Electric Motor Market Will Rise At 5.6% CAGR Between 2021 And 2031: FMI

Global sales of electric motors are set to be valued at over US$ 104 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). A new report estimates the market to expand at over 5.1% CAGR from 2021 to 2031.

According to Future Market Insights (FMI), increasing automation and robotics in industrial production sector have fuelled the demand for electric motors. The market also is gaining from rapid technological advancement and advent of industrial 4.0.

The electric motors market however registered moderate decline in its sales volume in FY2020 due to the unforeseen COVID-19 pandemic. Demand from major end-use industries like automotive, oil & gas, and other waned. Contrary to this, sections of medical sector were not affected due to increase in demand amid the adoption of COVID-19 precautionary measures.

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Electric Motor Market Outlook 2016-2020 Compared to 2021-2031 Forecast

Driven by increasing focus on research and development and investment in Industrial sector, the electric motor market will rise at 5.6% CAGR between 2021 and 2031 in comparison above 3.8% CAGR registered during 2016-2020.

With the penetration of robotics and automation in the last decade, across a plethora of industry verticals encompassing electronics manufacturing, food & beverage industries and automotive. Furthermore, investments in smart factory automation, particularly is massive production plants, have been growing constantly. With the increasing adoption for automation and robotics technology, electric motor demand will be boosted in regards to its use in drive units. The growth rate of the electric motor market growth is thus expected to be in proportion to that of industrial automation and robotics.

How will the Expansion of Municipal Water Treatment Market Benefit Electric Motor Sales?

The robust rate of investments in civic infrastructure involving municipal water supply and wastewater treatment process will call for a hefty rate of pumps thus involving a proportionate rate of electric motor to be sold and installed. With the electric motor market growth in intermediate stages and clocking nearly double digit growth rates in next 5 years, the new unit sales of electric motor will be highly sought.

Another supporting factor for growth promotion is that electric motor and associated pumps for heavy duty water supply process are priced at premium which will prove as a value proposition for the OEMs when coupled with installation and aftersales services.

What Is the Impact Of COVID-19 Crisis On Electric Motor Market?

Lockdown imposed across various countries has negatively impacted the manufacturing sector in terms of production output and supply procedures coupled with slowdown of demand and order intake from customers. However, with subsequent financial quarters of the initial pandemic outbreak, the resumption of industrial manufacturing activities are being permitted by the regional authorities. The electric motor market growth is also expected to gain rebound in growth within 3-4 quarters of upcoming fiscal.

Nonetheless, several distributers and manufacturers stockpiled the equipment to ensure sufficient supplies during the pandemic. Additionally, increase in the new product developments post COVID-19 has increased the usage for robotics and digitally operated machineries which is driving the demand for the electric motor.

Despite the difficult situation, economies are steadily recovering from the effect. Company activities have begun to grow at a slow and steady pace as supply and distribution networks recover. Considering this, the pandemic is unlikely to have a long-term effect on the Electric Motor Market.

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Electric Motor Market Country-wise Insights

How big is the Opportunity for Electric Motor Market in the U.S.?

North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to be the largest market in North America and reach US$ 40.4 Bn by 2031.  

The United States' highly developed end-use sectors are supporting the electric motor market growth. Overall industrial spending grew at a rate of about 4.6 percent in 2019 than overall economic growth of 4.0 percent in the United States calculated by Gross Domestic Product (GDP), according to CMS' Office of the Actuary estimates.

Furthermore, the U.S. is home to technically advanced industrial sector in the world, making it a lucrative market for electric motor manufacturers, as it exhibits high demand for robotics and automation for industrial as well as residential applications.

Why is Demand for Electric Motor Increasing in China?

Demand in the China market is expected to rise at nearly 5.5% CAGR over the forecast period. The China’s Industrial sector is backed by a well-developed infrastructure and it is largely supported by the government. It is not surprising that the China has the most elevated level of expenditure across globe.

As per the report, China is recognized as a primary market and it is expected to continue exhibiting high demand for electric motor through the forecast period. Moreover, rising research activities, presence of several major players, and growing electric vehicle and Industrial sector are creating attractive opportunities for electric motor market in the country.

Why is Innovation Key to Succeed in the Germany Electric Motor Market?

Germany is one of the world’s top most manufacturers of pharmaceuticals. Considering this, the demand for electric motor is expected to remain high in the country. By 2031, it is expected to account for over 25% of electric motor sales within Europe.

Manufacturers in the country have a competitive advantage as they have access to cutting edge research to address the unmet challenges. Additionally, they are constantly investing in order to expand their operations, which is resulting in a more promising pipeline.

How are Government Initiatives Boosting Electric Motor Sales in India?

In 2021, India will account for over 27% sales in South Asia & Pacific. Government initiatives undertaken to give to impetus to industrial and automotive sectors are anticipated to complement industrial development in India, in turn supporting the expansion of the electric motor market.

Favorable policies implemented by the government of India to support production and sales of electric vehicles will fuel the demand for electric motor apart from this demand for pumps, drives, and general machinery.

Electric Motor Market Category-wise Insights

Why the Demand for <1HP in Electric Motor Continuously Rising?

Based on power output, <1HP is the leading category and it is expected to account for for nearly 22% of the value share of the electric motor market in 2021. Reason behind demand is that this power output range witnesses maximum applications in various end-use industries. Moreover, these motor are cost-effective.

<1HP electric motor are expected to remain top choice for many end users, since they significantly reduce storage space and are considered to be suitable for diverse applications.

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Electric Motor Market Competitive Landscape

Companies operating in Electric Motor Market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity and address the demand of an expanding consumer pool.

• For instance, In, On January 24, 2019 Bosch assumed full control of of EM-motive, one of Europe’s most successful manufacturers of electric motors.
• On August 3rd, 2021, Nidec Corporation acquired stocks of Mitsubishi Heavy Industries Machine Tool Co., Ltd. and announced an outline for its new subsidiaries.

Manufacturers are also focusing on the expansion of their product portfolio to maintain high customer base across the globe

• For instance, On 5 Feb, 2021 Johnson Electric Launches Low Voltage DC Motor Solutions for Smart Furniture. The LVDC motor solutions are designed for actuators used in smart recliners, height adjustable desks, hospital beds and other smart furniture products.
• On February 16th, 2021 Regal announced a collaboration with Rexnord's PMC segment to create world-class power transmission technology.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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