#Electric Motor Market

[poojagblog-blog]

/PRNewswire/ -- Electric Motors Market in terms of revenue was estimated to be worth $152.2 billion in 2024 and is poised to reach $206.4 billion by 2029, growing at a CAGR of 6.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. Electric Motors Market is driven mainly by Increasing demand for HVAC systems among residential, commercial, and industrial end-users, growing demand for electric motors in manufacturing industries, and rising demand for energy-efficient motors.

[vijukumar]

The Electric Vehicle (EV) Market: Trends, Key Players, and Future Outlook

The Electric Vehicle (EV) market represents one of the most dynamic and rapidly evolving sectors within the global automotive industry. As the world faces increasing environmental challenges and a pressing need to reduce carbon emissions, the shift towards electric mobility has become not just desirable but essential. This blog explores the latest trends shaping the EV market, identifies key players driving the industry's growth, and provides a forward-looking analysis of the market's future trajectory.

Market Trends

The EV market has been characterized by several key trends that are reshaping the automotive landscape. These trends are not only influencing consumer preferences but are also driving the strategic decisions of automakers, governments, and investors.

1. Acceleration of Government Regulations and Incentives

Governments across the globe are implementing stringent regulations and offering substantial incentives to promote the adoption of electric vehicles. Policies such as tax rebates, subsidies, and emission reduction targets are creating a favorable environment for the growth of the EV market.

Europe: The European Union's commitment to becoming climate-neutral by 2050 is a significant driver of EV adoption in the region. The EU's Green Deal and the ban on the sale of new internal combustion engine (ICE) vehicles by 2035 are pushing both manufacturers and consumers towards electric mobility.

China: As the world's largest automotive market, China has been at the forefront of the EV revolution. The Chinese government has introduced policies such as the New Energy Vehicle (NEV) mandate, which requires automakers to produce a certain percentage of EVs, thus fueling the market's growth.

United States: The U.S. has seen a renewed focus on electric vehicles under the Biden administration, with ambitious plans to achieve net-zero emissions by 2050. Federal incentives, along with state-level programs like California's Zero Emission Vehicle (ZEV) mandate, are accelerating EV adoption across the country.

2. Advancements in Battery Technology

Battery technology is the backbone of the EV market, and ongoing advancements are critical to the industry's growth. The focus is on improving energy density, reducing charging times, and lowering costs.

Solid-State Batteries: One of the most promising developments in battery technology is the advent of solid-state batteries. These batteries offer higher energy density, faster charging, and enhanced safety compared to traditional lithium-ion batteries. Companies like QuantumScape and Toyota are leading the charge in bringing solid-state batteries to market, which could revolutionize the EV industry.

Cost Reduction: The cost of EV batteries has decreased significantly over the past decade, making electric vehicles more affordable. The price of lithium-ion battery packs fell from over $1,000 per kWh in 2010 to around $137 per kWh in 2021. This trend is expected to continue, with costs projected to drop below $100 per kWh by 2025, further reducing the price gap between EVs and ICE vehicles.

3. Expansion of Charging Infrastructure

The availability and accessibility of charging infrastructure remain crucial to the widespread adoption of electric vehicles. The expansion of both public and private charging networks is a key trend that is enabling the growth of the EV market.

Fast Charging Networks: Companies like Tesla, ChargePoint, and Electrify America are rapidly expanding their fast-charging networks, which are capable of charging EVs in a fraction of the time required by standard chargers. The development of ultra-fast chargers, capable of delivering up to 350 kW, is particularly significant, as it reduces charging times to around 15-20 minutes for a full charge.

Wireless Charging: Wireless or inductive charging is an emerging technology that could transform the way EVs are charged. By eliminating the need for physical connectors, wireless charging offers a more convenient and seamless charging experience. Automakers such as BMW and Hyundai are exploring wireless charging solutions, with pilot projects already underway.

4. Rise of Autonomous Electric Vehicles

The convergence of electric mobility and autonomous driving technology is poised to redefine the future of transportation. Autonomous Electric Vehicles (AEVs) offer the potential for increased safety, reduced traffic congestion, and lower operating costs.

Level 4 and 5 Autonomy: Companies like Waymo, Tesla, and General Motors are leading the development of fully autonomous vehicles (Levels 4 and 5). These vehicles, when combined with electric powertrains, are expected to revolutionize urban mobility, particularly in the context of ride-sharing and robo-taxi services.

AI and Machine Learning: The integration of artificial intelligence (AI) and machine learning into AEVs is enhancing their ability to navigate complex environments and make real-time decisions. These technologies are critical for the widespread deployment of autonomous electric vehicles on public roads.

Key Market Players

The global EV market is dominated by several key players who are driving innovation, scaling production, and competing for market share. These companies are not only leading in terms of sales but are also at the forefront of research and development, shaping the future of the EV industry.

1. Tesla, Inc.

Market Share: Tesla holds approximately 15% of the global EV market share, making it the undisputed leader in the industry.

Overview: Founded in 2003 by Elon Musk and others, Tesla has revolutionized the EV market with its high-performance electric vehicles, innovative technology, and a strong brand identity. Tesla's Model S, Model 3, Model X, and Model Y have set new benchmarks in the industry, with the Model 3 becoming the best-selling EV globally in 2021. Tesla's proprietary Supercharger network, coupled with its advancements in battery technology, continues to position the company as a market leader.

2. BYD Company Limited

Market Share: BYD holds around 13% of the global EV market, making it one of the largest EV manufacturers in the world.

Overview: BYD, a Chinese multinational, has been a major player in the electric vehicle market, offering a wide range of electric cars, buses, and commercial vehicles. The company's strength lies in its vertical integration, controlling both battery production and vehicle manufacturing. BYD's commitment to innovation is evident in its development of the Blade Battery, a new type of lithium-iron-phosphate (LFP) battery that enhances safety and performance.

3. Volkswagen Group

Market Share: Volkswagen holds approximately 6% of the global EV market share.

Overview: Volkswagen is making significant strides in the EV market with its ID series, which includes the ID.3, ID.4, and the upcoming ID. Buzz. The German automaker has committed to investing over $80 billion in electrification by 2025, with the goal of becoming a global leader in electric mobility. Volkswagen's Modular Electric Drive Matrix (MEB) platform is central to its EV strategy, enabling the production of a wide range of electric vehicles across different segments.

4. NIO Inc.

Market Share: NIO holds around 3% of the global EV market share, with a strong presence in the premium EV segment.

Overview: NIO, often referred to as the "Tesla of China," is a leading manufacturer of premium electric vehicles. The company's innovative battery-as-a-service (BaaS) model, which allows customers to lease batteries separately from the vehicle, has garnered significant attention. NIO's flagship models, including the ES8, ES6, and EC6, are known for their performance, luxury, and advanced technology.

5. Hyundai Motor Company

Market Share: Hyundai holds approximately 4% of the global EV market share.

Overview: Hyundai has emerged as a key player in the EV market with its Ioniq and Kona Electric models. The South Korean automaker is expanding its EV lineup under the Ioniq sub-brand, with plans to introduce several new electric models by 2025. Hyundai's commitment to hydrogen fuel cell technology, alongside battery electric vehicles, positions the company as a versatile player in the clean energy transition.

Conclusion

The Electric Vehicle market is at a pivotal moment in its evolution, with rapid advancements in technology, increasing government support, and growing consumer acceptance driving its expansion. Key trends such as the development of solid-state batteries, the expansion of charging infrastructure, and the rise of autonomous electric vehicles are set to shape the future of the industry. Leading companies like Tesla, BYD, Volkswagen, NIO, and Hyundai are not only competing for market share but are also pushing the boundaries of innovation, making electric vehicles more accessible, efficient, and appealing to consumers. However, the industry still faces challenges, including the need for further cost reductions, the expansion of charging networks, and the development of sustainable battery solutions.

[marketresearchtrendsandinsights]

Electric Motor Market trends growth & Analysis

https://www.researchnester.com/reports/electric-motor-market/6228

[mohankunmars]

Electric Motor Market - Forecast(2024 - 2030)

Electric Motor Market Size is forecast to reach $169 billion by 2030, at a CAGR of 5.6% during 2023-2030. The increase in global electricity consumption and the use of electrical equipment and machines in different industries and the renewables sector are major factors driving the growth in the electric motor market during the forecast period. An increase in awareness of green vehicles among customers has been a key factor leading the market.

[trendingreportz]

Electric Motor Market - Forecast(2024 - 2030)

 Electric Motor Market Overview

Electric Motor Market Size is forecast to reach $169 billion by 2030, at a CAGR of 5.6% during 2024-2030. The increase in global electricity consumption and the use of electrical equipment and machines in different industries and the renewables sector are major factors driving the growth in the electric motor market during the forecast period. An increase in awareness of green vehicles among customers has been a key factor leading the market. Besides this, a rising number of government incentives to encourage sales of green vehicles for safeguarding the environment from carbon emissions is analysed to drive the market. The growing interest in sustainable transportation has driven the demand for electric vehicles. Electric motors play a crucial role in powering EVs, and advancements in motor technology contribute to increased efficiency and range. The industrial sector is witnessing the integration of electric motors with the Internet of Things (IoT) and Industry 4.0 technologies. This integration allows for real-time monitoring, predictive maintenance, and improved efficiency in industrial processes.

Smart motor technologies, incorporating features like connectivity, sensors, and advanced control systems, are becoming more prevalent. These innovations contribute to better performance, remote monitoring, and enhanced automation in various applications. Developments in motor control systems, including advanced algorithms and power electronics, contribute to improved motor performance, reduced energy losses, and enhanced control precision. There is an increasing emphasis on developing more energy-efficient electric motors to meet sustainability goals and reduce energy consumption. Regulations and standards promoting energy efficiency also influence the design and manufacturing of electric motors. Additionally, Electric motors have been observing several advancements in technology over the past few years, owing to which its demand is set to gain higher traction during the forecast period 2024-2030.

Report Coverage

The report: “Electric Motor Market Report– Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Electric Motor market

By Product Type: AC Motor (Induction Motor, Synchronous Motor, Servo Motor, Stepper Motor), DC Motor (Brushed DC Motor, Brushless DC Motor, Servo Motor, Series Motor, Stepper motor, Compound Motor).

By Product Category: Permanent Magnet, Non-Permanent Magnet.

By Phase: Single Phase, Three Phase.

By Power Rating: Below 0.5W, 0.5W-1W, 1W to 100W, 100W to 1KW, 1KW to 10KW, 10KW and Above.

By Efficiency: IE1, IE2, IE3, IE4.

By Application: Commercial (Automated Doors, Elevators & Escalators, Blowers, Electric Sweepers, Hand Dryers, Data Center & UPS, Pumps, Power Tools, Water Coolers, Camera PTZ Control, Drones, Others), Consumer Products (Pumps, Hair Dryers, Lawn Mowers, Boilers, Dishwashers, Vacuum Cleaners, washing machine, Blenders & Mixers, Fans & Chimneys, Desktop & Laptops, Smartphones, Refrigerators, Others), Automotive (Body Control motors, EPS Motors, Brake Booster BLDC Motor, Seat Adjustment, Belt Tensioner, Car Window Motor, Door Lock Motors, Wiper Motor, Others), Medical & Healthcare (Diagnostic Equipment (CT Scanners, MRI, Biopsy Systems, Diagnostics Analyzers, Ultrasound Transducers, X-Ray, Others), Medical Centrifuges, Medical Pumps, Blowers and Compressors, Surgical Instruments (Saws, Drills, Surgical Robots, Others), Dental CAD/CAM Milling Machines, Exoskeleton & Prosthetics, Microscopes, Wheelchairs & Scooters, Stair Lifts, Hospital Beds & Exam Tables, Others).

By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia, Netherlands, Poland, Czechia, Belgium, Sweden  and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa)

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Key Takeaways

• The rising demand for efficient energy usage over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the electric motor market in APAC.

• The DC Motor segment is growing at a significant CAGR of 7.6% in the forecast period 2024-2030. A DC motor consists of a stator and a rotor.

• Medical & Healthcare sector is expected to witness a highest CAGR of 8.5% the forecast period 2024-2030, due to its extensive reliance on electrically powered devices and equipment. Diagnostic imaging equipment, such as MRI and CT scanners, demands high-performance electric motors for precise movements and accurate imaging. 

• Electric Motor companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers. 

Electric Motor Market Segment Analysis - By Product Type

The DC Motor segment is expected to grow at a significant CAGR of 7.6% during the forecast period 2024-2030. Owing to the growing penetration of brushless DC motors across various industry verticals substituting brushed dc and even ac induction motors in certain applications such as home appliances. DC motors are used in electric vehicles in the automotive industry for various non-traction applications, contributing to the ongoing shift towards sustainable transportation. As the demand for electric vehicles grows, so does the demand for efficient and dependable DC motors. DC motors are also widely used in industrial automation, powering conveyor systems, robotics, and manufacturing equipment. Owing to the ease of control, they are suitable for accurate and regulated movements in automated processes.

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Electric Motor Market Segment Analysis - By Application

Medical & Healthcare sector is expected to witness a highest growth of CAGR 8.5% during the forecast period 2024-2030, owing to the increase in investments in healthcare and medical sector, along with growing penetration of advanced medical devices & equipment in the sector such as surgical robots, advanced imaging & diagnostic equipment, prosthetics and so on. Medical advances and technical improvements have resulted in the development of a wide range of medical instruments and gear that significantly rely on the precision and efficiency provided by electric motors. High-performance electric motors are required for precise motions and accurate imaging in diagnostic imaging equipment such as MRI and CT scanners. Electric motors provide stability and consistency to patient care and monitoring systems such as infusion pumps and monitoring equipment. Furthermore, the incorporation of electric motors in mobility aids such as electric wheelchairs and patient lifts improves accessibility for people who have mobility issues. Electric motors are used in laboratory equipment, robotic surgical systems, and a variety of medical tools, all of which contribute to the overall efficiency and improvement of healthcare techniques. The demand for electric motors is on the rise as the healthcare industry evolves and adopts more technologically sophisticated solutions, fueling additional innovation in this critical sector.

Electric Motor Market Segment Analysis - By Geography 

Electric Motor market in Asia-Pacific region held significant market share of 38% in 2023. Increasing compliance for energy efficient motors and rising adoption of motor-driven electric vehicles are the key factors driving market growth.  The rising demand for efficient energy usage over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the electric motor market. In addition, advancements in the agriculture sector and enormous investments in industrialization in countries such as China, India, South Korea, and Australia is driving the market growth. Further, the increasing production and sales of electric vehicles in countries including China and Japan is also analyzed to drive the market growth. 

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Electric Motor Market Drivers

Rise in demand for Electric Vehicles

The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favorable government policies and support in terms of subsidies and grants, tax rebates. Major manufacturers such as General Motors, Toyota, and BMW plan to release a potential of 400 models and estimated global sales of 25 million by 2025. In 2022, Ford Motor has committed to increase its investments in electric vehicles to $50 billion by 2026, up from a previous spend of $30 billion by 2025. Similarly, in 2020, Volkswagen, Chinese ventures has committed to invest $17.5 billion in electric vehicles by 2025. As electric vehicles use various types of electric motors for traction & auxiliary applications, the rising demand for electric vehicles globally is set to assist the market growth for electric motors used in the same.

Growing R&D activities 

Manufacturers are continuously focusing on R&D to develop new and effective electric motors to meet consumer demand. Increasing concerns, such as environmental pollution and regulations, are forcing manufacturers to develop electric motors that reduce vibration and increase efficiency. For instance, a synchronous electric motor is around 80% more efficient than an induction electric motor. Similarly, the development of a new type of steel for electric motors, which reduces the weight of the electric motor and makes it more efficient and powerful. This new type of electric motor will be small in size and cost effective, which will raise demand from residential and commercial applications. Moreover growing developments from various companies is also analysed to drive the market growth. Hence these factors are analysed to drive the market growth in the forecast period 2024-2030.

Electric Motor Market Challenges 

Easy availability of low-quality electric motors

The market for electric motors is highly fragmented, with a significant number of domestic and international manufacturers. Product quality is a primary parameter for differentiation in this market. The organized sector in the market mainly targets industrial buyers and maintains excellent product quality, while the unorganized sector offers low-cost alternatives to tap local markets. Local manufacturers of electric motors in most countries target the unorganized sector and compete strongly with the global suppliers in the respective markets. Leading market players are currently exposed to intense competition from such unorganized players supplying inexpensive and low-quality electric motors. This acts as a key challenge for the growth of the market.

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Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Electric Motor market. Electric Motor top 10 companies include:

ABB Ltd

Johnson Electric Holdings Limited

Siemens AG

Rockwell Automation

Nidec Corporation

Bosch Electric

Regal Rexnord

Franklin Electric Company Inc.

Teco Electric & Machinery Co. Ltd.

Wolong Electric Group co. ltd.

Acquisitions/Product Launches

• In July 2023, Nidec Corporation announced that it has successfully developed a new electric power steering motor power pack*1 (“EPS-PP”).

• In July 2023, WEG announced new investments for its motor manufacturing plant located in Manaus, Brazil. The Company will invest R$ 48 million, in the next three years, to expand production capacity and adapt the plant to produce a new line of permanent magnet electric motors for split-type air conditioners

• In December 2023, Johnson Electric Launches 48-Volt Cooling Fan Module with High Power and Efficiency. Johnson Electric is pleased to announce the launch of the 48-Volt Cooling Fan Module with power up to 1.5kW to meet the most demanding cooling requirements.  The need to reduce emissions and increase the electrification of the vehicle, requires higher cooling performance and efficiency.

[industrialresearch]

The global electric motor market size was valued at $142.2 billion in 2020, and is projected to reach $373.9 billion by 2032, growing at a CAGR of 9.5% from 2023 to 2032.

[dsiddhant]

/PRNewswire/ -- Electric Motors Market is projected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8% according to a new report by MarketsandMarkets™.

[bharat059]

The Electric Motor Market is anticipated to gain exponential industry growth over the given forecast period of 2023-2028, with ##0 in 2021, indexing a CAGR of $$0 by the end of the aforementioned timeline.

[poojagblog-blog]

The global Electric Motors Market is expected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8% during the forecast period. This market is mainly driven by increasing investments in electric vehicles. Increasing demand for HVAC systems among residential, commercial, and industrial end-users, and growing demand for electric motors in manufacturing industries are the major driving factor for the electric motor market.

[sagarg889]

Electric Motor Market: Overview with Geographical Segmentation & Revenue by 2031

The electric motor market is expected to create a stupendous growth opportunity, exhibiting year-on-year (YoY) growth of 4.2% in 2021 to total 1.2 billion units. According to the FMI analysis, demand in the DC motors segment will grow by 2.2% to 339 million units in 2021, while the AC Motors segment was up 5.1% to 837 million units.

The global electric motor market is anticipated to rise at a stable CAGR of 5.6% between 2021 and 2031 in comparison to the above 3.8% CAGR registered during 2016-2020. The surging focus on research and development in industrial focus is gaining investments that are driving the market growth in the global sphere.

As per the estimations of the Energy Association, 40% of the total energy consumed in industries is utilized to drive electric motors. At the same time, emphasis on promoting the use of high-efficiency motors is also gaining traction.

Get a Sample Copy of the Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-2404

Key Takeaways

The penetration of industrial robotics and automation testing in a plethora of industry verticals in the last decade is expected to spur market growth in the global sphere. The electric categories include manufacturing, food & beverage industries, and automotive.

Large-scale investments in small factory automation particularly in massive production plants have been growing constantly. Owing to the surging adoption of automation and robotics technology, electric motor demand will be boosted in regard to its use in drive units.

The growth rate of the electric motor market is estimated to grow in proportion to that of industrial automation and robotics. The residential appliances segment is also set to auger throughout the forecast period due to the increasing demand for the electric motor market.

Demand for low-power capacity motors is primarily used in the consumer appliances segment. The electric motor market has been perceived as a high volume-high value market.

In the upcoming years, the demand for the electric motor will witness significant growth with Industrial Robotics, Energy, Residential Appliances, and Municipal Water Utilities being the key growth enablers.

Developed as well as developing countries are expected to portray a significant growth opportunity for the product via new units as well as replacement sales. Expansion of usage scope towards untapped end-use verticals is expected to augur the growth of electric motors on a long-term basis.

Competitive Landscape

General Electric, Robert Bosch GmbH, Hitachi, Ltd., Nidec Corporation, WEG S.A., Siemens AG, ABB Group, Regal Beloit Corporation, Toshiba Corporation, Johnson Electric, Hyosung Corporation, Schneider Electric SE, Bonfiglioli Riduttori S.p.A., Kirloskar Electric Company Ltd., Allied Motion Technologies Inc., East West Manufacturing, LLC, Hyundai Electric Co. Ltd. are some of the key companies profiled in the full version of the report.

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

More Insights into Electric Motor Market

The North American region is anticipated to dominate the global electric motor market. According to a Future Market Insights study, the U.S. is expected to be the largest market in North America and reach US$ 40.4 Bn by 2031.

The end-use sector of the United States is highly developed which supports the electric motor market growth. The overall industrial spending grew at a stable rate of around 4.6% in 2019 and is expected to maintain its robust pace in the future as per analytical estimates.

The U.S. is home to the 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.

China’s market is expected to showcase lucrative growth opportunities with nearly 5.5% CAGR through the forecast period (2021-2031). China’s Industrial sector is backed by a well-developed infrastructure, and it is largely supported by the government which is why China has the most elevated level of expenditure across the globe.

Germany is considered to be the world’s topmost manufacturer of pharmaceuticals due to which there is a high demand for electric motors throughout the country. By 2031, it is expected to account for over 25% of electric motor sales within Europe.

Get Full Information on this Report @ https://www.futuremarketinsights.com/reports/electric-motor-market

Electric Motor Market by Category

Power Output:

<1HP

1-5HP

5 – 10 HP

10 -20 HP

20 – 50 HP

50 – 100HP

100 – 300 HP

300 – 500HP

Above 500HP

Product Type:

AC Motor

DC Motor

Induction Motor

Synchronous Motor

Brushed DC

Brushless DC

By Application:

Pumps

Fans

Drives

Compressor

General Machinery

Centrifugal Machinery

Grinders

Extruders

Robotics

By End Use:

Industrial

Residential

HVAC & Refrigeration

Medical

Municipal Water Treatment

Transportation

By Region:

North America

Latin America

Europe

East Asia

South Asia & Pacific

Middle East and Africa (MEA)

[carsthatnevermadeitetc]

Chevrolet FNR-XE Concept, 2022. Presented at GM’s China Tech Day in Shanghai, a design study for an electric saloon based on GM's Ultium battery technology. GM will launch 15 EVs across its brands by 2025 though for now all they will say about the FNR-XE is that it points to the design direction of future Chevrolet electric vehicles for the Chinese market

[flashhwing]

sometimes I worry about how some of y’all react to any kind of technology. every site has an algorithm that’s how programming works. AI is a blanket term for a certain type of code, it’s not automatically evil. electric cars being made consumer available is a good thing even if the ceo of the first company to do so is a bit of a dick.