How Is Rising EV Sales Supplementing Electric Motor Market Growth?

In recent years, the companies operating in the electric motor market have engaged in product launches to consolidate their position. For instance, in February 2021, Johnson Electric Holdings Limited launched a new series of low-voltage DC motors for actuators used in hospital beds, smart recliners, height-adjustable desks, and other smart furniture.

In the same vein, in June 2021, maxon motor AG introduced BIKEDRIVE Air, a 3.5 kg e-bike system that consists of an integrated battery, a mid-mounted motor, and a control element. Additionally, the players in the electric motor market are also opting for mergers and acquisitions to gain a competitive edge. For example, in March 2021, AMETEK Inc. acquired Crank Software, EGS Automation, and Magnetrol International for $270 million.

With the acquisition of Magnetrol International and EGS Automation, AMETEK Inc. aims to expand its level measurement solutions portfolio and widen its automation solutions portfolio. Furthermore, the acquisition of Crank Software offers graphical user interface design capabilities to AMETEK. Globally, the Asia-Pacific (APAC) electric motor market generated the highest revenue in 2020, and it is projected to showcase the fastest growth throughout the forecast period (2021–2030).

This can be attributed to the presence of a large number of manufacturing plants in developing countries, such as Bangladesh, China, Indonesia, and India. Moreover, the mounting investments being made by the market players in the untapped markets of the region will also augment the demand for electric motors in APAC.

Thus, the burgeoning EV production and escalating demand for energy-efficient electric motors are expected to steer the market growth across the world.

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