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Electric Motors Market Players to Reset their Production Strategies Post 2020 in an Effort to Compensate for Heavy Loss Incurred Due to COVID-19 Outbreak

Future Market Insights' recent report on the electric motors market pegs the market's CAGR at 4.8% for the assessment period 2020-2030.
A combination of industry 4.0 and material advancements is anticipated to augur well for the electric motors market across the forecast period. End-use industries are aligning manufacturing and production technologies with consumers' expectations.
Advancements such as sensor-equipped motors have been assisting production managers regulate maintenance schedules and monitor them in real-time settings. Additionally, technologies such as variable frequency drive (VFD) have aided in speed regulation, providing a greater degree of control over the machinery.
The incorporation of soft magnetic composite (SMC) material has helped lower manufacturing costs and provided good structural shape to the material. Furthermore, engineers are looking to include high-quality performance magnets within the electric motors ambit in order to provide better torque and enhance tire performance.
As such advancements gather momentum, market players are scrambling to forge partnerships with established players as well as raw material provides and enhance their individual portfolios, contributing to the development of a rich revenue ecosystem.
"As industrial automation gathers pace, manual labor is being replaced with automated guided vehicles and collaborative robots. These mechanical advancements are spurring electric motor manufacturers to accelerate the production of frameless, brushless DC motors and synchronous AC electric motors for eclectic end-use verticals," infers an FMI analyst.
Key Takeaways from FMI's Electric Motors Market Research Report
  • Industrial-grade electric motors shall account for ~70% of the global electric motors market, attributed to the need for optimizing production
  • Residential-grade electric pumps are extensively used to power heating, ventilation and air-conditioning (HVAC) devices
  • Small-sized electric pumps are gaining traction for operating pumps, fans and other smaller appliances
  • Higher efficiency motors exceeding 1000 hours of operational service per year will surge during the forecast period
  • Collectively, U.S, Europe and China consume nearly half of the global electricity consumption, necessitating the usage of electric motors on a large scale
Preference for Green Technologies Catapulting Electric Motor Adoption across the Automotive Industry
In recent years, concern for the environment has grown across all the continents of the world. Rising greenhouse gas emissions attributed to incessant burning of fossil fuels has dangerously tipped emission levels to an all-time high. Most of these emissions originate from flue pipes of major factories, ranging from chemicals & dyes to automotive & vehicles.
This has compelled governments to enforce strict emission controls and legislations regarding sustainable industrial practices. Therefore, production units are augmenting their investments in electric motors. A major beneficiary in this respect is the automotive industry. The advent of electric cars has revolutionized automobile production. Electric vehicles are being extensively used in developed regions such as North America and Europe. Countries such as China and Japan have also transitioned to electric vehicles, which have yielded significant environmental benefits.
The COVID-19 pandemic has heightened environmental concerns among individuals across the world. Since its outbreak, countries have imposed stringent lockdowns, prohibiting cross border or domestic travel, except under extenuating circumstances or for delivering essential goods and services. This has reduced the number of vehicles on the roads, leading to reduced emissions and significantly improving air quality. On the back of this trend, people have been exploring possibilities of owning electric cars in the future, which is anticipated to provide major traction to the electric motors market. The International Energy Agency estimates that electric vehicle sales shall reach 10 million during 2020. It also estimates that electric cars shall constitute nearly 1% of the global car stock. EV manufacturers will thus generate high demand for electric motors.
Electric Motors Market- Region-wise Analysis
  • North America shall contribute the maximum market share, with the United States representing two-fifth of electric motor sales. A major chunk of this demand was witnessed in the EV segment, with over 200 thousand plug-in vehicles being sold in the first three quarters of 2019
  • In the US, deep penetration of the IE-3 electric motors have broadened market prospects over the years. Cumulatively, Mexico, US and Canada will account for 25% of the electric motors market
  • Europe and Japan shall remain the top manufacturers of electric motors, with Japan producing over 20 million electric motors annually. This number shall grow twofold in the next half-a-decade
  • Brazil, Russia, India, China and South Africa shall comprise over 33% of the global electric motors market. Increasing investments by prominent manufacturers due to abundant availability of raw materials and labor is expected to steer growth in a positive direction
Electric Motors Market- Competitive Landscape
The electric motors market consists of prominent players such as Siemens AG, General Electric, Nidec Corporation, Johnson Electronic, Robert Bosch GmbH, Hitachi Ltd., Emerson Electric Co. and WEG S.A. Besides these, a number of new entrants are generating significant revenue pools, making the market quite fragmented in nature.
Maintaining environmental sustainability remains the core foundation of electric motor manufacturers. For instance, Siemens AG has been investing in the production of electric vehicles. It has been developing the Wallbox VersiCharge IEC electric charger with a fast charging capacity of 200-920 V. The company has also partnered with Alstorm to provide mobility solutions in industrial plants through automation.
Manufacturers are also capitalizing on innovative designs and collaborations with government authorities to retain their position in the market. For instance, Linear Labs introduced a new electric motor design to reduce complexity in powertrains and size. The company incurred a cost of US$ 4.5 million to design this project.  Efficiency levels were reported to increase by 20%. Recently, in July 2020, the company negotiated a ~US$ 70 million economic incentive package with the city of Fort Worth to secure a 500,000 square foot premise to establish an electric motor plant which would create thousands of skilled jobs over the 2020-2030 decade.
Electric Motors Market: Segment Analysis
Product Type
  • AC Motors
    • Induction Motors
    • Synchronous Motors
  • DC Motors
    • Brushed DC Motors
    • Brushless DC Motors
Power Output
  • Less than 1 HP
  • 1-500 HP
  • Above 500 HP
Application
  • Pumps
  • Fans
  • Compressors
  • General Machinery
  • Centrifugal Machinery
  • Grinders
  • Extruders
  • Others
End-User
  • Industrial
    • Oil & Gas
    • Food & Beverages
    • Manufacturing
    • Chemical Treatment Plants
    • Others (Pulp & Paper)
  • Residential
  • Commercial
  • Automotive & Transportation
Region/Country
North America
  • U.S
  • Canada
Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
Western Europe
  • EU-5
  • BENELUX
  • Rest of Western Europe
Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe
APEJ
  • China
  • India
  • ASEAN
  • Australia & New Zealand
MEA
  • GCC
  • North Africa
  • Turkey
  • Southern Africa
  • Rest of MEA
Japan
Press-Release Source – https://www.prnewswire.com/news-releases/sustainability-concerns-tech-advancements-to-sustain-electric-motors-market-till-2030-reports-future-market-insights-301093084.html
About Us
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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