How Is Rising EV Sales Supplementing Electric Motor Market Growth?

Factors such as the rising adoption of electric vehicles (EVs) and increasing compliance for energy-efficient electric motors are expected to propel the electric motor market at a CAGR of 6.3% during 2020–2030. According to P&S Intelligence, the market was valued at $105.5 billion in 2020 and it is projected to generate $195.1 billion revenue by 2030. At present, the manufacturing industry is opting for energy-efficient electric motors to reduce energy consumption and reduce operating costs. 

The surging adoption of EVs is one of the key growth drivers of the market, as electric motors are their major components. As per the International Energy Agency (IEA), the global stock of battery electric vehicles (BEV) (cars) and plug-in hybrid electric vehicles (PHEV) (cars) will surge from 6,850,327 in 2020 to 79,975,992 by 2030 and 3,346,713 in 2020 to 44,355,904 by 2030, respectively. Furthermore, the total number of BEV (vans) and PHEV (vans) will escalate from 427,525 in 2020 to 11,041,648 by 2030 and 8,384 in 2020 to 1,959,625 by 2030, respectively. 

The application segment of the electric motor market is categorized into medical, industrial, space, transportation, commercial aerospace, non-industrial robotics, defense, marine, and others. Under this segment, the transportation category generated the highest revenue in 2020, due to the surging adoption of EVs and booming demand for motor vehicles. The rising shift toward EVs can be attributed to the soaring public awareness about worsening air quality and increasing government support toward the EV industry in the form of tax rebates and subsidies.

Globally, the Asia-Pacific electric motor market generated the highest revenue in 2020, and it is projected to showcase the fastest growth throughout the forecast period (2021–2030). This can be attributed to the presence of a large number of manufacturing plants in developing countries, such as Bangladesh, China, Indonesia, and India. Moreover, the mounting investments being made by the market players in the untapped markets of the region will also augment the demand for electric motors in APAC.

Thus, the burgeoning EV production and escalating demand for energy-efficient electric motors are expected to steer the market growth across the world.

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COVID-19 Impact Analysis on Electric Motor Market | Insights on Strategies of Key Players

Almost everything which moves, apart from humans and animals, has an electric motor, be it a washing machine or a train. It is a simple device which converts electricity into mechanical energy, most commonly in the form of motion. In the current scenario, the major reason behind the increasing demand for such devices is the need to reduce the consumption of energy. 

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For instance, in a factory, an electric motor accounts for the maximum electricity usage, and by using energy-efficient devices, not only can the expenditure on power be reduced, but the carbon emissions can also be ultimately brought down. Thus, with the expansion in the industrial sector, especially in developing countries, in a world constantly plagued by air pollution, the electric motor market is projected to grow to $155.1 billion by 2023 from $108.5 billion in 2017, at a 6.2% CAGR during 2018–2023. 

The implementation of the International Energy (IE) standards, in order to reduce the electricity consumption, is bolstering the demand for compliant motors. Currently, motors compliant with the IE3 standards are majorly used, but with the implementation of stricter standards, the demand for IE4-compliant variants is rising. Apart from energy-efficient models, those with a high power-to-weight ratio are also witnessing a rising demand from industries. 

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This is because large and heavy motors, though offering appreciable power output, are difficult to transport. This is why Siemens AG developed a motor in 2015, weighing merely 50 kg, but offering a power output almost 260 kilowatts (kW). Apart from the portability issues, the constant reduction in the size of machines is also a reason for the rising popularity of high-power-to-weight-ratio motors around the world.

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Electric Motor Market to be Worth over $150.0 Billion by 2023

Almost everything which moves, apart from humans and animals, has an electric motor, be it a washing machine or a train. It is a simple device which converts electricity into mechanical energy, most commonly in the form of motion. In the current scenario, the major reason behind the increasing demand for such devices is the need to reduce the consumption of energy. For instance, in a factory, an electric motor accounts for the maximum electricity usage, and by using energy-efficient devices, not only can the expenditure on power be reduced, but the carbon emissions can also be ultimately brought down.

Thus, with the expansion in the industrial sector, especially in developing countries, in a world constantly plagued by air pollution, the electric motor market is projected to grow to $155.1 billion by 2023 from $108.5 billion in 2017, at a 6.2% CAGR during 2018–2023. The implementation of the International Energy (IE) standards, in order to reduce the electricity consumption, is bolstering the demand for compliant motors. Currently, motors compliant with the IE3 standards are majorly used, but with the implementation of stricter standards, the demand for IE4-compliant variants is rising. 

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Presently, Asia-Pacific (APAC) is the most lucrative electric motor market, owing to its extremely high number of manufacturing plants, high population, and increasing urbanization rate. The requirement for heating, ventilation, and air conditioning (HVAC) equipment is surging in the region, not only due to the vast difference in temperature, as the year progresses, but also because people can afford them, thanks to their higher disposable income than before. Similarly, the sale of EVs is also surging, especially in China and Japan, on account of government support and concerns for the environment.

Hence, with the growth of industries and rising sale of EVs, the procurement of electric motors will also surge around the world.

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How are Increasing Sales of Electric Vehicles Driving Electric Motor Market?

In 2017, about 1 million electric cars were sold globally, with China emerging as the world’s largest electric car market, as approximately 580,000 electric cars were sold in the country in 2017. The requirement for electric vehicles is increasing due to the surging air pollution levels. In order to deal with this alarming situation, the governments of various countries are implementing strict rules and regulations and initiatives (subsidies).

For instance, the Chinese government allotted a subsidy of over $10,000 per vehicle in 2017, because of which the adoption of electric vehicles rose by 42% from 2016 in the country. An electric motor is a vital component of electric vehicles, and since the demand for electric vehicles is growing, the requirement for electric motors is also increasing.

In simple terms, an electric motor converts electric energy into mechanical energy, and can be powered by a direct current (DC) source or an alternate current (AC) source. The global electric motor market generated a revenue of $108.5 billion in 2017, and it is expected to reach $155.1 billion, witnessing a CAGR of 6.2%, in the near future.

Various applications of electric motors are transportation, household, motor vehicles, heating, ventilation, and air conditioning equipment, and industrial machinery. Among all the applications, the largest demand for electric motor was generated by motor vehicles due to the above-mentioned factor during 2013–2017.

Since the need for electric vehicles to deal with the rising pollution levels is only going to increase in the future, the application of motor vehicles will continue to create the highest demand for electric motors.

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