The increasing growth in the residential and commercial sector and the expansion of the agricultural sectors are the major factors that are energizing the demand of the market in the coming years.
The significant factors surging the demand of the electric motor market include the growing number of commercial and residential sectors, the fundamental shift toward energy-efficient motors, increasing usage of electric motors across multiple industries, and the expansion in the agriculture sector. It has been observed that the agriculture industry is transforming due to rising climatic change, population growth, and mass urbanization. Unlike past years, currently medium and large-scale processing of agriculture process is generally carried out by modern technology instead of the manual process. Deployment of electric motors in the agriculture industry improves energy efficiency, accelerates performance, and offers high reliability. Electric motors are installed in machines and drive all the machines on workshop floors through overheat shafting, wherein each machine starts and stop by fast and loses the pulley system. Thus, the remarkable features of electric motors such as energy optimization, enhanced speed, ROI, and motor maintenance are contributing to the growth of the electric motor market size.
According to the electric motor market analysis, the increasing concerns to decrease pollution level and energy consumption, and the accelerating demand for super-premium efficiency (IE4) electric motors are bringing innumerable opportunities in the market. On the other hand, the high maintenance cost of brushed DC motors is a major factor that will hamper the market’s growth.
On the basis of type, the DC motor segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is attributed to the strong demand for electric vehicles for retracting, extending electrically powered side window, and positioning. Moreover, brushless DC motors are gaining popularity among different industries, such as transportation, healthcare, manufacturing, and others. It offers numerous benefits such as enhanced efficiency, high speed, improved performance, reliability, and eliminates the need for maintenance. All these features of DC motors will strengthen the demand of the segment.
Based on the output power, the <1hp or fractional horsepower segment is predicted to witness considerable growth in the next six years. Fractional horsepower is used to power goods, including fridges, washing machines, vacuum cleaner, and other household appliances. In addition to this, the increasing applications of fractional horsepower motors in the electronic goods and the automotive sector is further energizing the segment’s demand.
On the basis of the end-user, the transportation segment is projected to maintain its dominance over the forecast period owing to the strong demand for electric vehicle arise driven by the rising environmental concerns. Furthermore, the growing investment in power supply generation is further surging the segment’s demand over the forecast period.
On the basis of the region, the North American region is anticipated to dominate the electric motors market in the next six years. The increasing development in infrastructure in the region for electric vehicles such as charging stations is the key driver that is surging the demand of the market in this region. In contrast, the Asia-Pacific region is expected to grow at a higher CAGR during the forecast period. This is due to the high adoption of electric motors by numerous industries such as chemical, automotive, fertilizers, petrochemical in the region. The rising population in various countries is further increasing the adoption of electric motors.
The key players of the electric motor market include General Electric Company, Allied Motion Technologies, Inc, Ametek, Inc, Nidec Corporation, Denso Corporation, ABB Ltd, Siemens AG, Bosch Ltd, Emerson Electric Co, and Hitachi, Ltd., among others.
The research report on the electric motor market provides an in-depth analysis of the market revenue based on type, voltage, output power, end-user, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.