Published Date : 11 Oct 2022
The global electric motor market size is expected to expand around USD 322.56 billion by 2030 from USD 174.25 billion in 2021, growing at a CAGR of 7.1 % during the forecast period from 2022 to 2030.
Regional Snapshots
The Asia Pacific region is expected to dominate the market during the forecast period. The factors are responsible for the growth of the market in this region or an increase in the demand for various electronics used in the household sector and rapid industrialization in the Asia Pacific region. The presence of a few manufacturers of the cars in I know will also drive the market growth. As the government in the Asia Pacific region it's focusing on providing better initiatives to boost the sales of electric vehicles the demand for electric motors is expected to grow. The demand for electronics has grown to a large extent in the Asia Pacific region.
The sales of automobiles has also increased in the recent years due to an increase in the purchasing power in the Asia Pacific region. About 40 electric motors are used when a car is manufactured and these motors are different in terms of the power. The production of electric motors is also expected to go up during the forecast. In the North American as well as the European region due to an increase in the construction activities. The favorable initiatives of the government that have been beneficial for the demand for electric vehicles will drive the market growth in the North American and the European region. Growing demand for autonomous vehicles will also drive the market growth in the coming years.
Scope of the Report
| Report Coverage | Details |
| Market Size in 2021 | USD 174.25 Billion |
| Revenue Forecast by 2030 | USD 322.56 Billion |
| CAGR From 2022 to 2030 | 7.1% |
| By Type |
|
| By Output Power |
|
| By Rotor Type |
|
| By End-User |
|
| By Region |
|
Report Highlights
Market Dynamics
Drivers
Rapid industrialization and rapid urbanization has increased the need for air conditioning, ventilation as well as heating in large buildings or indoor spaces. In modern times the demand for all of these has grown to a great extent. Increase in the number of shopping malls and office buildings the demand for ventilation as well as air conditioning are increasing. Different types of DC motors are used for these purposes which are extremely efficient in improving the air flow systems. DC motors are used as they provide great power and better life. In the countries like India and China the demand for DC motors is increasing due to an increase in the number of offices and other indoor spaces. There shall also be a great demand for DC motors of the brushless type. It has a large number of views in the automotive's. Due to the advancements in the technology is used in electric vehicles the demand for the brushless motors will drive the market growth.
Restraints
The different types of raw materials which are used in the manufacturing of the electric motors are copper wires permanent magnets as well as steel bars most of the raw material is acquired from China. There are many manufacturers based in China. The cost of these raw materials keeps on changing every now and then. Although there are many manufacturers that produce or provide the raw materials the quality of the raw materials does not vary to a great extent.
The profit margins of the manufacturers is not great when there are fluctuations in the prices. China is a major exporter of many oxides that are rare. About 95% of these oxides come from China. In this way China dominates the market. About 25% of taxes are imposed on the export of the rare earth oxides through China. All of these happen to be the restraining factors in the growth of the market.
Opportunities
Constant research and development has provided enhanced technology in the electric vehicles. Developed nations across the globe are making policies and implementing policies that will help in reducing the carbon emissions. Electric vehicles make maximum use of electric motors and hence the market of the electric motors is expected to grow well during the forecast period.
Advanced technologies and constant research has been helpful in providing batteries with lower costs and better technologies this will help in increasing the speed of charging the electric vehicles. Romans of the various nations are also providing exemptions of thanks for the people that purchase electric vehicles. All of these factors are expected to provide great opportunities for the growth of the market in the coming years.
Challenges
As the market happens to be Highly fragmented there are many manufacturers present in the market. The quality of the products manufactured through the local and the international manufacturers are different and quality happens to be one of the parameters which will be useful in differentiating the products. The original equipment manufacturers provide best quality products but these original equipment manufacturers fears competition from the unorganized sector. the quality of the products also hampers the performance of these electric motors and it shall be a challenge in the growth of the market.
Recent Developments
GE’s Business of the small motors which are used in the industries was acquired by Wolong Electric In the year 2020. Wolong will be able to acquire a good position in the market
Key Players:
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