Electric Motor Market: Research Strategies with Share Analysis, Top Key Players with Opportunities Forecast to 2027
The demand for Electric motor is witnessing an uptick on account of surging investment in technologies which is leading to the growing adoption of automation across the various sector including Industrial, commercial, and residential as well. Furthermore, a rise in the demand for the high-quality AC synchronous motor is fueling the growth of the market. As per OICA, 2020 witnessed a decline of almost 5.2% in world auto production which is down to less than 92.2 million vehicle productions. In 2020, 77,621,582 vehicles were produced, compared to 91,786,861 in 2019. Furthermore, the growing emphasis towards industry 4.0. Industrial automation is leading the emerging demand for more efficient productivity in various regions, which is expected to show strong growth during the forecast period. As per Industrial Energy Accelerator, approximately 70% of all electrical energy consumed by industry is used by the millions of electrical Motors installed worldwide.
The pandemic has affected different segments within manufacturing in very different ways. Some segments have been negatively affected by rolling economic shutdowns in different regions in 2020. The demand for electric Motor has been hindered temporarily in recent months owing to the shutting down of manufacturing operation units globally. Due to the prior lockdown in some countries such as China, the business was witnessing a stashing demand. The stagnant economy and market demand disturbed the international supply chain. Overall industrial demand for electric Motor is anticipated to decline and would be suppressed due to weaker demand and supply-side issues. Due to this, the unsold unit of electric Motor is quite large. Moreover, due to the reduced activity in the commercial buildings, the demand for electric Motor declined sharply.
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According to UnivDatos Market Insights (UMI)’ research report “Global Electric Motor Market Analysis, 2020”, the Global Electric Motor market is projected to grow at a CAGR of XX% during 2021-27F. government’s regulation to make the country hi-tech equipped is contributing to the growth of the market. The government across the globe are more focused on energy efficiency. Therefore, various standards, regulations, and parameters defined by associations such as IEA and NEMA may impel the replacement of existing standard motors in various sectors further instigating the market demand.
Based on the Type, the AC motor segment acquired the major market share and grabbed US$ XX Mn revenue from the Electric Motor market in 2020. Key factors attributed to the growing demand for AC motors are the advantages such as flexibility, efficiency, longevity, and quiet operation and the wide application areas such as pumps, water heaters, lawn and garden equipment, ovens, and off-road motorized equipment.
FHP Motor to Witness Robust growth
Based on the output power, the FHP segment grabbed XX% revenue share in 2020. The market size of this segment touched US$ XX Million in 2020. The market share of the segment is expected to maintain its dominance in the forthcoming years as well owing to the emerging demand from the consumer devices such as electric toothbrushes vacuum cleaners, coffee machines, refrigerators, etc. More than 10% of fractional horsepower motors power domestic appliances, finding use in microwave turntables, blenders, mixers, refrigerators, washers and dryers, and garage door openers.
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North America to Grab Lion’s Share, Bit Europe to witness Explicit Growth
Based on the Region, North America dominated the Global Electric Motor market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the growth in the industrial and commercial sector. The Manufacturers Alliance for Productivity and Innovation Foundation predicted 3.9% growth in production for 2019, then 2.4% in 2020, and 1.9% in 2021.
However, Europe is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global Electric Motor Market Analysis, 2020”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Electric Motor market are ABB Group, ARC Systems, Inc., Asmo Co., Ltd., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emerson Electric, Maxon Motors AG, Regal Beloit Corporation, Rockwell Automation, Inc. and Siemens AG, among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. Some of the instances are:
· In 2020, ABB launched new series of high-output and low voltage IEC induction motors that are compactly designed and reduces the overall size of the equipment thus minimizing space and total cost of ownership in India
· In March 2020, a subsidiary of Wolong “Wolong Electric” acquired General Electric's small industrial motors business for US4 160 million. This acquisition is expected to help Wolong gain a leading position in terms of market share
· In February 2020, Nidec Corporation launched two new traction motor systems -- the 200 kW Ni200Ex and 50 kW Ni50Ex.
- In 2019, WEG installed a low voltage electric motor plant in Hosur, India. The new 13,000 square meter facility can produce 250,000 electric motors per year.
“Global Electric Motor Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Electric Motor providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Type (AC, DC, and Hermetic)
2. By Output Power (IHP, FHP)
3. By Voltage Range (9 V & below, 10-20 V, 21-60 V and 60 V & Above)
4. By Application (Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace & Transportation, Household Appliances)
5. By Rotor Type (Inner, Outer)
6. By Speed Type (Low-speed, Medium-speed, High-speed, Ultrahigh-speed)
7. By Region (North America, Europe, Asia-Pacific, Rest of the World)
8. By Company (ABB Group, ARC Systems, Inc., Asmo Co., Ltd., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emerson Electric, Maxon Motors AG, Regal Beloit Corporation, Rockwell Automation, Inc., Siemens AG, etc.)
Key questions answered in the study:
1. What are the current and future trends of the Global Electric Motor industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Electric Motor industry?
5. What is the customer orientation, purchase behavior, and expectations from the Electric Motor firms across various regions?