The Latest Electric Motors Industry Statistics Explained
Globally, the electric motor sales surpassed 2.5 billion units annually.
The statistic indicates that over 2.5 billion electric motors are sold worldwide each year. This suggests a high demand for electric motors across various industries including automotive, appliances, industrial machinery, and renewable energy systems. The significant number highlights the pivotal role that electric motors play in modern technologies and signifies a growing trend towards electrification and energy efficiency. The continued growth in electric motor sales reflects advancements in technology, increasing consumer awareness of sustainability, and regulatory measures promoting energy-efficient equipment. Overall, the statistic underlines the widespread use and importance of electric motors in the global economy.
The global electric motor market was worth around 108.5 billion U.S. dollars in 2020.
The statistic indicating that the global electric motor market was valued at approximately 108.5 billion U.S. dollars in 2020 highlights the significant economic size and importance of the electric motor industry worldwide. This figure represents the aggregate value of electric motors produced, sold, and utilized across various sectors including industrial, residential, commercial, and automotive applications. The robust market value suggests a growing demand for electric motors, likely driven by increasing emphasis on energy efficiency, sustainability, and the expanding adoption of electric vehicles and renewable energy sources. The statistic underscores the critical role that electric motors play in modern economies and industries, reflecting their pervasive presence and impact on global markets.
The global electric motor market is set to reach $166.4 billion by 2027.
The statistic indicates a projected growth in the global electric motor market, with an estimated value of $166.4 billion by the year 2027. This figure suggests a significant increase in market size from its current state, reflecting a growing demand for electric motors across various industries such as automotive, manufacturing, energy, and consumer electronics. Factors driving this anticipated growth could include increasing investments in renewable energy sources, technological advancements leading to more efficient electric motors, and a shift towards sustainability and energy efficiency in industrial and consumer applications. Overall, the statistic underscores the potential for substantial opportunities and expansion within the electric motor market in the coming years.
The motor vehicle electric motor market sector is projected to occupy around 21.3% of the total share by 2027.
The statistic highlights that the motor vehicle electric motor market sector is expected to hold a significant portion, specifically around 21.3%, of the overall market share by the year 2027. This projection suggests a growing trend towards the adoption of electric vehicles within the automotive industry, indicating a shift towards more sustainable and environmentally friendly modes of transportation. This statistic serves as a key indicator of the increasing prominence of electric motors in the motor vehicle sector and implies potential opportunities for companies operating in this market to capitalize on the growing demand for electric vehicles and associated technology.
By 2027, the AC electric motor sales are predicted to be over half the total sales.
The statistic suggests a projected trend in the electric motor industry, indicating that by 2027, sales specifically for AC electric motors are estimated to exceed 50% of total electric motor sales. This prediction implies a significant shift towards the adoption of AC motors over other types of electric motors within the market. The anticipated growth in demand for AC motors could be attributed to factors such as efficiency, reliability, and cost-effectiveness compared to other types of motors. This statistic highlights the evolving landscape of the electric motor industry, with AC motors likely to play a dominant role in driving future sales and addressing the needs of various industries and applications.
Electric motors account for around 45% of global electricity demand.
The statistic that electric motors account for around 45% of global electricity demand highlights the significant role these devices play in consuming energy across various industries and sectors worldwide. Electric motors powered by electricity are commonly used in countless applications, including manufacturing, transportation, household appliances, and more. This figure underscores the importance of optimizing the efficiency and energy consumption of electric motors to mitigate environmental impact and address energy sustainability challenges. Additionally, it emphasizes the potential for energy savings and carbon emissions reduction by improving the performance and utilization of electric motors in different sectors.
Overall electric motor efficiency can reach above 95%.
The statement that overall electric motor efficiency can reach above 95% refers to the idea that modern electric motors are capable of converting a high percentage of electrical energy into mechanical energy with minimal losses. Electric motor efficiency is typically calculated as the ratio of the mechanical power output to the electrical power input, expressed as a percentage. An efficiency above 95% indicates that the motor is highly effective at converting electricity into useful work, with only a small portion of energy being lost as heat or other forms of energy. Achieving such high efficiency levels can lead to significant energy savings and lower operating costs, making electric motors a preferred choice for various applications that require reliable and energy-efficient performance.
Small electric motors market size was valued at $30.04 billion in 2020.
The statistic ‘Small electric motors market size was valued at $30.04 billion in 2020’ represents the total estimated value of the market for small electric motors in the year 2020. This figure reflects the combined revenue generated from the sales of small electric motors by companies operating within this market. The market size provides a quantitative measure of the economic activity within this industry, indicating the scale and significance of small electric motors as a product category. This statistic can be used by stakeholders such as investors, policymakers, and industry analysts to assess the growth potential, competitiveness, and overall health of the small electric motors market.
More than 30% of the energy consumed in the industrial sector is used by electric motor systems.
The statistic indicates that electric motor systems play a significant role in the industrial sector, accounting for more than 30% of the energy consumed. This highlights the widespread use of electric motors in industry and suggests that improving the efficiency of these systems could lead to substantial energy savings. Given the substantial energy consumption by electric motor systems, efforts to promote energy-efficient practices and technologies in industrial operations can have a notable impact on reducing overall energy consumption and associated costs in this sector.
Electric motors used in an industrial context represent about 2/3 of the electricity used in that sector.
This statistic indicates that electric motors play a significant role in the energy consumption of the industrial sector, accounting for approximately two-thirds of the electricity used in this context. Electric motors are commonly employed in various industrial applications such as manufacturing processes, ventilation systems, and pumps. Due to their widespread use and continuous operation, electric motors have a substantial impact on overall energy consumption in the industrial sector. Therefore, improving the efficiency of electric motors or implementing energy-saving measures for motor-driven systems can potentially lead to significant energy and cost savings for industrial facilities.
The furnace fan motor market is expected to grow at a CAGR of 4.5% from 2021 to 2026.
This statistic suggests that the furnace fan motor market is projected to experience a Compound Annual Growth Rate (CAGR) of 4.5% over the period spanning from 2021 to 2026. A CAGR is a measure used to represent the annual growth rate of an investment over a specified period of time, smoothing out the fluctuations in the data. In this context, the growth rate indicates the anticipated average annual increase in the market size for furnace fan motors, predicting a steady and consistent expansion in demand for these products over the next five years. This statistic indicates positive prospects for the industry, potentially driven by factors such as technological advancements, increasing adoption of energy-efficient solutions, or growth in construction and renovation activities.
Industrial electric motors are the single largest sector, accounting for nearly 60% of all electricity use.
The statistic that industrial electric motors are the single largest sector, accounting for nearly 60% of all electricity use, indicates that industrial activities utilizing electric motors are the most significant consumer of electricity across all sectors. This high percentage highlights the substantial energy demand of industrial operations relying on electric motors for various applications such as manufacturing, processing, and transportation. Due to the heavy electricity consumption associated with industrial electric motors, understanding and optimizing their energy usage becomes crucial in addressing energy efficiency and sustainability challenges in the industrial sector. Policymakers, industries, and energy stakeholders can use this statistic to prioritize energy-saving measures, technology upgrades, and renewable energy integration to mitigate the environmental impact of industrial electricity consumption.
There will be a requirement for 700,000 tons of copper by 2027 for the motor application in electric vehicles.
The statistic states that the demand for copper for use in electric vehicle motors is projected to reach 700,000 tons by the year 2027. This showcases the increasing reliance on copper as a key component in the production of electric vehicles, reflecting the growing trend towards sustainability and the shift away from traditional internal combustion engine vehicles. With the rise in popularity of electric vehicles around the world, this statistic highlights the critical role that copper plays in supporting the transition towards cleaner transportation technologies and underscores the need for strategic planning and investment in copper production to meet the future demand in the automotive industry.
The fractional horsepower (FHP) motors market was valued at $26.28 billion in 2020.
The statistic stating that the fractional horsepower (FHP) motors market was valued at $26.28 billion in 2020 provides insight into the significant financial scale of this particular industry segment. FHP motors are electric motors with power output ratings below one horsepower, commonly used in a wide range of applications such as household appliances, power tools, and automotive systems. The $26.28 billion valuation indicates the total revenue generated by FHP motor manufacturers, suppliers, and related industries in 2020, highlighting the market’s substantial size and economic impact. This statistic reflects the ongoing demand for FHP motors across various sectors and signifies the importance of this market within the broader electrical machinery industry.
The global HVAC motors market is expected to reach $15.2 billion by 2025.
This statistic indicates the projected value of the global HVAC (heating, ventilation, and air conditioning) motors market by the year 2025, estimated at $15.2 billion. This forecast suggests a significant growth trend in the demand for HVAC motors driven by factors such as increasing infrastructural development, rising demand for energy-efficient systems, and advancements in technology. The HVAC motors market caters to various sectors such as residential, commercial, and industrial, with motors being a crucial component in HVAC systems for controlling air flow and temperature regulation. The anticipated growth in this market reflects the ongoing evolution and expansion of the HVAC industry worldwide.
America’s electric motor market value was around $20.6 billion in 2020.
The statistic that America’s electric motor market value was around $20.6 billion in 2020 indicates the total worth of the electric motor industry within the United States during that year. This figure represents the combined value of all electric motors sold, manufactured, and used in various sectors such as industrial, commercial, and residential applications. The sizeable market value suggests a significant demand for electric motors within the country, reflecting their widespread use in powering machinery, appliances, and other devices. This statistic highlights the economic importance and scale of the electric motor industry in the United States, showcasing its contribution to the overall economy and technological advancement.
The Asian region is expected to register the highest CAGR of 7.6% in the electric motor market during the period 2020-2027.
This statistic indicates that the Compound Annual Growth Rate (CAGR) for the electric motor market in the Asian region is projected to be the highest among all regions, standing at 7.6% from 2020 to 2027. This suggests that the demand for electric motors in Asian countries is anticipated to grow at a more rapid and consistent pace compared to other regions during the specified period. Factors driving this high CAGR could include increasing industrialization, urbanization, government initiatives promoting energy efficiency, and the growing adoption of electric vehicles and renewable energy technologies in Asia. Businesses operating in the electric motor market may consider these growth projections when developing strategic plans and targeting market segments within the Asian region.
Europe’s electric motors market is projected to reach USD 22.9 billion by 2027.
The statistic indicates that the electric motors market in Europe is expected to grow significantly and reach a value of USD 22.9 billion by the year 2027. This projection suggests a strong upward trend in the demand and adoption of electric motors across various industries and applications in Europe over the coming years. Factors driving this growth may include increasing focus on energy efficiency, sustainability initiatives, technological advancements in electric motor technology, and regulatory policies promoting the use of electric motors over traditional combustion engine systems. The projected market value serves as an important indicator of the growing importance and market potential of electric motors within the European industrial landscape.
Conclusion
Based on the electric motors industry statistics presented, it is clear that the sector is experiencing steady growth and technological advancements. With increasing demand for energy-efficient solutions and sustainability initiatives, electric motors are set to play a crucial role in various industries. Companies in this sector should continue to innovate and adapt to market trends to stay competitive and capitalize on the opportunities presented in the rapidly evolving landscape of electric motors.
References
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