Electric Motor Market Trends

Growth Drivers

• Budding robotics technology will raise demand for electric motors - Since the industrial revolution, machines have made the perfect companion because they can handle some of the most tedious jobs, freeing up human labor for more engaging and worthwhile endeavors.
  
  According to China’s Industrial and Military Robotics Development published in October 2021, China's authorities have designated AI research as a national priority because they see the area as a means of increasing the country's technological prowess and ability to compete on a global scale in commercial output. These AI-generated robots require electric motors to work properly.
• The communication between the motor’s magnetic field and electric current - When a motor is supplied with electric current, a magnetic field is created that interacts with the motor's parts to generate motion. The majority of motors operate on the basis of electromagnetism, namely the relationship that exists between an electric current and a magnetic field. Moreover, the use of electrically run vehicles is becoming quite common globally.
  
  As per the National Library of Medicine's recent predictions published in February 2022, there will be a huge advancement worldwide in the automobile sector as public transportation use rises.
• Increase in the demand for new vehicles - A number of variables, including the growing need for new cars, electric vehicles, household appliances, industrial machinery, and any other product that heavily relies on electric motors, are the main drivers of the electric motor sector.
  
  As stated in the International Electric Association (IEA) study released in 2022, sales of electric vehicles around the globe increased by 3.5 million in 2023 compared to 2022, a 35% annual rise. Compared to 2018, which was only five years ago, this is more than six times greater.

Challenges

• High maintenance cost of electric motors - In contrast to regenerative brakes, which prolong the life of braking components at least three to four times, an internal combustion engine and gearbox require routine maintenance, including oil, coolant, and air filters and fluids.
  
  For instance, a just 20% decrease in fan speed might result in a roughly 50% reduction in energy usage. In actuality, a fan's operating horsepower is reduced by a factor of eight when its speed is halved.
• Shortage as well as high cost of raw materials of electric motors - A variety of materials, including steel, copper, aluminum, and rare earths, are needed for EV motors. Over the previous two years, the price of these materials has increased significantly, which has an effect on the margin that a motor manufacturer may get. This can further impede the market of electric motors by the end of 2036.