The global electric motor market revenue stood at $105.5 billion in 2020, and it is predicted to surge to $195.1 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 6.3% from 2020 to 2030. The major factors fueling the expansion of the market are the growing compliance for energy-efficient electric motors, surging deployment of electric vehicles (EVs), and mushrooming use of electric motors for various applications.
The adoption of EVs has increased massively in recent years, primarily because of the surging concerns over the rapid environmental degradation. As per the International Energy Agency (IEA), the sales of electric cars grew from 2.1 million in 2019 to 3.24 million in 2020. Moreover, as per the Electric Vehicle Outlook 2020 report, the share of EVs in the global sales was 3% in 2020 and it is predicted to rise to 7% by 2023, with sales of nearly 5.4 million.
As electric motors are crucial components of EVs, the growing deployment of these new energy vehicles is positively impacting the growth of the electric motor market. The other major factor driving the expansion of the market is the ballooning adoption of energy-efficient electric motors, on account of the burgeoning requirement for reducing energy consumption by various high-power consuming industries. Electric motors account for nearly 70% share in the total energy consumption in a manufacturing industry. As electric motors are responsible for almost half of the energy consumption in a manufacturing industry, these industries are rapidly deploying energy-efficient electric motors.
The players operating in the industry are focusing on mergers and acquisitions in order to strengthen their position. For example, AMETEK Inc. acquired EGS Automation, Crank Software, and Magnetrol International in March 2021. The organization spent around $270 million in the acquisition of these firms, which recorded annual sales of around $120 million. With the help of this acquisition, Magnetrol International expanded AMETEK’s level measurement solutions portfolio, EGS Automation enhanced AMETEK’s automation solutions portfolio, and Crank Software provided graphical user interface design capabilities to AMETEK.
Hence, the market will exhibit huge expansion in the forthcoming years, mainly because of the growing deployment of EVs all over the world.
Read more: https://www.psmarketresearch.com/market-analysis/electric-motor-market
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