Electric Motor Market Size to Grow by USD 163.5 Billion | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends

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WASHINGTON, May 03, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Electric Motor Market finds that increasing use of electrical equipment and machines as well as increase in global electricity consumption, are factors that influencing the growth of Electric Motor Market.

The total Global Electric Motor Market is estimated to reach USD 163.5 Billion by the year 2028. The Global Market stood at a revenue of USD 112.1 Billion in the year 2021, at a Compound Annual Growth Rate (CAGR) of 6.5%, states Vantage Market Research, in a report, titled “Electric Motor Market Size, Share & Trends Analysis Report by Type (AC, DC), by Power Rating (<1 KW, 1-2.2 KW, 2-375 KW, >375 KW), by Output Power (<1 HP, >1 HP), by Rotor Type (Inner Rotor, Outer Rotor), by End User (Industrial, Residential, Commercial, Agriculture), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.

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Market Dynamics:

Drivers:

Increasing Use of Electrical Equipment and Machines

Since past decade, the demand for electrical equipment and machines across the globe has witnessed significant growth and demand is increasing with each passing day. For instance, The Government of India (GOI) is planning to add 150,000 MW of power generation capacity in the next 10 years. This will generate substantial demand for heavy electrical machinery. India’s leading public sector electrical equipment manufacturing company, Bharat Heavy Electricals Limited, (BHEL) plans to augment its manufacturing capacity to 10,000 MW per annum by 2007, an increase of about 66 per cent from the 2006 levels of 6000 MW. Moreover, increasing demand for residential electrical machines such as washing machines among other is also increasing. In turn, increasing the demand for electric motors. Ultimately, driving the market growth over the forecast period.

Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Electric Motor market is predicted to grow at a CAGR of roughly 6.5% during the forecast period.

  • The Electric Motor market was estimated to be worth roughly USD 112.1 Billion in 2021 and is expected to reach USD 163.5 Billion by 2028; based on primary research.

  • On the basis of region, Asia Pacific is projected to dominate the worldwide Electric Motor market.

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Segmentation of the Global Electric Motor Market:

  • Type

  • Power Rating

    • <1 KW

    • 1-2.2 KW

    • 2-375 KW

    • >375 KW

  • Output Power

  • Rotor Type

  • End User

    • Industrial

    • Residential

    • Commercial

    • Agriculture

    • Transportation

  • Region

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East and Africa

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Increasing Global Electricity Consumption

According to International Energy Agency (IEA), in 2019, world total electricity final consumption reached 22 848 TWh, up 1.7% from 2018. In 2019, OECD total electricity final consumption was 9 672 TWh, 1.1% lower than in 2018, while final electricity consumption in non-OECD countries was 13 176 TWh, an increase of 3.8% from 2018. Additionally, increasing demand for electronic devices such as smartphones, air conditioners, and washing machines among others is also increasing. This is owing to busy lifestyle of the population. Additionally, increasing adoption of electric vehicles is further boosting the market growth over the forecast period.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin America

    5. Middle East & Africa

  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

  3. Key Strategies Undertaken by Companies to Tackle COVID-19

  4. Long Term Dynamics

  5. Short Term Dynamics

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The Report on Electric Motor Market Highlights:

  • Assessment of the market

  • Premium Insights

  • Competitive Landscape

  • COVID Impact Analysis

  • Historic Data, Estimates and Forecast

  • Company Profiles

  • Global and Regional Dynamics

Regional Analysis:

Asia Pacific Holds Maximum Market Share

Asia Pacific is expected to dominate the growth of Electric Motor Market in 2021. The major driving factors for the market are rapid industrialization, presence of major players of automobiles, and large base of population which is increasing the demand for residential and commercial electronic machines and devices in the region. Additionally, APAC is the largest producer of automobiles in the world which is providing the opportunity for the market, further propelling to market growth.

List of Prominent Players in the Electric Motor Market:

  • ABB (Switzerland)

  • Siemens (Germany)

  • Nidec Corporation (Japan)

  • Wolong (China)

  • WEG (Brazil)

  • Johnson Electric (China)

  • Regal Beloit Corporation (US)

  • Toshiba Corporation (Japan)

  • TECO Electric & Machinery (Taiwan)

  • Hyosung Heavy Industries (South Korea)

Browse market data Tables and Figures spread through 169 Pages and in-depth TOC on “Electric Motor Market Size, Share & Trends Analysis Report by Type (AC, DC), by Power Rating (<1 KW, 1-2.2 KW, 2-375 KW, >375 KW), by Output Power (<1 HP, >1 HP), by Rotor Type (Inner Rotor, Outer Rotor), by End User (Industrial, Residential, Commercial, Agriculture), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/electric-motor-market-807224

Recent Developments:

March 2020: Wolong Electric, a subsidiary of Wolong, acquired GE’s small industrial motors business for USD 160 million. This acquisition is expected to help Wolong gain a leading position in terms of market share.

February 2020: Nidec Corporation launched two new traction motor systems — the 200 kW Ni200Ex and 50 kW Ni50Ex — based on the company’s original 150 kW E-Axle (fully integrated traction motor system with an electric motor, reduction gearbox, and inverter).

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?

  • Which are the top five players of the Electric Motor Market?

  • How will the Electric Motor Market change in the upcoming six years?

  • Which application and product will take a lion’s share of the Electric Motor Market?

  • What is the Electric Motor market drivers and restrictions?

  • What will be the CAGR and size of the Electric Motor Market throughout the forecast period?

This market titled “Electric Motor Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Parameter

Details

Market Size Provided for Years

2016-2028

Base Year

2021

Historic Years

2016-2020

Forecast Years

2022-2028

Segments Covered

• Type

° AC

° DC

• Power Rating

° <1 KW

° 1-2.2 KW

° 2-375 KW

° >375 KW

• Output Power

° <1 HP

° >1 HP

• Rotor Type

° Inner Rotor

° Outer Rotor

• End User

° Industrial

° Residential

° Commercial

° Agriculture

° Transportation

• Region

° North America

° Europe

° Asia Pacific

° Latin America

° Middle East & Africa

Region & Counties Covered

• North America

° U.S.

° Canada

° Mexico

• Europe

° U.K

° France

° Germany

° Italy

° Spain

° Rest Of Europe

• Asia Pacific

° China

° Japan

° India

° South Korea

° South East Asia

° Rest Of Asia Pacific

• Latin America

° Brazil

° Argentina

° Rest Of Latin America

• Middle East & Africa

° GCC Countries

° South Africa

° Rest Of Middle East & Africa

Companies Covered

• ABB (Switzerland)

• Siemens (Germany)

• Nidec Corporation (Japan)

• Wolong (China)

• WEG (Brazil)

• Johnson Electric (China)

• Regal Beloit Corporation (US)

• Toshiba Corporation (Japan)

• TECO Electric & Machinery (Taiwan)

• Hyosung Heavy Industries (South Korea)

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

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