Electric Motor Market to Hit $181.89 Billion by 2028; Dana Launches New Electric Motor to Amplify its Market Position

The global electric motor market size is expected to gain momentum by reaching USD 181.89 billion by 2028. Fortune Business Insights in its latest report, titled, “Electric Motor Market Size, Share & COVID-19 Impact Analysis, By Motor Type (AC Motor, DC Motor, Hermetic Motor), By Power Output (Fractional Horsepower (Up to 1HP), Integral Horsepower (Above 1HP)), By Voltage (Up to 1kV, 1kV - 6.6kV, Above 6.6kV), By Application (Industrial Machinery, Motor Vehicles, HVAC Equipment, Electrical Appliances, Others), By End-User (Industrial, Commercial, Residential, Agriculture, Transportation) and Regional Forecast, 2021-2028.” The report further observes that the market stood at USD 106.45 billion in 2020 and is likely to exhibit a CAGR of 7.0% between 2021 and 2028. This is attributable to the increasing demand for electric vehicles worldwide that is projected to boost the adoption of electric type motors in the forthcoming years. 

Dana Incorporated’s New Electric Motor Highly Efficient for Electric-Powered Applications

In July 2020, Dana Incorporated announced the launch of a low-voltage and efficient motor for electric applications and drive axles for industrial lift trucks consisting of Class I, IV, and V. According to the company, the new motor is 95% efficient and prolongs battery life while delivering higher power density than the traditional AC motors primarily used in such applications. Moreover, the new motor addresses the vital issues of manufacturers such as power, performance, NVH requirements, and torque. Such initiatives are expected to bode well for the growth of the market in the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/electric-motor-market-100752

DRIVING FACTORS

Increasing Demand for Electric Vehicles to Augment Growth

According to a survey conducted by the Union of Concerned Scientists (UCS) in 2019, around 63% of people in the U.S. showed interest in an electric vehicle. The electric vehicles have garnered interest since years and with degrading air quality due to vehicular emissions the demand has surged dramatically presently. Therefore, the surging demand for electric vehicles is expected to contribute to the global electric motor market growth in the forthcoming years.

COMPETITIVE LANDSCAPE

Key Players Focus on Product Launch to Strengthen Their Market Positions

The global market is witnessing healthy competition between key companies that are focusing on developing and introducing advanced electric motors to expand their product portfolio and further maintain their presence. Moreover, other key players are leveraging the opportunities provided by the market by adopting several organic and inorganic strategies to strengthen their footprint during the forecast period.

Industry Development:

• February 2021 – German propulsion manufacturer Schottel announced the securing of a contract for supplying main propulsion units to Vancouver-based company Western Pacific Maritime (WPM). This move is expected to strengthen its position in the global marketplace.

List of the Companies Profiled in the Market:

• ABB (Switzerland)


• AMETEK (United States)


• Johnson Electric (China)


• Siemens (Germany)


• Rockwell Automation (United States)


• GE (United States)


• Nidec Motor Corporation (Japan)


• WEG (Brazil)


• Toshiba Corporation (Japan)


• Hitachi (Japan)


• Mitsubishi Heavy Industries (Japan)


• TECO-Westinghouse Motor Company (United States)


• Arc Systems Inc. (Japan)


• DENSO (Japan)


• Regal Beloit Corporation (United States)

Further Report Findings:

• Asia-Pacific is expected to remain dominant and hold the largest global electric motor market share during the forecast period. This is attributable to the increasing demand for electrical motors across several industrial applications such as automotive, constructions, and others. Asia-Pacific stood at USD 37.77 billion in 2020.


• The market in Europe is anticipated to showcase exponential growth backed by the stringent government regulations regarding fuel emissions that is propelling the demand for these electric type motors in the production of automotive between 2021 and 2028.


• Based on motor type, AC motor type held a market share of about 57.9% in 2020 and is expected to experience considerable growth backed by the increasing adoption of AC motors in the manufacturing of electric appliances worldwide.  

Table of Segmentation: