Major players in the electric motor manufacturing market are ABB Ltd., ARC Systems, Inc., Asmo Co., Ltd., Brook Crompton UK Ltd., Emerson Electric Co., Regal Beloit Corporation, Rockwell Automation Inc., Siemens AG, Ametek, Inc., and Baldor Electric Company, Inc.
The global electric motors market will grow from $97.15 billion in 2022 to $102.68 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The electric motors market is expected to grow to $123.54 billion in 2027 at a CAGR of 4.7%.
The electric motor market consists of sales of rotor, bearings, stator, air gap, windings, commutator, and other electric motors.Devices that use electric motors consist of fans, blowers, household appliances, disk drives, batteries and power tools, machine tools, domestic appliances, HVAC applications, electric cars, and automated robots.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The electric motor is defined as an electric machine that converts electrical energy into mechanical energy and supplies power to the devices. It works on the principles of electromagnetism with properties such as durability, high efficiency, low energy consumption, and low maintenance.
Asia Pacific was the largest region in the electric motor manufacturing market in 2022.Western Europe was the second-largest region in the electric motor manufacturing market.
The regions covered in the electric motor manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of electric motor manufacturing are alternate current (ac) motor, direct current (ac) motor, and hermetic motor.A hermetic motor contains both the compressor and the motor within a single outer welded steel shell.
The motor and compressor are connected directly on the same shaft, with the motor located within the refrigeration circuit.As a result, the need for a shaft seal and the resulting refrigerant leakage problem was eliminated.
Welding or brazing is used to connect all refrigerant pipelines to the outer steel shell.The voltage of an electric motor ranges from 9v and below, 10-20 v, 21-60 v, 60 v, and above, and various output power are integral horsepower (IHP) and fractional horsepower (FHP).
The different speeds of the electric motor are low-speed (less than 1,000 rpm), medium-speed (1,001 to 25,000 rpm), high-speed (25,001 to 75,000 rpm), ultra-high-speed (greater than 75,001 rpm) that are used for industrial machinery, motor vehicle, HVAC equipment, aerospace and transportation, household appliances, other commercial applications.
Increased tariffs on raw materials such as steel and aluminum will restrain the market for motor manufacturing in the forecast period.Steel and aluminum are predominantly used in the manufacture of components for motors.
Increasing import tariffs on raw materials such as steel hindered the market for household fans. For instance, in February 2020, the USA administration decided to raise tariffs on derivative steel and aluminum imports by 25% and 10%, respectively.
Motor manufacturing companies are increasingly manufacturing IoT-enabled smart motors.These motors are equipped with sensors that monitor and track the motor’s health and performance.
Sensors are connected to a control database that continuously collects data, and uses artificial intelligence (AI) to learn normal behavior and sends an alert upon detecting any deviation from normal behavior. Smart motors offer several benefits such as increased lifespan of equipment and improved safety.
In November 2021, Renault Group , a France-based automotive company acquired Whylot for an undisclosed amount.Through this acquisition, Renault Group aims to to develop and industrialise an innovative axial-flow automotive e-motor and a breakthrough technology for electrified applications.
Whylot, a France-based company specializing in innovative electric motors.
The countries covered in the electric motor manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The electric motor manufacturing market research report is one of a series of new reports that provides electric motor manufacturing market statistics, including electric motor manufacturing industry global market size, regional shares, competitors with an electric motor manufacturing market share, detailed electric motor manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the electric motor manufacturing industry. This electric motor manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.