Electric Motor Market Size is forecast to reach $186.0 billion by 2026. An increase in awareness regarding green vehicles among customers has been a key factor leading the market. Besides this, a rising number of government incentives to encourage sales of green vehicles for safeguarding the environment from carbon emissions is expected drive the market growth. Additionally, Electric motors have been observing several advancements in technology over the past few years, owing to which its demand is gaining traction in the forecast period 2021-2026.
The top 5 players in the Electric Motor industry are –
1. ABB Ltd
2. AMETEK, Inc
3. Johnson Electric Holdings Limited
4. Siemens AG
5. Rockwell Automation
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Segmental Analysis:
1. The inner rotor segment is expected to grow at a significant CAGR of 7.9% in the forecast period. In inner rotor type motors, rotors are positioned at the centre and surrounded by stator winding.
2. Automotive safety norms are evolving in developing countries due to upcoming legislations for active and passive safety systems, which mandate the installation of safety systems in passenger cars. This considerably increases the installation of safety systems such as ABS and ESC per vehicle and thus, increases the demand for electric motors.
3. Electric Motor market in Asia-Pacific region held significant market share of 40% in 2020. Increasing compliance for energy efficient motors and rising adoption of motor-driven electric vehicles are the key factors driving market growth.
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Report Coverage |
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Report Attributes |
Details |
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By Deployment Mode |
Cloud, On-Premises |
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By Vertical |
Automobile, Aerospace & Defense, Electrical & Electronics, Industrial Manufacturing, Healthcare, Education & Research, Others
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By Deployment |
robotics, CNC machines, automatic door openers, and metal cutting and forming machine |
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By Geography |
North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa) |
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Market Drivers and Challenges:
1. The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favorable government policies and support in terms of subsidies and grants, tax rebates.
2. Manufacturers are continuously focusing on R&D to develop new and effective electric motors to meet consumer demand. Increasing concerns, such as environmental pollution and regulations, are forcing manufacturers to develop electric motors that reduce vibration and increase efficiency.
3. The market for electric motors is highly fragmented, with a significant number of domestic and international manufacturers. Product quality is a primary parameter for differentiation in this market.
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