Home » Electric Motor Market is Projected to Grow Above 6% CAGR in Coming Years

Electric Motor Market is Projected to Grow Above 6% CAGR in Coming Years

Electric Motor Market Growth

by pnsintel
Electric Motor Market

In 2020, the electric motor market was valued at $105.5 billion, which is set to hit $195.1 billion by 2030, growing at a 6.3% compound annual growth rate from 2020 to 2030. The rising use of electric motors for several applications, growing adoption of EVs, and surging compliance for energy-efficient motors are some major factors responsible for market growth. Cars, disk drives, trains, fans, home appliances, air conditioning, power tools, and much more – all require electric motors.

Most electric motors operate on the electromagnetic induction principle; however, certain motors operate on other electromechanical principles, such as the electrostatic force and piezoelectric effect. The mechanical energy that operates on the conductor utilizing the passage of electric current and is put inside the magnetic field is the core operating principle of electromagnetic motors. There are three prime sectors for the deployment of these motors such as agricultural, automotive, and industrial sectors.

In the electric motor market, the AC motor demand will increase at a significant CAGR in the coming years. This is owing to the power of AC motors to perform at higher voltages while having better speed and torque and being energy efficient. Moreover, AC motors use less cable and are easy to repair. Furthermore, such motors are widely used in the manufacturing of automobiles and industrial uses.

In recent years, demand for EVs has exploded, where an electric motor is one of the most important components of these vehicles. As per the IEA, around 3.24 million electric cars were marketed worldwide in 2020, up from 2.1 million in 2019. As a result, the demand for the electric motor is predicted to increase in the coming years, owing to rising acceptance and EVs. This is because EVs’ primary source of power, especially of BEVs and FCEVs, is the motor-and-battery assembly.

The APAC market is predicted to increase at the highest rate in the coming years. This is because developing nations such as Bangladesh, China, Indonesia, and India have a large number of industrial facilities. Furthermore, big companies such as Nidec Corporation, ABB Ltd., and Regal Beloit Corporation, are funding unexplored markets, which is propelling the electric motor market growth in the region.

The rising demand of high-power-consumption firms to lessen their usage of energy is projected to drive energy-efficient electric motors’ demand throughout the globe. Electric motors are famous and leads total consumption of energy in the manufacturing sector, with compressors utilizing power, and electric motors using half of the total energy spent. Thus, businesses are using energy-efficient motors to decrease their operational costs.

Hence, the demand for electric motors is rising year by year, which is expected to grow at a significant rate due to the growing adoption of EVs.

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