The International Energy Agency (IEA) forecasts that the sales of battery electric vehicles (BEVs) and plugin-in hybrid electric vehicles (PHEVs) will increase from 6,850,327 units in 2020 to 79,975,992 units in 2030 and 3,346,713 units in 2020 to 44,355,904 units in 2030, respectively. Furthermore, the IEA also estimates that fuel cell electric vehicle (FCEV) sales will surge from 31,325 units in 2020 to 1,152,588 units in 2030.
As these new energy vehicles require electric motors for their operation, the surging adoption of such automobiles will create huge requirement for electric motors in the coming years. Additionally, the burgeoning demand for energy-efficient electric motors from high-power-consuming industries will drive the electric motor market at a CAGR of 4.8% during the forecast years (2020–2030).
The market revenue stood at $118.2 billion in 2019 and it is projected to reach $195.2 billion by 2030. Electric motors consume nearly 70% of the total energy utilized by the manufacturing sector. Thus, to reduce electricity bills and reach toward a greener future, the industries are adopting energy-efficient motors in abundance. Nowadays, manufacturing companies are increasingly opting for customized electric motors, as these are necessary to avoid compatibility issues with machines.
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With the expansion of the manufacturing sector, electric motor producers such as Allied Motion Technologies Inc., Valeo, ARC Systems Incorporation, Regal Beloit Corporation, and Brook Crompton UK Ltd. have been focusing on developing and offering customized motors. Customization of such motors includes the addition of cables, brackets, gears, mounting plates, and load screws or pulleys. These additions help in enhancing the overall efficiency of the electric motors.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
