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The electric motors accessories market size is forecast to increase by USD 1.30 billion, at a CAGR of 5.77% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing use of electric motors in various sectors, particularly in the automotive industry. This trend is fueled by the global shift towards sustainable transportation and the rising demand for electric vehicles (EVs). Additionally, the increasing demand for heating, ventilation, and air conditioning (HVAC) systems in both residential and commercial applications is another major growth factor for the market. However, the market faces challenges such as limitations in power rating for electric motor accessories, which can hinder their widespread adoption in high-power applications. To address this challenge, manufacturers are focusing on developing advanced technologies to enhance the power capabilities of electric motor accessories while maintaining energy efficiency. Overall, the electric motors accessories market is expected to witness growth in the coming years, driven by these trends and the increasing demand for sustainable and energy-efficient solutions. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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The report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The market is booming with advancements in next-generation technologies, enhancing electric motor functionality across various applications. Essential components like stator cores, stator windings, rotor cores, and rotor windings are critical for both brushless DC motors and AC induction motors, ensuring high power density and low weight. Accessories such as bearings, fans, water pumps, and machine tools, alongside end cap, end bells, and commutators, are vital for optimal performance. Speed controllers and brushes further fine-tune operation, crucial for electric motorcycles and scooters. Integrating Internet of Things (IoT) technology with manufacturing facilities boosts material handling and efficiency, driving innovation in this evolving sector. Further, the market is rapidly evolving with next generation technologies enhancing electric scooter and other applications. Key components such as stator core, stator winding, rotor core, and rotor winding are essential for optimal motor performance. The machine base and end cap provide structural support, while bearing ensures smooth operation. Fan and water pump are crucial for cooling and maintaining efficiency. Machine tool play a vital role in manufacturing and precision assembly. As electric scooters gain popularity, advancements in these accessories are driving innovation, improving performance, and extending the lifespan of electric motors in various applications.
Government subsidies and incentives for electric vehicles is the key factor driving the global electric motors accessories market growth. Government funding, incentives, and subsidies to boost EV manufacturing and adoption are influencing market growth. The US government has taken several initiatives to promote consumer acceptance of electric vehicles. The development of energy-efficient electric motor accessories is driven by stringent design and manufacturing requirements, significantly boosting the growth of the market. The expansion of the industrial and construction sectors and increasing government focus on introducing energy-efficient motors are responsible for the high demand for electric motor accessories worldwide.
Moreover, consumers and governments are investing heavily in electric vehicle(EV) adoption, which is driving the growth of the EV market globally. Additionally, governments in many countries offer subsidies and other rewards to encourage the purchase of electric vehicles. The increasing trend of electric vehicles is also expected to contribute to the growth of electric motor accessories during the forecast period.
Increasing demand for HVAC systems will fuel the global electric motors accessories market growth. Demand for HVAC systems is increasing from residential, commercial, and industrial end users as these systems maintain indoor air quality and provide thermal comfort. They are one of the basic components of modern infrastructure, especially for large offices and shopping complexes. Electric motor accessories are widely used in HVAC systems to maximize life and performance and achieve high airflow system efficiency. Additionally, the growth of the industrial and commercial sectors in China and India has increased the demand for HVAC systems worldwide. Growing concerns about environmental sustainability coupled with government incentives for energy-efficient HVAC systems are driving HVAC companies to bring green products to market and grow their market share globally. However, another factor driving the production of HVAC systems and positively impacting the demand for electric motor accessories is the increase in residential construction worldwide. Therefore, increasing demand for HVAC systems drives demand for electric motor accessories such as electric motors. Such factors will drive the growth of the market during the forecast period.
Limitations of power rating can majorly impede the growth of the market. Building high-performance electric motor accessories is very expensive, mainly due to the need for strong permanent magnets to build high-performance motors. Strong permanent magnets are made from rare earth materials such as neodymium, but most of the reserves of such materials are found only in a few countries, such as China and Australia, so prices fluctuate. Several instances of trade wars in which China has restricted exports of rare earth metals have created an imbalance between supply and demand, which has had a significant impact on neodymium prices.
Further, neodymium is an important raw material for producing strong permanent magnets used in high-rated electric motor attachments. Fluctuations in raw material prices remain a major challenge for the use of high-performance electric motor accessories. Therefore, such factors are expected to have a negative impact on the growth of the market during the forecast period.
Market players are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers different types of electric motor accessories, such as the D series, under its subsidiary Baldor.
Bodine Electric Co: The company offers parallel shaft gear motors, horsepower gear motors, and motor speed controls. It also offers different types of electric motor accessories such as a 24A brush.
We also have detailed analyses of the market's competitive landscape and offer information on 18 market companies, including:
The report offers, clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the companies. The analysis classifies companies into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. companies are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don'ts of business which in turn can help a client make the best decision.
The aftermarket segment will contribute a major share of the market, due to consumer awareness about the maintenance and repair to extend the useful life of products such as vehicles, appliances, and water pumps. Aftermarket electric motor accessories refer to the manufacture, remanufacture, distribution, redistribution, retail, resale, and installation of electric motor accessories. Aftermarket involves replacing electric motor accessories after the sale to maintain efficiency and mobility throughout the life of the electric motor. There is a chain of electric motor accessory operators that includes multi-brand repair shops, technical information providers, parts distributors, tool manufacturers, parts manufacturers, and roadside assistance providers.
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The aftermarket segment showed a gradual increase in market share with USD 1.85 billion in 2018. Vehicle life expectancies are increasing due to improvements in the materials and techniques used in vehicle manufacturing, including electric motor accessories. Vehicles are now of uncompromising quality. In addition, the number of customers who keep their old cars as spare cars rather than trade them in or sell them is gradually increasing. Demand for replacement repair and maintenance of electric motor accessories from automotive and other end-users due to increasing product aging is a factor expected to drive the growth of the aftermarket electric motor accessories segment during the forecast period.
The growth of the global automotive industry is one of the major factors driving the demand for electric motor accessories worldwide. According to the International Trade Administration (ITA), the United States is the world's second-largest market for automobile production and consumption. The recent replacement of the North American Free Trade Agreement (NAFTA) with the United States-Mexico-Canada Agreement (USMCA) has also had a positive impact on the country's auto industry, boosting the growth of global electric vehicles. The growing interest in the electric vehicle sector will further increase the demand for electric vehicles across the globe during the forecast period. Automakers are looking to improve vehicle efficiency not only when it comes to the engine, but also when it comes to auxiliary systems. This translates into an overall improvement in vehicle fuel efficiency. The energy consumed by accessories such as steering, fuel pumps, and window regulators is ultimately produced by the engine. Electric motor accessories improve the efficiency and performance of auxiliary systems. Electric motor accessories are used in automobile electric power steering systems. The share of this market segment is expected to grow significantly due to the increasing focus on converting automotive mechanical systems into direct drive systems with electric motor accessories.
APAC is estimated to contribute 99% to the growth by 2028. Technavio's analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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Asia-Pacific dominated the market, accounting for the largest share of sales. This is due to progress in the agricultural sector and massive investment in industrialization by countries such as China, India, South Korea, and Australia. Additionally, the growing production and sales of electric vehicles in countries such as China and Japan and the presence of established OEMs is expected to spur the market growth during the forecast period. The main application of electric motors and their accessories in APAC is in the manufacturing industry and they are widely used in machinery such as pumps, compressors, and conveyors. In countries such as China and India, the demand for electric motor accessories is increasing due to the rapid growth of various industries, from automotive to construction. Moreover, the Asia-Pacific region has seen a significant increase in the adoption of renewable energy sources such as wind, solar, and hydropower. Electric motor accessories play a key role in many of these applications by powering the turbines used to generate electricity. The growing popularity of electric vehicles in the region also contributes to the demand for electric motor accessories.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is expanding rapidly, driven by innovations in industrial automation and electric mobility. High speed motors, including AC motors, play a crucial role in enhancing power output and efficiency. These advancements are particularly relevant in medical equipment and robotics technology, where small size and high performance are essential. Energy conservation and compliance with carbon emission regulations are pushing the adoption of electric motors with lower carbon footprint and fractional HP outputs. Tax exemptions for energy-efficient products further incentivize growth. Additionally, the development of charging infrastructure supports the rise of electric vehicles and scooters. Accessories like metal cutting machines and palletizing systems are integral HP output, and fractional HP output for manufacturing and automation. With a focus on inexpensive products and high-performance capabilities, the market is poised for significant growth, aligning with both environmental goals and technological advancements.
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Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.77% |
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Market growth 2024-2028 |
USD 1.30 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.17 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 99% |
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Key countries |
China, US, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Bodine Electric Co., Brook Crompton UK Ltd., Danfoss AS, ESR Pollmeier Gmbh, Kollmorgen Corp., Lenze SE, MSC Industrial Direct Co. Inc., Nanotec Electronic GmbH and Co. KG, Nidec Corp., Oriental Motor Co. Ltd., Parker Hannifin Corp., Regal Rexnord Corp., Sdtronics Pvt. Ltd., Selec Controls Pvt. Ltd. KB, Siemens AG, TAMAGAWA SEIKI Co. Ltd., TVH Parts Holding NV, WEG S.A, and Yaskawa Electric Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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