Global Electric motor market stood at $108.5 billion in 2017, and is anticipated to reach $155.1 billion by 2023. Electric motors are widely used in various applications such as industrial machines, household appliances, HVAC applications, and motor vehicles.
The growth of this category is further expected to be driven by surge in demand for more efficient, more controllable, durable, and low noise electric motors in industrial applications such as actuators, feed drives for computer numerical control (CNC) machines, industrial robots, extruder drives, and others.
In terms of DC motor, the market is bifurcated into brushless and brushed DC motors. Owing to its advantages such as better speed control, higher efficiency, no sparking, longer lifetime, higher torque to weight ratio, more reliability, and less noise, brushless DC motor category contributed higher revenue share in 2017.
Based on motor type, the global electric motor market growth is categorized into AC motor, DC motor, and hermetic motor. AC motor accounted for the largest market share in terms of revenue in 2017, and is further expected to lead the market during the forecast period.
Globally, APAC was the largest market for electric motors, contributing over 55% revenue share to the electric motor market in 2017. This can be attributed to growing demand for electric vehicles predominately in China, due to government initiatives and environmental regulations in the country.
The key players in the electric motor market are Emerson Electric Co., Nidec Corporation, Toshiba Corporation, Wolong Holding Group Co. Ltd., Johnson Electric Holdings Limited, AMETEK, Inc., Franklin Electric Co., Inc., Mitsubishi Electric Corporation, Regal Beloit Corporation, DENSO Corporation, Robert Bosch GmbH, Siemens AG, and ABB Ltd.
Global Electric Motor Market Segmentation
Market Segmentation by Output Power
- Fractional Horsepower
- Integral Horsepower
Market Segmentation by Application
- Motor Vehicles
- Industrial Machinery
- HVAC Equipment