Global Electric Motor Market to Witness 5.9% CAGR During 2018– 2024
Posted: May 23, 2020
The global electric motor market is estimated to demonstrate a CAGR of 5.9% during the forecast period attaining a market size of USD 145.3 billion by 2024. The driving parameters for the growth of the market include the rise in the adoption of electric motors across industries for automating operations, high demand for electric motors for commercial and residential applications, and the increasing requirements for energy-efficient motors.
Based on type, the electric motor market is categorized into DC motor, AC motor, and hermetic motor, with AC motor leading the market by size. The low maintenance associated with AC motors marks its increased demand over other types. Based on output power, the market for an electric motor is fragmented into integral horsepower output and fractional horsepower output. Of these, fractional horsepower output of electric motors is estimated to generate larger revenue during the forecast period, owing to the increasing usage of these motors across the automotive and consumer goods industries.
During the forecast period, it is expected that the largest application area of the electric motor will be motor vehicles. The growing automotive industry is considered to act as a flux for the high demand for electric motors in motor vehicles. Some of the other application areas of electric motor include industrial machinery, transportation, household appliances, and others.
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APAC is projected to lead the global electric motor market even during the forecast period. The increasing number of original equipment manufacturers (OEMs) across the region with a focus on the usage of electric motors across the varied sectors, particularly agriculture, automotive, and commercial is expected to contribute to the market growth in APAC. Moreover, the government of developing countries of the region is primarily focusing on promoting in-house manufacture of components, following the huge investments for industrialization which is further propelling the growth of the electric motor market in APAC.
Some of the other leading players in the electric motor industry include Johnson Electric, Holdings Limited, AMETEK, Inc., Franklin Electric Co., Inc., Denso Corporation, Robert Bosch GmbH, SL Montevideo Technology, Inc., Siemens AG, ABB Ltd., and ARC Systems, Inc.
Global Electric Motor Market Coverage
Motor Type Insight and Forecast 2014-2024
- Direct Current (DC) Motor
- Alternating Current (AC) Motor
- Hermetic Motor Vibration
Output Power Insight and Forecast 2014-2024
- Integral Horsepower Output
- Fractional Horsepower
Application Insight and Forecast 2014-2024
- Industrial Machinery
- Motor Vehicles
- Household Appliances
- Others Industrial
Electric Motor Market System Market by Region
- The U.S.
- The U.K.
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World (RoW)
- South Africa
- Saudi Arabia
- Other Countries
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