Market Overview
The Electric Motors Market will obtain a value of USD 184.17 billion and a CAGR of 5.42% between 2023-2030.The key drivers driving market expansion are rising global power consumption and increased usage of electrical equipment and machinery in various sectors. The industrial sector is increasing. New technologies have been introduced, such as combined heat and power. As a result, the areas in which electrical machinery may be used in the industrial sector have grown. Similarly, the advent of electric cars and rising vehicle demand contribute to the expansion of this industry.
Recent developments
Wolong Electric, a subsidiary of Wolong, paid USD 160 million for GE's small industrial motors division in March 2020. This acquisition is intended to help Wolong establish market share leadership.
Nidec Corporation introduced two new traction motor systems. The 200 kW Ni200Ex and 50 kW Ni50Ex, in February 2020, based on the company's original 150 kW E-Axle WEG established a low voltage electric motor manufacturing in Hosur, India, in October 2019. The new 13,000-square-meter plant can produce 250,000 electric motors each year.
With the increasing demand for heating and cooling in residential, commercial, and industrial areas, the heating and air-conditioning industry is expanding, which leads to the activity of the new building. Furthermore, it eventually increases the demand for electric motors. Developing nations play an important role in expanding the HVAC sector as a commercial space and raising the level of life. The engine's high maintenance and running costs might make it difficult to accept customers. Some motors, unlike induction motors, do not have self-starting torque. The fact that additional equipment may be required to start a single-phase motor is a factor that limits the expansion of the Electric Motor Market.
The worldwide automobile industry is advancing electric vehicle technologies and transitioning to electric cars. Battery technology advancements have lowered battery costs and increased charging speeds. Increasing government support for tax breaks and incentives to encourage electric vehicles are opportunities for the Electric Motor Market to flourish.
Segmentation
The Electric Motors Market is divided into different segments
The market is divided into three types: AC motors, DC motors, and Hermetic motors. Because of the rising usage of AC motors in many applications ranging from irrigation pumps to complex industrial processes, the AC motors sector owns many market shares, which is a factor that promotes the market growth of the Electric Motor Market.
The market comprises four end-user segments: industrial, commercial, residential, automotive, and transportation. Because the rising breadth of the motor manufacturers' businesses rely on motorised automation and are employed in many sectors, the industrial segment controls many market shares.
Regional analysis
Pacific is predicted to have the quickest electric motor market growth throughout the forecast period. The APAC automotive sector will expand faster throughout the forecast period, propelling market trends higher until 2023. The developed economies are predicted to grow steadily and provide a clear direction in the sector by investing in novel eco-friendly technologies that will influence the entire structure.
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