global electric motor market was valued at USD 131.4 billion in 2022. Between 2023 and
2032, this market is estimated to register the highest CAGR of 6.8% and is expected to
reach USD 253.7 billion in 2032.
Electric motors are electrical devices that convert electricity to mechanical energy. Modern
electric motors work by the interaction between their magnetic field and wire windings,
producing torque applied to the shaft of the motor. Agriculture, industrial and automotive
industries commonly utilize these motors.
However, with the advancement in technology and urbanization processes, motor demand has
surged across residential and commercial sectors alike. Furthermore, HVAC (HVAC)
systems are emerging as one of the fastest-growing applications for motors deployment.
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Market Key Players
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ABB
AMETEK
Johnson Electric
Siemens
Rockwell Automation
General Electric
Nidec Motor Corporation
WEG
Toshiba Corporation
Hitachi
Mitsubishi Heavy Industries
TECO-Westinghouse Motor Company
Arc Systems Inc.
DENSO (Japan)
Regal Beloit Corporation
Other Key Players
Key Market Segments
Based on Type
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DC Motors
AC Motors
Hermetic Motors
Based on Power Output
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Integral Horsepower (Above 1HP)
Fractional Horsepower (UpTo 1HP)
Based on Application
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Motor Vehicles
Industrial Machinery
Electrical Appliances
HVAC Equipment
Others
Driver
The demand for more energy-efficient motors is on the rise.
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At present, the International Electrotechnical Commission (IEC), a regulatory body in
Europe, has set energy efficiency standards.
Many countries have implemented regulations to enhance the efficiency of motors
powered by electricity. IEC has created a variety of regulations for motor efficiency,
such as IE1, IE2, IE3, and IE4, that aim to reduce carbon emissions from these
machines.
Regulations from Control Engineering Europe (CEE) for electric motors went into
effect in January 2017 and require all AC motors with rated power between 0.75-375
kW to run efficiently.
Recently, efficient electric motors with superior magnetic materials and higher
tolerance levels have been developed.
Highly efficient IE4 and IE5 motors offer immediate advantages to OEMs as well as
end users alike.
Electric motors typically need little maintenance and can generate significant torque
even at low speeds, leading to an increasing demand for electric motors in the 0.75375 kW power range.
Increased Demand from Commercial & Residential Sector to Foster Growth
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According to the International Energy Agency, CO2 emissions from energy-related
sources will decrease globally by ~6% by 2020 due to decreased energy consumption.
Coronavirus-related restrictions on movement were announced by government
authorities, leading to reduced mobility and the suspension of industrial applications.
Nonetheless, concerns over vehicle emissions remain and as air quality degradation
becomes more urgent, producers are turning towards alternative energy sources for
production.
This has led to an increasing need for electric motors in the automotive industry in
order to meet emissions-free standards.
Furthermore, the rapid urbanization trend is likely to result in an increasing demand
for HVAC products such as vacuum cleaners, washing machines and others. This will
likely support the expansion of the electric motor market during the forecast period.
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Restrain
High Maintenance Costs to Restrain Market Growth
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The primary factor slowing the main market growth is the high cost of engine
maintenance. In some cases, these operational expenses may be prohibitively
expensive, potentially discouraging consumers from purchasing it.
For instance, when a motor with high horsepower and an extremely low load factor is
employed, its cost per hour of operation will increase significantly. On the other hand,
some motors don’t offer self-starting torques such as induction motors; additionally,
an auxiliary component may be necessary to start motors operating on a single phase;
therefore, these factors could potentially hinder market expansion due to these
constraints.
The fluctuating price of raw materials
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The cost of electric motors is determined by the price of raw materials such as
permanent magnets, copper wires, steel bars, and precision-tiny metals like specialty
alloys. Electric motors largely rely on raw materials from China, Africa, and South
American countries. Cost-related considerations will determine which suppliers
dominate in this market.
Any change in the cost of raw materials will directly affect motor prices, necessitating
other manufacturers/suppliers to absorb these fluctuations. At present, neodymium
holds the largest share of this market and is predicted to expand at an exponential rate
over the forecast period. Due to its high energy content and abundance of residual
flux, neodymium magnets are highly sought-after industrial applications due to their
superior performance characteristics.
Opportunities
The growth of robotics will increase the demand for electric motors.
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Robotics technology is expected to open up a world of opportunities for companies in
the electric motors market over the coming years. Robots are already commonly
employed in workplaces to perform routine tasks. They can also be employed in
environments with a high potential for close exposure to hazardous chemicals or
radioactive materials. Technology is employed for various tasks, such as assembly
line work and military services, space exploration including warehouse delivery and
surgery assistance, clearing mines underwater for duct cleaning purposes, and
commercialized agricultural tasks. Electric motors, such as brushless DC motors, AC
motors, and stepping motors, are used in industrial and portable robots to operate their
tracks, wheels and legs, sensors turrets, or weapons systems. According to the
International Federation of Robotics (IFR), ~1.7 million new robots will revolutionize
manufacturing by 2020 – driving up demand for electric motors used in robotics.
According to Automation, a division of the International Society of Automation,
robotic technologies will become ~75% cheaper by 2025 compared to 2010 prices.
This is expected to remove one major obstacle for small and medium-sized enterprises
(SMEs). Meanwhile, the International Federation of Robotics released a report on the
world of robotics in 2022. According to this document, small and medium-sized
businesses (SMEs) have been adopting automation of their infrastructures, leading to
improvements in efficiency and quality for these smaller firms.
Challenges
Components are not available and supply chain issues result in more expensive product
costs
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In the near future, supply chains for electric motors that are being constructed or in
production will be hit hardest. Industry executives anticipate delays in delivery and
construction due to economic slowdown, higher inflation rates, and fluctuating energy
prices. Many components used in making electric motors come from China or US as
well as certain areas of Europe; potential interruptions within those countries could
contribute to slow growth rates for this market over the coming years.
Due to the economic and inflationary crisis, currencies in many countries have
weakened. This is the result of a misalignment between demand and supply that
caused financial loss for parts and component producers. Key components used in
manufacturing electric motors are often purchased in US dollars, leading to higher
component costs.
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