Global
Electric Motor Market Is Estimated To Witness High Growth Owing To Growing
Industrial Automation and Increasing Demand for Electric Vehicle

The
Global Electric Motor Market is estimated to be valued at US$ 219.5 Billion In 2021 and is expected to exhibit a CAGR of 6.9% over the forecast period
2022-2030, as highlighted in a new report published by Coherent Market
Insights.



Market Overview:

The Electric Motor Market includes various types of motors such as AC motors,
DC motors, and others, which are widely used in industries such as automotive,
aerospace, manufacturing, and others. These motors are essential for converting
electrical energy into mechanical energy for various applications. Furthermore,
the rising adoption of electric vehicles across the globe is driving the demand
for electric motors in the automotive sector. The increasing need for
energy-efficient solutions and the growing focus on reducing carbon emissions
are further fueling the growth of the electric motor market.



Market Dynamics:

The Electric
Motor Market is driven by two main factors: growing industrial
automation and increasing demand for electric vehicles. The rapid expansion of
industries such as automotive, aerospace, and manufacturing is driving the
demand for electric motors in various applications, including pumps,
compressors, conveyors, and robotics. Additionally, the increasing emphasis on
sustainable transportation solutions has led to the adoption of electric
vehicles, which has further boosted the demand for electric motors. Moreover,
advancements in motor technology, such as the development of brushless DC
motors, have led to improved efficiency and performance, further driving market
growth. Overall, the electric motor market is expected to experience
significant growth in the coming years.



SWOT Analysis:



Strength: The electric motor market has a strong demand due to its widespread
use in various industries such as automotive, manufacturing, and residential
applications. The industry is supported by technological advancements and
increasing focus on energy efficiency.



Weakness: One of the weaknesses of the electric motor market is the high
initial cost of electric motors compared to traditional motors, which can limit
adoption, especially in price-sensitive markets. Another weakness is the
dependence on rare earth metals for the production of efficient electric
motors, which can lead to supply chain disruptions and increased costs.



Opportunity: The electric motor market presents opportunities for growth with
the increasing adoption of electric vehicles worldwide. The shift towards
sustainable and clean energy sources also drives the demand for electric motors
in renewable energy generation. Additionally, advancements in motor control
technologies and the development of smart electric motors create opportunities
for efficiency improvements and automation in various industries.



Threats: One of the threats to the electric motor market is the competition from
other motor technologies, such as hydraulic motors and combustion engines.
Additionally, the volatility in raw material prices, particularly rare earth
metals, can pose a risk to the cost of electric motor production.



Key Takeaways:



The global electric motor market is expected to witness high growth, exhibiting
a CAGR of 6.9% over the forecast
period (2022-2030), due to increasing demand from industries and the adoption
of electric vehicles. The Asia Pacific region is the fastest-growing and
dominating region in the market, driven by industrialization, infrastructure
development, and government initiatives promoting electric vehicles. Key
players operating in the electric motor market include Nidec Corporation,
AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch
GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp.,
Rockwell Automation Inc., and TECO-Westinghouse Motor Company. These companies
are focused on product innovations, partnerships, and mergers to strengthen
their market position and cater to the growing demand for electric motors.