Electric Motor Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is anticipated to account for largest revenue share of 38% by 2035, Moreover, the electric motor industry will increase immensely from 2023 to 2035 and will reach around USD 137 billion.
Rapid industrialization will drive the market expansion of electric motors. Taking into consideration the survey done in October 2020 by East Asia’s Paths to Industrialization and Prosperity: Lessons for India and Other Late Comers in South Asia; the Asia Pacific’s global GDP along with Japan has increased from 10% to 20% in the last decade. Developing Asia's share of the global GDP increased significantly between 1960 and 2018, rising from 4.1% to 24.0%.
Electric motors are especially in actual demand in China, driven by the increasing demand for HVAC systems. International Energy Association published in 2019 stated that over the last 20 years, China has had the highest rise in the world in terms of energy demand for space cooling in buildings. Since 2000, the country's electricity consumption has increased by 13% annually, reaching approximately 400 terawatt-hours (TWh) in 2017.
In Japan, electric motors will encounter massive growth because of the advancement in the agricultural sector. As stated in the survey made in December 2020 by the United States Department of Agriculture (USDA) for the eighth year in a row, Japan set a record with its combined yearly exports of food, forestry, and fishery goods totaling JP¥ 912.1 billion (USD 8.79 billion).
The electric motors sector will have a significant expansion in South Korea due to the massive investment in industrialization in this country. As noticed in the survey of the Federal Reserve Bank of St. Louis done in 2018, the advancement in businesses and policies of incentivizing investment in the latest innovation is driving the expansion of industrialization in South Korea.
North American Market Insights
The North America region will encounter massive growth in the sector of the electric motor market during the anticipated period. This rapid growth in the electric motor market will be noticed due to the rising government initiatives to reduce carbon emissions. As stated in the study by the United States Environmental Protection Agency in the year 2021, in terms of carbon dioxide equivalents, North American greenhouse gas emissions came to 6,340 million metric tons (14.0 trillion pounds).
The electric motors market has expanded in the U.S. as a result of the presence of some prominent automobile companies in this country. For instance, in April 2024 Tesla, Inc. launched the New Model 3 Performance the newest generation of performance drive units, which increases torque, power, and efficiency.
The Canadian electric motor sector will grow mainly due to the rising demand of electric vehicles in this country. As stated in the Electric Vehicles and the Demand for Electricity published in the year 2024 the EV sales are increasing, but they still make up a small portion of the car market overall. From less than 1% of sales in 2017 to 9.1% in the last quarter of 2022, this is despite continued legislative measures.
