The global Electric Motor Market is estimated to be valued at US$144.44 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric motors are electromechanical devices that convert electrical energy into mechanical energy and are widely used in industrial machinery, residential appliances, HVAC systems, automobiles, and other motor-powered equipment. Some key advantages of electric motors include high efficiency, reliability, durability, and low maintenance. With growing industrialization and urbanization globally, demand for electric motors is increasing from various end-use industries like automotive, HVAC systems, household appliances etc. Electric motors find major applications in HVAC systems for powering fans, blowers, compressors etc. Their high efficiency and low operating costs make them preferable over alternative fuel-powered motors.
Market key trends:
One of the major trends spurring the Electric Motor Market Growth is the rising adoption of HVAC systems across both residential and commercial buildings. Population growth and increasing affluence in emerging countries is propelling the construction of new residential and commercial infrastructure, where HVAC systems are a standard requirement. According to estimates, over 40% of energy consumed in residential and commercial buildings in the U.S. is used by HVAC systems. Furthermore, commercial building owners are increasingly focusing on energy management and retrofitting HVAC equipment with high-efficiency electric motors to reduce costs. Stringent government regulations pertaining to energy efficiency are also driving replacements of old HVAC systems with new high-performance electric motor-powered systems. Advancements in motor designs aimed at improving efficiency are gaining traction. Growth in end-use industries and focus on improving efficiency will continue driving demand for electric motors over the forecast period.
Porter's Analysis:
Threat of new entrants: The electric motor market requires high R&D investment and has well established players. This poses significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, switching costs limit buyers' ability to change suppliers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative component sources and focus of buyers on quality and reliability.
Threat of new substitutes: Substitutes like batteries are emerging but limited by storage capacity and recharging times. Electric motors still have advantage of continuous operation.
Competitive rivalry: The market is dominated by few global players. Intense competition exists based on product innovation, pricing and quality.
Key Takeaways:
The global Electric Motor Market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing automation and rising demand for energy-efficient electric motors from industries like automotive, construction, and mining.
Regional analysis: Asia Pacific dominates the global electric motor market currently, accounting for around 45% share, led by China. The region is expected to continue its dominance owing to high industrialization and presence of automotive and other manufacturing industries in the region. North America is another major market backed by high automotive production.
Key players: Key players operating in the electric motor market include Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp., Rockwell Automation Inc., and TECO-Westinghouse Motor Company. Nidec Corporation holds leading position in the high efficiency small precision motors.
Read More: https://www.rapidwebwire.com/electric-motor-market-size/
