According to the new market research report published by MarketsandMarkets™, the Electric Motor Market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026, at a CAGR of 6.9% from 2020 to 2026. Increased demand for HVAC systems in residential, commercial, and industrial end-users in the Middle East and Asia Pacific regions along with growing use of electric motors across major industries is the driving factor for the growth of this market. Emerging robotics technologies and the demand for electric motors in the robots is likely to create a larger opportunity for Electric Motor Market in near future.
The global automotive industry is transitioning toward electric mobility with significant changes in electric vehicle technology. In Europe, the proactive measures are taken for the decarbonization of society are leading to the increased adoption of electrical vehicles that use electric motors. Advancements in battery technologies have lowered battery costs and improved their charging speed. Increasing government support in the form of tax redemptions and incentives to promote eco-friendly electric vehicles that use electric motors are also acting as opportunities for the growth of the electric motor market. According to IEA, China is expected to account for 50% of the global passenger electrical vehicles by 2025.
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The industrial segment is expected to dominate the Electric
Motor Market.
The industrial segment is expected to lead the Electric Motor Market from 2020 to 2026. This sector provides good scope for motor manufacturers, as most industries depend on motorized automation. The segment includes the utilities, oil & gas, cement & manufacturing, metal and mining, oil & gas, renewables, petrochemicals & chemicals, water & wastewater, and paper & pulp industries, all of which use electric motors for pumps, boilers, compressors, and other applications, at various process stages.
The DC motor segment is expected to be the
fastest-growing Electric Motor Market.
The DC motor segment, by type, Electric Motor Market is estimated to grow at the fastest rate during the forecast period. The advantages of DC motors include excellent speed control, easy design, high starting torque, and simple operation. The increasing demand for brushless DC motors in electric vehicles is likely to drive this segment in the Electric Motor Market.
Asia Pacific likely to emerge as the largest Electric
Motor Market
In this report, the Electric Motor Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to be the largest Electric Motor Market during the forecast period. Asia Pacific comprises China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. The ongoing industrialization in India, along with increasing electric vehicle manufacturing in China is expected to create an ample amount of opportunity which is likely to drive the growth of Electric Motor Market in Asia Pacific region.
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Some of the top players in the Electric Motor Market are ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil).The leading players are adopting various strategies to increase their share in the Electric Motor Market.
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