Europe Electric Motor Market By Type (AC, DC), By Application (Industrial Machinery, Motor Vehicles, Aerospace And Transportation), & Region For 2024-2031
Report ID: 32109|No. of Pages: 202
Europe Electric Motor Market By Type (AC, DC), By Application (Industrial Machinery, Motor Vehicles, Aerospace And Transportation), & Region For 2024-2031
Europe Electric Motor Market Valuation – 2024-2031
The Europe Electric Motor Market has experienced significant technological advancements in recent years. Moreover, increasing awareness among end-user industries about environmentally friendly practices is fueling the demand for products powered by electric motors, including electric vehicles and machinery. in the various organizations is driving the market size surpass USD 117.58 Billion valued in 2023 to reach a valuation of around USD 168.5 Billion by 2031.
Electric motors play a pivotal role as the primary component in the powertrain of electric vehicles. With intensifying competition among vehicle manufacturers in the electric vehicle sector, traditional automakers are increasingly entering this market to gain a competitive edge over their rivals. It enables the market to grow at a CAGR of 4.60% from 2024 to 2031.
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Europe Electric Motor Market: Definition/ Overview
Electric motors use magnetic fields to transform electrical energy into mechanical energy. Electric motors are widely employed in a variety of industries across Europe due to their efficiency, dependability, and versatility. These motors are classified into three types: AC motors, DC motors, and synchronous motors, each of which is designed for a unique purpose and necessity.
Electric motors are used in several European industries, including automotive, manufacturing, and renewable energy. The power electric vehicles (EVs) in the automotive industry, helping to accelerate the transition to sustainable transportation. In manufacturing, electric motors power machines and automation systems, increasing productivity and precision. The renewable energy sector uses electric motors in wind turbines and solar panel systems to generate and distribute clean energy. Furthermore, electric motors are used in domestic appliances, HVAC systems, and public infrastructure, demonstrating their versatility across various industries.
Europe is looking hopeful, thanks to technological breakthroughs and increased environmental laws. As the region attempts to achieve carbon neutrality, demand for electric vehicles and renewable energy solutions is likely to increase, boosting the market for high-efficiency electric motors. Innovations in motor design, such as the development of smart and IoT-enabled motors, will improve their performance and integration into a wide range of applications.
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How Stringent Carbon Emission Standards Drive the Growth of the Europe Electric Motor Market?
The stringent carbon emission standards mandated by the European union are compelling original equipment manufacturers (OEMs) to accelerate the adoption of electrified powertrains.
This regulatory push is creating significant opportunities within the electric vehicle (EV) industry and is driving the demand for EV charging infrastructure. Government subsidies have also played a pivotal role in making EVs more affordable, thereby contributing to their increasing popularity across Europe.
Recent trends indicate that EV sales have surpassed diesel vehicles in several quarters, underscoring a notable shift in consumer preference. This surge in EV adoption is expected to stimulate further demand for electric vehicles and associated infrastructure, thereby fostering robust market growth throughout the forecast period.
Will Price Volatility Can Hinder the Growth of the Europe Electric Motor Market?
In the Europe Electric Motor Market, the production of these motors is heavily reliant on critical materials such as rare-earth elements (REEs), copper, and aluminum, which renders the industry vulnerable to supply chain disruptions and price volatility.
Moreover, fluctuations in raw material prices have a direct impact on the overall production costs of electric motors, posing challenges for manufacturers to maintain competitive pricing strategies. The unpredictability of material costs also complicates long-term planning and investment decisions for companies operating within the electric vehicle (EV) ecosystem.
In conclusion, the intersection of raw material scarcity, price volatility, and geopolitical tensions, such as those stemming from events like the Russia-Ukraine conflict, creates a complex and challenging environment for the Europe electric motors for EV market.
These factors are anticipated to constrain market growth throughout the forecast period, prompting industry stakeholders to adopt adaptive strategies to mitigate risks and navigate uncertainties effectively.
Category-Wise Acumens
Why DC Electric Motor is the Fastest Growing Segment of the Electric Motors Market?
DC motors are renowned for their excellent starting torque and reliable speed regulation. They are widely utilized in small DC motor applications and are increasingly popular in traction applications.
A notable feature of series motors is their ability to generate substantial starting torque, although their speed can vary significantly between no-load and full-load conditions. Due to this variability, series motors are unsuitable for applications requiring consistent speed under fluctuating loads. Instead, they are ideal for traction applications, cranes, small electrical appliances, mobile electric equipment, hoists, and winches.
On the other hand, shunt motors are preferred for applications demanding constant speed, where starting conditions are not overly demanding.
Typical uses include lathe machines, centrifugal pumps, fans, blowers, conveyors, lifts, weaving machines, and spinning machines. Shunt motors offer better speed regulation, whereas series motors provide superior starting torque.
Will Government Incentives for EVs Propel the Motor Vehicles Segment for the Europe Electric Motor?
Government incentives for electric cars (EVs) will boost the motor vehicle segment of the European electric motor market. These incentives, which include subsidies, tax breaks, and rebates, make EVs more inexpensive and appealing to customers, increasing adoption. As demand for EVs grows, so does the need for efficient and dependable electric motors, which are critical components of these cars. As a result, the motor vehicles section of the European electric motor industry is predicted to increase significantly, aided by government initiatives aimed at boosting sustainable transportation and reducing pollution.
The aerospace and transportation segments (excluding electric vehicles) are expected to be the fastest expanding. This is prompted by the rising use of electric propulsion systems in a variety of applications. Electric aircraft, vertical takeoff and landing vehicles (eVTOLs), and drones are all experiencing rapid growth in Europe. These new means of transportation rely largely on high-performance electric motors, which drive the segment’s rapid expansion.
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Country/Region-wise Acumens
How does Increasing Adoption of Electric Vehicles (EVs), Boost the Europe Region for the Electric Motor Market?
The European electric motor market is poised for steady growth, the electric motor market revolves in Europe. As customers and governments prioritize environmental sustainability and carbon reduction, the demand for electric vehicles is increasing. This surge directly translates into an increased demand for high-performance electric motors, which are critical components of EVs. As a result, the electric motor market in Europe is predicted to increase significantly, owing to the rapid expansion of the EV sector and supportive regulatory frameworks supporting green transportation.
The rapid expansion of this market is expected to continue, thereby boosting the demand for electric motors, which are essential components of EVs. Furthermore, there is a heightened emphasis on energy efficiency across the continent.
Electric motors, known for their superior efficiency compared to traditional internal combustion engines, are becoming more appealing across diverse industries seeking to enhance energy efficiency.
Additionally, supportive government regulations and policies aimed at promoting sustainable energy solutions are further stimulating the market. These combined factors underscore a robust and sustained growth trajectory for the European electric motor market in the foreseeable future.
Competitive Landscape
The Europe Electric Motor Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Europe Electric Motor Market include:
AMETEK Inc., Bayerische Motoren Werke AG, BorgWarner Inc., Continental AG, ENSO Corp., GEM motors, Hitachi Ltd., Magna International Inc., Mitsubishi Electric Corp., Nidec Corp., Robert Bosch GmbH, Siemens AG, Tesla Inc., Toshiba Corp., Valeo SA, and Ford Motor Co.
Latest Developments
- In August 2022, ABB announced its agreement to acquire Siemens’ low-voltage NEMA motor business. This acquisition, which includes manufacturing operations in Guadalajara, Mexico, will enhance ABB’s product portfolio with well-regarded offerings, a long-standing North American customer base, and a skilled operations, sales, and management team.
- In July 2022, WEG introduced the W12 electric motor, designed for high-performance industrial applications, offering both versatility and efficiency.
- In May 2021, Siemens and the Schaeffler Group formed a collaboration to deliver intelligent diagnostics for drive and electric motor systems. This partnership allows Siemens to integrate its IIoT platform, Sidrive IQ, with Schaeffler Group’s expertise in designing, manufacturing, and servicing bearings.
Report Scope
| Report Attributes | Details |
|---|---|
| STUDY PERIOD | 2018-2031 |
| Growth Rate | CAGR of ~4.60% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| HISTORICAL PERIOD | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | AMETEK Inc., Bayerische Motoren Werke AG, BorgWarner Inc., Continental AG, ENSO Corp., GEM motors, Hitachi Ltd., Magna International Inc. |
| Customization | Report customization along with purchase available upon request |
Europe Electric Motor Market, By Category
Type:
- AC
- DC
Application:
- Industrial Machinery
- Motor Vehicles
- Heating Ventilating and Cooling (HVAC) Equipment
- Aerospace & Transportation
Region:
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
4. Zero Emission Aircraft Market, By Type
• AC
• DC
5. Zero Emission Aircraft Market, By Application
• Industrial Machinery
• Motor Vehicles
• Heating Ventilating and Cooling (HVAC) Equipment
• Aerospace & Transportation
6. Regional Analysis
• Germany
• United Kingdom
• Italy
• France
• Spain
• Rest of Europe
7. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
8. Competitive Landscape
• Key Players
• Market Share Analysis
9. Company Profiles
• AMETEK Inc.
• Bayerische Motoren Werke AG
• BorgWarner Inc.
• Continental AG
• DENSO Corp.
• GEM motors
• Hitachi Ltd.
• Magna International Inc.
• Mitsubishi Electric Corp.
• Nidec Corp.
• Robert Bosch GmbH
• Siemens AG
• Tesla Inc.
• Toshiba Corp.
• Valeo SA
• Ford Motor Co
10. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
11. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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