The global electric motor sales market size was valued at USD 153.87 billion in 2021 and is predicted to reach at USD 271.90 billion by 2030, increasing at a CAGR of 6.53% from 2022 to 2030. Electrical energy is transformed into mechanical energy by an electric motor. Among its parts are the rotor, bearing, stator, air pressure, windings and commutator. AC motors are appropriate for robotic system makers because of factors like angular motions, torque requirement, velocity, speed, and control. Various kinds of DC motors include shunt, series, as well as permanent magnets, while AC motors include synchronous machines as well as reluctance motors. There are several uses for electric motors, including OEM-based goods, pump systems, conveyor systems, compressors and fans, and industrial machinery.
Automated manufacturing has spread across a wide range of industries, from electronics manufacturing to the food and beverage industry to the automotive industry. Smart industrial automation investment, particularly in large manufacturing facilities, has also been increasing steadily in recent years. Electric motor demand will rise as a result of the growing usage of automation and robotics technology. It is reasonable to assume that the electric motor sales market will expand in lockstep with industrial robotics and automation in the years to come.
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There Has Been an Increase in The Usage of HVAC Systems
Thermal comfort and air quality are provided by heating, ventilation, as well as air conditioners (HVAC) systems in indoor environments. Modern infrastructures rely heavily on them, particularly in major office buildings and shopping malls. DC motors are being employed in HVAC systems to obtain optimum efficiency and to maximize their life and power, which is why they are so common. A rising tide lifts all boats in the Asia-Pacific, especially China and India, where the commercial and industrial sectors are experiencing steady expansion. Timetric-Construction-Intelligence-Center (CIC), a market research firm, estimates that over the next four to five years, USD 1.08 trillion will be spent in the global construction industry, primarily in the creation of industrial structures.
Increasing Prevalence of High-Speed Electric Motors Serves as A Key Driver
Low speed electric motors, medium speed electric motors, high speed electric motors, and ultra-high speed electric motors are the four sub-markets that make up the worldwide electric motor industry. Due to the fact that it may be utilized in such a diverse array of settings, the high-speed sector holds the biggest market share. Cutting, grinding, as well as winding are all examples of processes that benefit greatly from the usage of high-speed electric motors because these applications demand a high rotational speed. These motors have a high rotating speed as well as regulated torque, and they can be powered with low voltage as well as high voltage. This allows them to effectively operate fast-paced machinery, which supports the expansion of their market. The growth of the global market for sales of electric motors is helped along by this factor, which acts as a driver.
China's Fluctuating Raw Material Prices
Many Chinese manufacturers restrict the costs of raw materials used to create electric motors, including metals like steel bars and copper wires, as well as specialty alloys. The dominance of particular suppliers and manufacturers is based only on the cost of the product. As a result of these pricing changes, the market's other manufacturers and suppliers bear the brunt of them. When rare-earth permanent magnet costs fluctuate during the manufacturing process, manufacturers and suppliers are unable to pass the price shift on to end-user consumers. Thus, raw material providers' profit margins are significantly impacted.
The Global Automobile Industry's Shift Toward E-Vehicles and The Rapid Advancement of Robotic Technology
With substantial advancements in electric car technology, the automotive industry around the world is making the switch to electric mobility. Electric vehicles with electric motors are becoming increasingly popular in Europe as a result of the country's aggressive efforts to reduce its carbon footprint. Technology advancements have reduced battery costs as well as improved charging times. Further chances for electric motor market growth are provided by rising government support for eco-friendly, battery-powered vehicles, including tax exemptions and incentive programs.
Additionally, robotics technology is expected to open up a number of new avenues for electric motor sales players in Europe in the near future. Industrial robots are widely utilized for simple repetitive jobs and in dangerous environments involving exposure to hazardous chemicals as well as radioactive substances. All of these will open up new and lucrative opportunities in the market.
The global electric motor sales market is divided into different segments according to the Application, Power Output, Motor Type, and Region (Geography).
By Application, the global electric motor sales market is segmented into Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace & Transportation, Household Appliances, and Others. With a 45 percent revenue share in 2021, the electric-motor-sales market was dominated by the automotive industry. The growing use of electrical motors in automobiles is responsible for this substantial growth in market share. Market of electric vehicles is increasing rapidly in industrialized and emerging economies like Germany, US, China, as well as Japan due to rising fuel costs and pollution. As a result, the electric car industry's high market growth for electric motors has a substantial impact on the market.
Electric motors can be found in a wide range of heavy-duty industrial and agricultural equipment and vehicles. A large proportion of the populations of countries like Brazil, Sri Lanka, Vietnam, Argentina, as well as India are dependent on agriculture. As a result, the need for low-cost as well as energy-efficient products in these countries has grown. Electric motors play a significant role in HVAC equipment, like industrial and commercial air conditioners. From 2022 to 2030, the segment is expected to grow at a Compound annual rate of 7.97 percent. A rise in the usage of electric motors in a wide range of structures, such as residences and offices, hotels and warehouses, could accelerate the development of this market.
By Power Output, the global electric motor sales market is segmented into Integral HP Output and Fractional HP Output. The Fractional Horsepower output segment held the largest market-share in terms of revenue in 2021, with a share of revenue of 88%. Due to its wide range of applications in domestic appliances such as vacuum cleaners, coffee makers, and refrigerators, it has a significant market share. As a result, they are also utilized in industrial machinery since they are well-suited to heavy industrial tasks. There are various advantages to these motors, including strong starting torque as well as stability in the face of fluctuating electric current.
The better energy efficiency of FHP motors is expected to lead to a greater requirement from industrial customers who want to replace their old machines with newer, more efficient ones. From 2022 to 2030, the CAGR of the IHP output segment is predicted to be the highest in the industry. Growing demands for these motors in industrial applications is responsible for this segment's rapid rise. High-end application in the aerospace as well as transportation industries are driving the need for IHP motors since they deliver more strength to the machines and gadgets.
By Motor Type, the global electric motor sales market is segmented into Hermetic Motor, AC Motor, and DC Motor. The AC motor sector accounted for 71% of the electric motor market's revenue in 2021, making it the most lucrative segment. To put it another way, this high percentage is due to the wide range of uses of AC motors, from irrigation equipment to robots. HVAC equipment makes substantial use of these components because they are more compact, less expensive, and lightweight than previous alternatives. Since the advent of low-cost, high-efficiency electronics and advances in permanent magnetic materials, the use of electric AC motors in automobiles has skyrocketed.
Brushless DC motors are in high demand because of the growing popularity of automotive options such as power seats, power mirrors, and power sunroofs. Industrial machinery and electronic toys employ DC types for variable speed control applications. Brush-less DC motors are frequently employed because of their cheap maintenance costs, resulting in a larger DC segment revenue. The hermetic type, on the other hand, is predicted to have the highest Growth rate of 6.98 percent between 2022 and 2030 due to its simplicity, low maintenance requirements, and portability. There has been an increase in demand amongst HVAC system producers due to the segment's appropriateness in these applications.
By Region or Geography, the global electric motor sales market is segmented into North America, Europe, Asia-Pacific (APAC Region), Latin America, and Middle East & Africa (MEA). In 2021, Asia Pacific held the greatest revenue share—nearly 50%—and controlled the electric motor industry. Following Asia Pacific, the regions of Europe and then North America held a large share of the market in 2021 and are seeing an increase in product demand.
The global electric motor sales market is segmented by geography into North America, Europe, Asia-Pacific (APAC Region), Latin America, and Middle East & Africa (MEA).
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In 2021, Asia Pacific was the most dominant region in the market for electric motors and held the biggest revenue share, which was about 50 percent. This is because of developments in the agricultural sector as well as large investments in industrialization made by countries such as China, India, South Korea, as well as Australia, amongst others.
In addition, the growing production as well as sales of electric vehicles in nations like China and Japan, in addition to the presence of recognized OEMs like Hyundai Motor Company, Honda Motor Co., Ltd., Toyota Industries Corporation, as well as Nissan Motor Corporation, are projected to augment the revenue growth of the market in this region. A compound annual growth rate (CAGR) of 7.91 percent is forecast for the market between the years 2022 and 2030.
Asia Pacific was the region with the highest market share in 2021, followed by Europe and North America, both of which are experiencing an increase in consumer demand for the product. These regions make up the majority of the market for premium efficient motors, which are utilized in heating, ventilation, and air conditioning (HVAC), as well as in industrial applications and electric vehicles.
It is anticipated that there will soon be an increase in the growth potential available for the industry in Latin America as well as Middle East & Africa as a result of increased government financing. The market in such regions is benefiting from the growing demand for motors in the oil and gas business, the rapid advancement in the mining sector, and the considerable requirement for cement throughout the construction industry.