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Electric Motor Market Size, Share & Industry Analysis, By Motor Type (AC Motors, DC Motors, Hermetic Motors), By Power Output (Fractional Horsepower (Up to 1HP), Integral Horsepower (Above 1HP)), By Voltage (Up to 1 kV, 1 kV-6.6 kV, Above 6.6 kV), By Application (Industrial Machinery, Motor Vehicles, Electrical Appliances, Others), By End-User (Industrial, Commercial, Residential, Agriculture) and Regional Forecast, 2019-2026

Region : Global | Published Date: Jan, 2020 | Report ID: FBI100752| Status : Published

 

KEY INDUSTRY INSIGHTS

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The global electric motor market size was USD 107.76 billion in 2018 and is projected to reach USD 167.03 billion by 2026, exhibiting a CAGR of 5.7% during the forecast period.


The industrial sector plays a crucial role in the growth of the country’s economy, which helps to drive the overall country’s growth. The primary factors that are increasing industrialization and commercialization are growing urbanization, per capita economy, and development in technology. Industrial development plays a vital role in the growth of economy, which comprises of competition among giant and small players, spending capability of consumers, partnerships & collaborations, investments, mergers & acquisitions, and expansion of new projects. These factors would contribute to the electric motor market growth. Additionally, increasing investments and growing demand for HVAC applications have also upsurged the demand for electric motors. The government is focusing on formulating new policies and regulations which would support and leverage the market for electric vehicles, thereby resulting in the growth of the transportation sector and automobile industry. Advancement in technology, which tends to improve the efficiency and performance of electric motor, holds as a potential opportunity for growth of the market. Hence, growing demand from the automotive sector and increasing investments in the industrial and commercial sector are likely to boost the electric motors market during the forecast period.


Asia-Pacific is one of the growing regions in every prospect owing to the growth in industrialization and the rising rate of urbanization. Investments in the industrial and commercial sectors are set to hold an ever-increasing potential during the forecast period. According to the World Investment Report 2018, the developing economies had poised a growth in the foreign direct investment worth USD 671 billion in the year 2017.


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Additionally, an increase in urbanization & industrialization would upsurge consumer demand from the manufacturing sector, which would further propel the demand for electric motor during the forecast period. In Asia-Pacific, supportive government regulations for electric vehicles has lead to an increase in the transportation sector and more investments to achieve the targets. It has also contributed to the growth in the automobile industry, resulting in an increaing demand for the electric motor market. For instance, according to the India Brand Equity Foundation report, capital expenditure by the domestic automotive component manufacturer is expected to reach around USD 33.26 billion for the year 2019 & 2020. Hence, growing investments from the automotive industry and increasing trends in industrialization would help the market to grow at a faster pace during the projected period.


MARKET DRIVERS


 “Increasing Adoption of Electric Motor in Industrial And Automobile Sector to Aid Market Growth”


There has been an abrupt increase in the demand for electric vehicles owing to the rising focus by the governments to conduct awareness programs in order to achieve emission-free vehicles. Hence, companies are majorly investing in developing industries and expanding the automobile sector, which would accelerate the demand for electric vehicles during the forecast period. For instance, In April 2019, Nidec Corporation had planned to build a manufacturing industry worth USD 500 million to make motors for electric vehicles in Dalian, China. Hence, an increasing investment in the industrial & automotive industry would upsurge the demand for application of electric motor during the forecast period.


“Rising Demand for HVAC Applications to Augment Market Growth”


The heating and air-conditioning industry have expanded alongside growing investment and it is, in turn, increasing the share of the commercial sector globally. The construction sector heavily influences heating, ventilation, air-conditioning (HVAC) and refrigeration equipment. Hence, developing economies are the prominent countries indulged in the electric motor market growth. Companies are also investing huge sums into the HVAC industry which will result in the increasing demand for motors. For instance, In March 2016, Mitsubishi Electric Corporation had acquired DeLclima S.p.A, which helped the company to enter into chiller business and expand its product offerings. Hence, the growing demand for HVAC applications would result in the increasing adoption of electric motors, which would propel the demand for electric motors during the forthcoming period.


SEGMENTATION


 By Motor Type Analysis


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“AC Motors Segment to Hold Largest Share Fueled by Extensive Usage”


Based on motor type, the electric motor market is segmented into AC Motors, DC motors, and hermetic motors. The AC motors segment is projected to generate the largest electric motor market share of globally owing to their extensive usage in various applications, ranging from irrigation pumps to advanced industrial operations. The DC motors segment is also set to showcase a considerable growth in the forecast period due to their increasing application in electric vehicles, as well as the booming transportation sector. Hermetic motor is widely deployed for compression, heating, and ventilation purposes. The segment holds an uptick in demand from the developing economies. Hence, it would propel the overall electric motor market during the forecast period.


By Power Output Analysis


“Increasing Deployment Of Motors From Small Scale Industries Results To Dominate The Market Growth”


Based on power output, the electric motor market is segmented into fractional horsepower (up to 1HP) and integral horsepower (above 1HP). The fractional horsepower (up to 1HP) segment is propelling the demand owing to its increasing deployment of electric motors of power range up to 1HP for small scale industries such as paper & pulp industries, textile mills, warehouses, and among others applications which results to increase the market growth. The integral horsepower (above 1HP) segment is also increasing its market share due to rising demand from large scale industries and significant investment from giant players into transportation and industrial machinery, which boosts the market growth during the forecast period.


 By Voltage Analysis


“Rising Demand From Commercial & Residential Sectors to Favor Growth of Up to 1 kV Segment”


Based on voltage, the electric motor market is categorized into up to 1 kV, 1 kV-6.6 kV, and above 6.6 kV segment. The up to 1 kV segment is projected to hold the largest market share in the global market due to an increasing demand from the residential & commercial sectors. They are required in household appliances ranging from vacuum cleaners, coffee machines, refrigerators, washing machines, and others. The 1 kV-6.6 kV segment also holds a significant growth potential during the forecast period owing to the increasing demand from the industrial and agricultural sectors. The above 6.6 kV segment will exhibit a steady growth due to rising adoption in the large scale industries and growing demand for HVAC applications.


By Application Analysis


“Increasing Investment From Automotive Sector Propels The Market Dynamics”


Based on application, the electric motor market is segmented into industrial machinery, motor vehicles, HVAC equipment, electrical appliances, and others. The motor vehicle segment is leading in terms of market share due to the increasing investment in electric vehicles and automobile industry for achieving the global targets. Besides, the increasing investments from the industrial sector and growing concerns for energy-efficient motor would drive the demand for industrial machinery and HVAC equipment. These are two of the most crucial electric motor market trends that would further increase the market share. Increasing deployment of electric motors into the residential sector, such as vacuum cleaner, washing machine, and refrigerators, would also drive the demand for electrical appliances and other segments during the forecast period.


By End-User Analysis


“Growing Investment & Supportive Government Regulations Aids The Market Demand”


Based on end-user, the electric motor market is grouped into industrial, commercial, residential, agriculture, and transportation. The transportation segment is leading the market in terms of share due to the increasing investment in electric vehicles to achieve global targets. Governments are also focusing on formulating supportive policies and regulations to leverage the demand for electric motors from the automotive industry. For instance, the ‘National Electric Mobility Mission Plan 2020’ by India, federal income tax credit by the U.S., subsidy on low-emission vehicles, e-mopeds or e-bikes from France, fiscal incentives that include relaxation on import duties, and purchase tax on EVs from Norway are some of the government initiatives. Increasing investment and adoption of various strategies ,such as merger & acquisition and collaboration with giant players would propel the electric motor market revenue in this region. The growing demand for agricultural pumps and motors owing to the increasing investment from government bodies is likely to fuel the demand for electric motors. Subsequent development in technology has also enabled the increasing application of electric motors in household appliances, which would uptick their demand from the residential sector during the forecast period.


REGIONAL ANALYSIS


Asia-Pacific is one of the most rapidly growing regions across the globe in terms of huge investments, developing economies, and building infrastructure. These factors are aiding in the growth of industrialization and the commercialization. The increasing rate of manufacturing, rising demand for HVAC applications, and increasing demand from the residential and agriculture sector are some of the major factors that are attributable to the growth of the electric motor market. According to the World Investment Report 2018, the industrial sector has exhibited an upsurge in the greenfield projects. The electrical and electronic equipment industry had showcased 52 greenfield projects in 2017, as compared to 44 projects in 2016.


Asia-Pacific is followed by North America and the Middle East & Africa for the growth of the market. The rising demand for HVAC & increasing industrialization in both regions are expected to boost the market growth during the projected period. The European countries have also experienced substantial growth in commercialization, which consequently contributes to the economic progress of the region. Germany, France, and Italy are the major countries involved in the growth of sustainable commercialization in this region. In Latin America, Mexico has been drawing more investment for industrialization and producing electric vehicles, which, in turn, is helping to propel the demand for the electric motor market during the forecast period in this region.


Asia-Pacific Electric Motor Market Size, 2018

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Currently, Asia-Pacific is exhibiting a robust economic growth due to the rapid development in industrialization and commercialization in China, India, Japan, Australia, and Indonesia. China is continuously looking forward to increase its significance in the global economy. It is projected to increase the country’s electric vehicle investment and improve its deployment plans to meet the global targets for curbing greenhouse emissions. For instance, China has formulated various policies and regulations to enable growth in the industrial sector, such as Intelligent Manufacturing Plan 2016–2020, Made in China 2025, Internet Plus Strategy, and Next-Generation Artificial Intelligence Development Plan that would help in accelerating the industrial sector at a fast pace. India and Japan have a growing potential owing to the expansion of the transportation sector and increasing industrial operations, which are upholding the demand for electric motors. The widening of mining industry, investments in the commercial sector, and booming growth in the industry, such as electric vehicles, are some of the primary factors attributed to the growth of the electric motor market in Australia and South East Asia during the forecast period.


INDUSTRY KEY PLAYERS


“Growing Investments by Leading Companies to Bolster Market Demand”


The market is highly dominated by ABB, Rockwell Automation, GE, Nidec Motor Corporation, WEG, and Toshiba Corporation. Manufacturers are integrating electric motors with advanced features, such as state-of-the-art stator technology, rotor technology, and copper rotor. This is converting them into ‘smart’ electric motors and hence, they are providing increased performance, reliability, and improved efficiency. Hence, the growing development in technology is holding the market players at an edge of competition, which would accelerate the demand for electric motors during the forecast period.


List Of Key Companies Profiled:



  • ABB

  • AMETEK

  • Johnson Electric

  • Siemens

  • Rockwell Automation

  • GE

  • Nidec Motor Corporation

  • WEG

  • Toshiba Corporation

  • Hitachi

  • Mitsubishi Heavy Industries

  • TECO-Westinghouse Motor Company

  • Arc Systems Inc.

  • DENSO

  • Regal Beloit Corporation


REPORT COVERAGE


The growth in industrialization & urbanization and the booming automobile sector would enhance the demand for the electric motor market. Additionally, the growing demand for HVAC application will uphold the demand for electric motors. Advancement in technology also plays a critical role in leveraging market growth; thus, household appliances are majorly equipped with an electric motor, which will bolster the demand for electric motor in the global market. Supportive government regulations and an upsurge in investments in electric vehicles have helped the automotive industry to grow at a faster pace, which would accelerate the demand for electric motor during the forecast period. In the coming years, the global outlook for electric motor seems to be more favorable as the leading players are making huge investments and incorporating new developments in technology, which is likely to drive the market.


The report provides qualitative and quantitative insights on the electric motor market and a detailed analysis of the market size & growth rate for all possible segments in the market. The market is segmented by motor type, power output, voltage, application, end-user, and region. By motor type, the market is divided into AC motors, DC motors, and hermetic motors. By power output, it is categorized into fractional horsepower (Up to 1HP) and integral horsepower (Above 1HP). Based on voltage, the market is classified as up to 1 kV, 1 kV-6.6 kV, and above 6.6 kV. Based on application, it is segmented into industrial machinery, motor vehicles, HVAC equipment, electrical appliances, and others. Based on end-user, the market is divided into industrial, commercial, residential, agriculture, and transportation. Geographically, the global market has been analyzed into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.


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Along with this, the report provides an elaborative analysis of the electric motor market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments in this market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro and microeconomic factors, SWOT analysis, key industry trends, competitive landscape, and company profiles.


Report Scope & Segmentation

















































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



   Value (USD Billion)



Segmentation



By Motor Type



  • AC Motors

  • DC Motors

  • Hermetic Motors



By Power Output



  • Fractional Horsepower (Up to 1HP)

  • Integral Horsepower (Above 1HP)



By Voltage



  • Up to 1 kV

  • 1 kV-6.6 kV

  • Above 6.6 kV



By Application



  • Industrial Machinery

  • Motor Vehicles

  • HVAC Equipment

  • Electrical Appliances

  • Others



By End-User



  • Industrial

  • Commercial

  • Residential

  • Agriculture

  • Transportation



By Region



  • North America (U.S. and Canada)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Europe (UK, Germany, France, Italy, Spain, The Netherlands, and Rest of Europe)

  • Asia-Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia-Pacific)

  • Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa)



 INDUSTRY DEVELOPMENT:



  • In October 2019, Mitsui & Co. is partnering with TECO Electric & Machinery Co. to invest USD 14 million to set up a manufacturing plant for electric vehicle (EV) motors in India. This would enable to increase the market potential for electric motor.

  • In February 2018, Moog Inc. declared to acquire VUES Brno s.r.o. company worth USD 65 million, which designs and manufactures customized electric motors, generators, and solutions. This is set to help the company to increase its global market share.

  • In August 2016, Nidec Corporation acquired the business of motors, drives, and electric power generation from Emerson Electric Company. This helped the company to expand its product offerings into motor and drives and strengthen its growth in the global competitive market.


Frequently Asked Questions

Fortune Business Insights says that the global electric motor market was valued at USD 107.76 billion in 2018.

The global electric motor market is projected to reach USD 167.03 billion in 2026.

The global electric motor market is projected to grow at a compound annual growth rate (CAGR) of 5.7% in the forecast period.

The electric motor market in Asia-Pacific was valued at USD 38.51 billion in 2018.

Based on the type of motor, the AC motors segment will dominate the electric motor market during the forecast period.

The electric motor market is growing significantly due to the increasing adoption of electric motor in the industrial sector and the automobile sector. Also, the rising demand for HVAC applications and increasing demand from commercial & residential sectors are the major factors propelling the demand for the electric motor market. However, high maintenance cost may hinder market growth during the forecast period.

ABB, AMETEK, Johnson Electric, Siemens, and Rockwell Automation are the top companies operating in the electric motor market.

Electric motors are an integral part of industrial operation. Primarily, it converts electrical energy into mechanical energy, which is then deployed in every operation and every aspect of the industry. It is used in the industries to power blowers, fans, machine tools, power tools, pumps, turbines, alternators, movers, compressors, rolling mills, ships, and paper mills.

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