The global 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% during the forecast period. Increased demand for HVAC systems in residential, commercial, and industrial end-users in the Middle East and Asia Pacific regions along with the 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 robots is likely to create a larger opportunity for the electric motor market in near future.
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.
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The global automotive industry is transitioning toward electric mobility with significant changes in electric vehicle technology. In Europe, the proactive measures 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.
Asia Pacific is expected to be 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, 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 the electric motor market in Asia Pacific region.
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A few major players that have a wide regional presence dominate the electric motor market. The leading players in the Electric Motor Market include ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil).