Electric motors refer to mechanical devices which work on the basic principle of electromagnetism. Over the years, these motors have gained traction due to their growing usage in a number of applications ranging from hair dryers, toys, electric shavers and extractor fans to washing machines, dishwashers, coffee grinders, microwaves and electric can openers. A new research report by IMARC Group, titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global electric motor market reached a value of nearly US$ 125 Billion in 2018. The report further anticipates the market to reach a value of US$ 162 Billion by 2024, at a projected CAGR of 4.35% during 2019-2024.
Global Electric Motor Market Drivers/Constraints:
- Electric vehicles are environment friendly since they do not emit toxic gases or smoke into the environment and also minimise energy consumption. As a result, there is a rise in the demand for hybrid and electric vehicles which, in turn, is further elevating the growth of the electric motor market globally.
- The various government initiatives and regulatory policies aimed to promote energy efficiency and reduce carbon emissions in various industrial verticals are bolstering the demand for high-efficiency motors.
- Some of the other factors contributing to the growth of the global electric motor market are rapid advancements in technology, increasing automation and rapid industrialisation.
- The high cost of manufacturing and assembling efficient electric motors and the limited portability of large motors hinder the market growth. Moreover, the intense competition in the market also acts as a major deterrent.
Motor Type Insights:
On the basis of motor type, the market has been segmented into AC and DC motors. The AC motors segment is further categorised into induction and synchronous AC motors, whereas the DC motors segment is segregated into brushed and brushless DC motors. Currently, AC motors are the most popular motor type, accounting for the majority of the market share.
Based on voltage, low voltage electric motors dominate the market as these motors consume less energy and are highly efficient. Low voltage electric motors are followed by medium and high voltage electric motors.
Rated Power Insights:
On the basis of rated power, the market has been segregated into fractional and integral horsepower electric motors. Currently, fractional horsepower motors are the leading segment as these motors are extensively used in household appliances, surgical devices, floor scrubbers, car windows, conveyors, etc.
Fractional Horsepower Insights:
Based on fractional horsepower, the report finds that fractional horsepower (1/8 – 1/2) motors dominate the market. These motors are followed by fractional horsepower (< 1/8) motors and fractional horsepower (1/2 – 1) motors.
Integral Horsepower Insights:
On the basis of integral horsepower, electric motors with integral horsepower between 1 – 5 hold the largest share of the global electric motor market. They are followed by motors with horsepower in the range 10 – 50, 50 – 100 and > 100.
Based on magnet type, the market has been classified as ferrite, Neodymium (NdFeB) and Samarium Cobalt (SmCo5 and Sm2Co17) magnets. Amongst these, ferrite magnets are the most popular type of magnets used in electric motors worldwide.
On the basis of weight, low weight electric motors hold the largest share, followed by medium and high weight electric motors.
Based on speed, the report finds that high speed electric motors hold the biggest share. They are followed by ultra-high speed, medium speed and low speed electric motors.
Region-wise, Asia-Pacific enjoys the leading position in the global electric motor market on account of rising inclination towards energy-efficient motors. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
The global electric motor market is essentially fragmented with the presence of numerous small and large manufacturers who compete in terms of price and quality. Some of the leading players operating in the market are:
- ABB Group
- Siemens Ag
- WEG SA
- Regal Beloit Corporation
- Nidec Corporation
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