Electric Motors Market Analysis:
The Global Electric Motors Market share is projected to be worth USD 214.96 billion by 2031, registering a CAGR of 5.32% during the forecast period (2023–2031).
Market Research Future Insights
The awareness of environmental protection and the focus to lessen the carbon footprint is likely to drive the market for electric motors. The eclectic motors market is also driven directly by the radical pace of commercialization and industrialization which would power up the conduction activities across the globe, especially in the region of Asia-Pacific. The demand due to this has increased more for industrial equipment which shall further enhance the electric motors demand across the globe.
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Covid-19 Impact on Electric Motors Market
Disruption in Supply Chains: The pandemic disrupted global supply chains, causing delays in the production and distribution of electric motors. Many manufacturers faced challenges in sourcing components and raw materials, leading to production slowdowns and increased costs.
Reduced Demand in Certain Sectors: Several industries, such as automotive, aerospace, and manufacturing, experienced reduced demand for electric motors due to lockdowns and decreased consumer spending. This drop in demand led to decreased sales and revenue for electric motor manufacturers.
Shift in Focus towards Essential Industries: While some sectors faced reduced demand, the pandemic highlighted the importance of certain industries like healthcare and logistics. Electric motors used in medical equipment, ventilators, and supply chain automation systems saw increased demand during the pandemic.
Remote Work and Automation: The pandemic accelerated the adoption of remote work and automation. As companies sought to improve efficiency and reduce human interaction, electric motors played a crucial role in powering automated systems in industries like e-commerce, robotics, and telemedicine.
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Electric Motors Market Drivers:
Energy Efficiency: Increasing awareness of energy conservation and the need for sustainable practices has led to a growing demand for electric motors, which are more energy-efficient than traditional combustion engines.
Regulatory Standards: Government regulations and standards promoting energy efficiency and reducing carbon emissions have driven the adoption of electric motors in various applications, particularly in industries like automotive and manufacturing.
Rising Industrial Automation: Automation in industries requires precise and reliable motor control, which electric motors can provide. As industrial automation continues to grow, the demand for electric motors rises accordingly.
Electric Vehicles (EVs): The shift towards electric mobility, including electric cars, e-bikes, and electric buses, is a significant driver for the electric motors market. EVs rely heavily on electric motors for propulsion.
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Regional Analysis
The regional analysis made on the market of the electric motor shows that Asia-pacific witnessing good growth during the forecast timeline because of the fast pace industrialization and commercialization in the region.
Market Segmentation:
Electric Motors Voltage Outlook: Up to 1 kV, 1 kV – 6.6 kV, Above 6.6 kV
Electric Motors Output Power Outlook: Up to 1 HP, Above 1 HP
Electric Motors End-user Outlook: Industrial, Commercial, Residential, Agriculture, Transportation
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Key Players:
- ABB Ltd (Switzerland)
- Siemens AG (Germany)
- General Electric (US)
- Nidec Motor Corporation (Japan)
- Denso Corporation (Japan)
- Allied Motion Technologies Inc. (US)
- Ametek, Inc. (US)
- Robert Bosch GmbH (Germany)
- Emerson Electric Co. (US)
- Hitachi, Ltd. (Japan)
- Johnson Electric Holdings Limited (China)
- Rockwell Automation, Inc. (US)
- WEG S.A. (Brazil)
- ARC Systems, Inc. (US)
- Toshiba Corporation (Japan)
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