Electric DC Motors Market to hit US$ 23,639.4 million, Globally, by 2028 at 9.0% CAGR: The Insight Partners

The Insight Partners

The Insight Partners

Adoption of Brushless DC Motors in Electric Vehicle Manufacturing to Drive Market Growth During 2021–2028

NEW YORK, UNITED STATES, March 21, 2022 /EINPresswire.com/ -- The Insight Partners published the latest research study on “Electric DC Motors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Speed, and Application,” the market is expected to grow from US$ 12,968.5 million in 2021 to US$ 23,639.4 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2021 to 2028

Strategic Insights             

Report Coverage              Details

Market Size Value in       US$ 12,968.5 Million in 2021

Market Size Value by     US$ 23,639.4 Million by 2028

Growth rate       CAGR of 9.0% from 2021 to 2028

Forecast Period 2021-2028

Base Year            2021

No. of Pages      171

No. Tables           83

No. of Charts & Figures 85

Historical data available Yes

Segments covered          Type and Application

Regional scope  North America; Europe; Asia Pacific; Latin America; MEA

Country scope   US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage              Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Developing countries such as China and India have witnessed a rise in investments in residential and commercial constructions over the years. In 2018, United Nations Industrial Development Organization (UNIDO) collaborated with the Chinese Academy of International Trade and Economic Cooperation (CAITEC) to promote industrial parks. The collaboration focused on China's industrial park development experiences and practices to successfully use its potential to generate sustainable routes toward industrialization. These factors propel the demand for HVAC systems across the globe, thereby driving the need for electric DC motors.

The European automotive industry was severely hit, and the overall production declined by more than 20% due to severe supply chain disruptions caused by imposed lockdowns. These disruptions negatively impacted the demand for electric DC motors used in various automotive applications, such as electric vehicles and other passenger and commercial vehicles. The consumer electronics and home appliances sectors were adversely affected due to the emergence of the COVID-19 pandemic. With decreased income levels, buyers opted to purchase necessities, such as household goods and groceries, instead of nonessential and big-ticket purchases, including home theatres and LCD TVs. The COVID-19 outbreak has compelled manufacturers to streamline production processes to tackle unexpected disruptions and resolve uncertain challenges, including physical distancing. Due to increased vaccination drives, the demand for electric DC motors continues to rise after the Q3 of 2020, with companies investing in making operations efficient and productive.

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Key Findings of Study: Electric DC Motors Market

The requirement for DC electric motors is increasing rapidly in various domains, such as home appliances, aviation, transportation, infrastructure machinery, automotive, and HVAC equipment globally. The utility of electric DC motors is also increasing in driving constant speed line shafts, vacuum cleaners, lathes, laundry washing machines, wood-working machines, conveyors, elevators, small printing presses, and grinders. Increasing manufacturing activities and the rapidly expanding packaging industry further drive the electric DC motors market growth in North America and Europe.

Rising Adoption of Brushless DC Motor Drives Market Growth

Brushless DC motors are gaining popularity due to their advantages, such as energy efficiency, high rpm, low noise, strong torque, and increased operating efficiency. Progressing industrial automation and the growing use of small electronic gadgets propel the demand for brushless DC motors. Hand dryers, surgical instruments, fans, pumps, compressors, and domestic appliances use brushless DC motors. The adoption of these motors is growing in various industries, such as agriculture, medical, healthcare, and automotive, due to the increasing urban population and rising awareness regarding environmentally friendly products. The UK government spent US$252.9 billion on healthcare in 2018. Due to such increased government investments in the healthcare sector in countries including the UK, the US, and India, the electric DC motors market is growing rapidly.

Electric DC Motors Market: Competitive Landscape and Key Developments

ABB, Allied Motion Inc., Ametek Inc, Yaskawa Electric Corp, Minebeamitsumi Inc., Johnson Electric Holdings Limited, Maxon Motor AG, NIDEC Corporation, Regal Rexnord Corporation, and Siemens AG are among the key players in the global Electric DC Motors market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In August 2021, Siemens Large Drives Applications (LDA) received an order from a Chinese client to produce a special machine with a dual shaft extension. It can be utilized in motor operation with a power of 105 MW and as a generator with up to 129 MVA in power generation mode. The 2-pole electric motor will have an efficiency higher than 98%.

In December 2021, Nidec Corporation announced the construction of its new factory in Serbia. The company plans to open factories in Serbia to supply products across Europe and do multiple businesses from there in the future.

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