Electric Motors – Market set to reach $143.2 Bn by 2023
Published on : Friday 17-01-2020
Electric motors market study, 2015-2019 & 2020-2030 – Global market set to reach $143.2 billion by 2023 according to ResearchAndMarkets.com
Dublin, January 2020 – The "Electric Motors Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global electric motor manufacturing market was worth $106.9 billion in 2019. It is expected to grow at a CAGR of 7.57% and reach $143.2 billion by 2023.
This report covers global market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider motor manufacturing market, and compares it with other markets.
In 2019, North America was the largest region in the motor manufacturing market. The motor manufacturing market in Asia-Pacific is forecasted to register the highest CAGR during 2019-2023.
Increasing use of household appliances is expected to contribute to the growth of the motor manufacturing market in the forecast period. Increasing electrification, rising disposable income, and rapid urbanisation along with several other factors are boosting the demand for household appliances, which in turn will drive the market for motors. For instance, the global household appliances manufacturing market is expected to grow from $283.8 billion in 2018 to $396.2 billion in 2022 at a CAGR of 8.7%. This will drive the market for electric motors in the forecast period.
Increased tariffs on raw materials such as steel and aluminium restrained the market for motor manufacturing in the historic period. Steel and aluminium are predominantly used in manufacture of components for motors. Increasing import tariffs on raw materials such as steel hindered the market for household fans. For instance, in 2018, USA imposed a 25% and 10% tariffs on import of steel and aluminium 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 behaviour and sends an alert upon detecting any deviation from normal behaviour. Smart motors offer several benefits such as increased lifespan of equipment, and improved safety.
In March 2019, Maxon Motor AG, a Switzerland-based company that manufactures and supplies high precision drives and systems such as gears, sensors, controls, compact drives acquired Parvalux Electric Motor for an undisclosed amount. The acquisition is expected to help Maxon Motor AG in becoming a complete solutions provider company by broadening its portfolio in medical technology and industrial automation. Parvalux Electric Motor is a UK based company that specialises in manufacturing geared motors such as DC brushless, DC brushed, gearbox, and generators.
Major players in the 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., Baldor Electric Company, Inc.