Elettronica
Electric Motor Market to Reach $207.3 Bn, Globally, by 2030 at 6.7% CAGR: Allied Market Research
Rise in demand for energy-efficient electric motors and surge in awareness about electric and green vehicles among customers drive the growth of the global electric motor market. However, high initial cost and maintenance of electric motors restrain the market growth. On the other hand, improvement in design methods to reduce carbon emissions creates new opportunities in the coming years.
Based on motor type, the alternate current (AC) motor segment accounted for the highest market share in 2020, contributing to more than two-thirds of the global electric motor market, and is expected to continue its lead position during the forecast period. This is due to its adoption in the manufacturing of commonly used appliances. However, the direct current (DC) motor segment is estimated to register the largest CAGR of 7.0% from 2021 to 2030, owing to rise in adoption in industrial applications.
Based on application, the automobile segment contributed to the highest market share in 2020, accounting for nearly two-fifths of the global electric motor market, and is projected to continue its dominant share during the forecast period. This is attributed to requirement of low capacity motors, which is fulfilled by the usage of electric motors. However, the medical equipment segment is expected to witness the fastest CAGR of 8.2% from 2021 to 2030. This is due to large-scale innovations and manufacturing of automated medical devices.
Based on region, Asia-Pacific , followed by Europe and North America , held the highest share in 2020, contributing to more than two-fifths of the global electric motor market, and is expected to continue its lead position by 2030. This is due to surge in manufacturing activities of electrical and electronic equipment in China . However, LAMEA is projected to portray the highest CAGR of 8.3% during the forecast period, owing to rapid industrialization and urbanization of its developing countries.
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$171.8 billion in 2020, and is projected to reach
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