Electric Motor Market Research Report: By Motor Type (AC Motor, DC Motor, Hermetic Motor), Output Power (Fractional Horsepower, Integral Horsepower), Application (Motor Vehicle, Industrial Machinery, HVAC Equipment, Transportation, Household) - Global Industry Analysis and Growth Forecast to 2030
New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Motor Market Research Report: By Motor Type, Output Power, Application - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982435/?utm_source=GNW
The adoption of electric vehicles has been increasing rapidly across the globe. As the awareness regarding negative impact of conventional ICE-based vehicles is increasing, people are widely opting for electric vehicles. Unlike ICE vehicles, electric vehicles run on electricity and therefore doesn’t cause as much harm to the environment. Due to surging levels of pollution all over the globe, the need for curbing greenhouse gas emissions is increasing by every passing day.
Electric vehicles can be of great help in this regard, which is why their adoption is increasing. A major component of an electric vehicle is an electric motor, therefore, their demand is also increasing with the rising adoption of electric vehicles. The global electric motor market is projected to attain a revenue of $195.2 billion in 2030, increasing from $118.2 billion in 2019, progressing at a 4.8% CAGR during the forecast period (2020–2030), according to a research conducted .
Electric motors are of 3 types, namely AC, DC, and hermetic motor. Among these, the demand for AC motors has been the highest in the past, and the situation is likely to remain the same in the years to come as well. AC motors have higher speed and torque as compared to other variants and they are able to function at higher voltages. In addition this, AC motors are easier to maintain than DC and hermetic motors.
AC motors are further of two types, namely synchronous and induction, between which, a larger demand was created for induction AC motors in the past. Three-phase induction motors are highly popular in a number of industrial applications. Single-phase induction motors are utilized commonly in household applications, including grinders, pumps, mixers, fans, and washing machines. It is owing to such wide range of applications of induction motors that their demand is rising at a rapid pace.
Other than motor vehicles, electric motors also fine applications in industrial machinery, HVAC equipment, household, and transportation. Motor vehicles have been creating the largest demand for electric motors in the past. The increasing concerns regarding the environment and volatility of oil prices are the major reason for this. Owing to these factors, and the surging adoption of electric vehicles, the demand for electric motors is further predicted to be the highest for the electric motor application in the years to come.
The Asia-Pacific region emerged as the largest electric motor market in the past, owing to the swift industrialization and rising adoption of HVAC equipment and electric vehicles in China and India. For example, the Government of India rolled out a subsidy scheme for introducing electric public transport services in 11 major cities of the country in the beginning of 2018. The incentive covers about 60% of the purchase cost of electric buses. Incentives like these are predicted to drive the demand for electric vehicles in the region, in turn, driving the demand for electric motors.
Hence, the major factors driving the market are the growing demand for electric vehicles and wide application areas of electric motors.
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