Global Electric Motor Market size was valued at US$ 113.30 Bn in 2020 and the total revenue is expected to grow at 6.9 % through 2021 to 2027, reaching nearly US$ 180.75 Bn.
Electric Motor Market Overview:
The market report for Electric Motor provides a comprehensive analysis of the competition together with data on market share and company profiles for the top international rivals. The study's scope covers a thorough analysis of the Electric Motor Market as well as the variables affecting regional variances in the sector's growth.
Market Scope:
Extensive primary research was conducted to collect data and verify key figures once market engineering, which involved market statistics calculations, market size estimates, market projections, market breakdown, and data triangulation, was finished. Top-down, bottom-up, and other data triangulation approaches were frequently used throughout the market engineering process to conduct market estimates and forecasting for the overall market segments and sub-segments described in this study. All data gathered during the market engineering process is subjected to extensive qualitative and quantitative analysis in order to give crucial information throughout the study.
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Drivers:
Increased demand for electric motors, particularly in the industrial and agricultural sectors, rising consumer awareness of electric and green vehicles, and government funding for newly developed efficient electric motors are some of the major factors anticipated to propel the growth of the global electric motor market size over the course of the forecast period. The demand for the global electric motors market is being significantly boosted by an increase in earning potential leading to an increase in disposable income.
Segmentation:
The market for electric motors worldwide is divided into several types, including synchronous AC motors, induction motors, brushed DC motors, brushless DC motors, hermetic motors, and AC motors. In 2020, the AC Motor segment had the highest market share (70.7%). Due to the growing use of AC motors in industrial applications, the segment is also anticipated to maintain its dominance throughout the forecast period. AC motors are widely used in advanced robotics and irrigation equipment, which accounts for their dominant position. Due to their smaller size, lower cost, and convenience, they are also widely used in HVAC equipment.
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Key Players:
Both primary and secondary research are carried out to determine the market's leaders and forecast market revenue. The in-depth interviewees for the main study included CEOs, marketing executives, and seasoned front-line workers, to name just a few notable thought leaders and subject matter experts. In-depth interviews with significant thought leaders and business experts, including CEOs, marketing executives, and seasoned front-line personnel, were done as part of the primary research.
Reviewing the annual and financial reports of the major manufacturers was done as part of the secondary study. To compute percentage splits, market shares, growth rates, and global market breakdowns, secondary data is used. The outcomes of these calculations are then contrasted with original information. The following companies dominate the = market:
• Johnson Electric Holdings Ltd.
• Baldor Electric Company, Inc.
• Ametek, Inc.
• Siemens AG
• Brook Crompton UK Ltd.
• Danaher Motion LLC
• Allied Motion Technologies Inc.
• Franklin Electric Co., Inc.
• ABB Group
• ARC Systems Inc.
• ASMO Co., Ltd.
• Dr. Fritz Faulhaber GmbH
• Emerson Electric
• Maxon Motor AG
• Regal Beloit Corporation
• Rockwell Automation Inc.
• Nidec Corporation
• Wolong
• WEG
• Mitsubishi Electric Corporation
• Mitsuba Corporation
Regional Analysis:
The specific market driving forces and changes in market legislation affecting present and future market trends are also included in the regional market research report for Electric Motor . In order to assess the potential market as a whole and identify profitable patterns to build a stronger foundation, current and upcoming trends are researched. The current environment and expected trends form the foundation of the regional market's evaluation.
COVID-19 Impact Analysis on Electric Motor Market:
The growth of end-user industries using Electric Motor declined between January 2020 and May 2020 as a result of a halt in operations. These nations included China, the United States, the United Kingdom, Spain, France, Italy, and Spain. As a result, both the market for Electric Motor manufacturers and the earnings of businesses involved in these industries saw a dramatic fall. The market's growth in 2020 was impacted by this. End-user business demand for Electric Motor has been significantly reduced as a result of lockdowns and an increase in COVID-19 incidents globally.
Key Questions Answered in the Electric Motor Market Report are:
- What market sector represented the most percentage of Electric Motor in 2021?
- To what extent is the marketplace competitive?
- What are the main elements impacting the development of the Electric Motor market?
- Which region commands the largest market share in Electric Motor ?
- What is the expected CAGR for the market from 2022 to 2029?
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