electric motors. Currently, fractional horsepower motors are the leading segment as these motors are extensively used in household appliances, surgical devices, floor scrubbers, car windows, conveyors, etc.

Market Segmentation by Fractional Horsepower • • •

Fractional Horsepower (< 1/8) Motors Fractional Horsepower (1/8 - 1/2) Motors Fractional Horsepower (1/2 - 1) Motors

Based on fractional horsepower, the report finds that fractional horsepower (1/8 – 1/2) motors dominate the market. These motors are followed by fractional horsepower (< 1/8) motors and fractional horsepower (1/2 – 1) motors.

Market Segmentation by Integral Horsepower •

Integral Horsepower (1 - 5) Motors

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Integral Horsepower (10 - 50) Motors Integral Horsepower (50 - 100) Motors Integral Horsepower (>100) Motors

On the basis of integral horsepower, electric motors with integral horsepower between 1 – 5 hold the largest share of the global electric motor market. They are followed by motors with horsepower in the range 10 – 50, 50 – 100 and > 100.

Market Segmentation by Magnet Type • • •

Ferrite Neodymium (NdFeB) Samarium Cobalt (SmCo5 and Sm2Co17)

Based on magnet type, the market has been classified as ferrite, Neodymium (NdFeB) and Samarium Cobalt (SmCo5 and Sm2Co17) magnets. Amongst these, ferrite magnets are the most popular type of magnets used in electric motors worldwide.

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Report Description Market Segmentation by Weight • • •

Low Weight Motors Medium Weight Motors High Weight Motors

On the basis of weight, low weight electric motors hold the largest share, followed by medium and high weight electric motors.

Market Segmentation by Speed • • • •

Ultra-High-Speed Motors High-Speed Motors Medium Speed Motors Low Speed Motors

Based on speed, the report finds that high speed electric motors hold the biggest share. They are followed by ultra-high speed, medium speed and low speed electric motors.

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Report Description Market Segmentation by Region • • • • •

Asia Pacific Europe North America Middle East and Africa Latin America

Region-wise, Asia-Pacific enjoys the leading position in the global electric motor market on account of rising inclination towards energy-efficient motors. Other major regions include North America, Europe, Middle East and Africa, and Latin America.

Market Segmentation by Application • • • •

Industrial Machinery HVAC Transportation Household Appliances

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Motor Vehicles Aerospace Marine Robotics Others

Industrial machinery is the leading application sector, accounting for the majority of the total market share. It is followed by HVAC, transportation, household appliances, motor vehicles, aerospace, marine and robotics.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • • •

ABB Group Siemens Ag WEG SA TECO

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Regal Beloit Corporation Nidec Corporation

Browse Related Report Motor Repair and Maintenance Market Report: https://www.imarcgroup.com/motor-repair-maintenance-market Saudi Arabia Electric Motor Market Report: https://www.imarcgroup.com/saudi-arabia-electric-motor-market

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