Electric Motors Market Demand, Future, Drivers, Scope, Forecast By 2031
Research Reports
Jul 13, 2023
Electric Motors Market Analysis:
The Global Electric Motors Market share is projected to be worth USD 214.96 billion by 2031, registering a CAGR of 5.32% during the forecast period (2023–2031).
Market Research Future Insights
The awareness of environmental protection and the focus to lessen the carbon footprint is likely to drive the market for electric motors. The eclectic motors market is also driven directly by the radical pace of commercialization and industrialization which would power up the conduction activities across the globe, especially in the region of Asia-Pacific. The demand due to this has increased more for industrial equipment which shall further enhance the electric motors demand across the globe.
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Covid-19 Impact on Electric Motors Market
Disruption in the Supply Chain: The global lockdowns and restrictions on movement have disrupted the global supply chain for electric motors. Manufacturing facilities were forced to shut down or operate at reduced capacity, leading to delays in production and delivery of electric motors.
Decline in Demand: The economic slowdown caused by the pandemic resulted in a decline in demand for electric motors across multiple sectors. Industries such as automotive, aerospace, and industrial manufacturing, which are major consumers of electric motors, experienced a significant downturn. This led to a decrease in orders and reduced sales for electric motor manufacturers.
Shift in Production and Focus: Many electric motor manufacturers had to adapt their production lines to manufacture essential items such as medical equipment and ventilators to meet the urgent healthcare needs during the pandemic. This shift in production priorities further affected the availability and production of electric motors.
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Supply Chain Disruptions for Raw Materials: The pandemic disrupted the global supply chains for raw materials required in the manufacturing of electric motors. Shortages and price fluctuations of materials like rare earth metals, copper, and steel affected the production capacity and increased manufacturing costs for electric motor manufacturers.
Market Segmentation:
Electric Motors Voltage Outlook: Up to 1 kV, 1 kV – 6.6 kV, Above 6.6 kV
Electric Motors Output Power Outlook: Up to 1 HP, Above 1 HP
Electric Motors End-user Outlook: Industrial, Commercial, Residential, Agriculture, Transportation
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Regional Analysis
The regional analysis made on the market of the electric motor shows that Asia-pacific witnessing good growth during the forecast timeline because of the fast pace industrialization and commercialization in the region.
Key Players:
ABB Ltd (Switzerland), Siemens AG (Germany), General Electric (US), Nidec Motor Corporation (Japan), Denso Corporation (Japan), Allied Motion Technologies Inc. (US), Ametek, Inc. (US), Robert Bosch GmbH (Germany), Emerson Electric Co. (US), Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (China), Rockwell Automation, Inc. (US), WEG S.A. (Brazil), ARC Systems, Inc. (US), Toshiba Corporation (Japan).
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