Electric Motors Market Will Reach USD 178.2 Billion in 2025. The reports forecast the electric motors market by product type, application and region. It highlights COVID-19 impact on the electric motors industry.
Description
Global Electric Motors Market: by Product Type (AC Motors and DC Motors), by Application (Industrial Machinery, Residential, Commercial, Transportation, and Others), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)
The electric motors market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the electric motors industry aspects.
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Electric Motors Market Introduction
The electric motors market size was valued at USD 124.8 billion in 2019, which is expected to reach USD 178.2 billion by 2025, registering a CAGR of 7.2% during the forecast period (2020-2025). Electric motors are devices that work on the principle of electromagnetic induction. Bearings, rotors, windings, air gaps, stators, and commutators are the components of the electric motor. Electric motors are found in hybrid cars, appliances, electric vehicles, fans, disk drivers, and power tools.
Factors Affecting the Electric Motors Industry over the Forecast Period
- The rapid growth in the industrial and manufacturing sectors in emerging economies, especially in Asia-Pacific economies, is due to the continuous rise in foreign direct investment in promoting the manufacturing industry in the respective economies. It will be expected to raise the demand for electric motors.
- The rise in motor-driven household appliances, rapid advancement in electric motor technology, benefits of electric motors such as better operational efficiency & improved insulation, and growing motorized automation across the globe, are the key factors expected to propel the market growth of electric motors market over the forecast period.
- However, the high cost of electric motors, limited range of electric motors, and lack of awareness among consumers about the benefits of electric motors may restrain the growth of the electric motors market.
Impact of COVID-19 on Electric Motors Market:
COVID-19 is a global public health disease that has affected almost every industry. The outbreak of COVID-19 resulted in the decline in electric motors in the oil and gas sector. As coronavirus crises take over the world and led to curfews and lockdown which impacted a lot of businesses worldwide, which directly affected the production and demand for electric motors. This creates many opportunities for the new players and small-scale players to mark their presence in the regional market and offer low-cost prices and high-quality products. Therefore, with the outbreak of the COVID-19, there is an indefinite pause that has been seen across the globe, which has negatively impacted the electric motors market value in 2020 and subsequent years.
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Scope of the Report
The report outlines the electric motors market study based on product type and application.
The electric motors market has been segmented on the basis of product type –
- AC Motors
- DC Motors
The electric motors market has been segmented on the basis of application–
- Industrial Machinery
- Residential
- Commercial
- Transportation
- Others (Agriculture)
Electric Motors Market: Regional Outlook
Based on the region, the global electric motors market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2019, Asia Pacific held the largest share in the electric motors market, followed by Europe and North America due to advancement in technology and enormous investments in industrialization in the region. Moreover, North America is expected to project the highest CAGR globally over the forecast period owing to increasing government funding and rising demand for the oil & gas industry in the region.
Electric Motors Market Key Competitors Includes –
The electric motors market is highly fragmented, with the presence of a large number of small players across the globe. The vital electric motors manufacturers operating in the global market are –
- Allied Motion Technologies Inc.
- Ametek Inc.
- Arc Systems Inc.
- Asmo Co. Ltd.
- Baldor Electric Company Inc.
- Emerson Electric Co.
- Franklin Electric Co.
- General Electric
- Johnson Electric
- Nidec Corporation
- Rockwell Automation
- Siemens
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