Electric Motors Market Trends, Demand, Business, Analysis, Forecast By 2031

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

Renewable Energy: The pandemic emphasized the importance of sustainable energy sources. Electric motors are crucial components in renewable energy systems like wind turbines and solar trackers. As countries continue to invest in clean energy infrastructure, the demand for electric motors used in these applications is expected to rise.

Supply Chain Resilience: The disruptions caused by the pandemic prompted many companies to reevaluate and strengthen their supply chains. This focus on resilience may lead to changes in sourcing strategies and increased interest in local or regional production of electric motors.

Digital Transformation: To adapt to remote working conditions and supply chain challenges, many businesses embraced digital tools and technologies. This digital transformation could lead to increased integration of smart and IoT-enabled electric motors, enabling better monitoring, maintenance, and efficiency.

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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.

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.

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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 

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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