An electric motor is a machine that converts electrical energy into mechanical energy. These motors generate force in the form of torque by the combination of the motor’s magnetic field and the electricity present in the wire wound around the coil. Electric motors can be powered by direct current (DC) sources, such as from batteries, motor vehicles, or rectifiers, or by alternating current (AC) sources, such as a power grid, inverters or electrical generators. These electric motors have several uses in commercial, industrial, government, and consumer markets. Electric motor is majorly applicable in the drones and electric vehicles market.
Market scope and structure analysis
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast unit | Value (USD) |
Segments covered | Type, Output Power, Industry Vertical, and Region |
COVID-19 scenario analysis
- The outbreak of the novel coronavirus pandemic has severely affected the global market of electric motors for electric vehicles and drones.
- Implementation of nationwide lockdown due to the outbreak of COVID-19 spread during the first quarter of the year has led to decline in sales of electric vehicles. This factor is expected to hamper the global electric vehicle market notably.
- Some crucial companies operating in this market that are affected by COVID-19 pandemic have halted their operation. Most of these companies have shut down their electric vehicle production and shifted their focus toward the manufacturing of personal protection equipment. This factor has affected the electric motor market.
- The economic downfall caused due to the pandemic led to declining consumer demands for drones as well as electric vehicles, which, in turn, has decreased the demand for electric motors.
- The disruption of upstream and downstream supply chains have further resulted in suspension for production at major electric motor manufacturing industries.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
The growth of the global electric motors market is expected to be driven by rapid advancements made in the field of electric motor technology. Electronic motors are utilized in a range of diverse applications, such as hybrid cars, electric vehicles, and unmanned aerial vehicles (UAV) or drones. Drone are used for a wide range of applications ranging from recreational purposes such as photography and videography to commercial and military purposes, which include monitoring, data collection, and data analysis. Moreover, they are used for providing emergency supplies such as medicines and provide surveillance during natural disasters or for security reasons. New technologies are being developed for increasing the efficiency of the motors and other vital parts of drones to attain maximum fight time.
Moreover, electric motors are applicable in a wide range of devices across many industry verticals, be it motor vehicles or heavy or light industrial machinery or home appliances. Increased price of fuel all over the world is making consumers to shift toward nonconventional alternatives of fuel. Electric vehicles are made with an aim to diminish the cost of operation and to reduce carbon footprint in the environment. This has boosted the demand for electric motors across many industries.
Technological advancements have created new, improved motor specifications and designs, which have resulted in low consumption of power, low cost of maintenance, high output & efficiency, and prolonged operational life. Rise in government initiatives and regulatory policies promoting energy efficiency in vehicles and other machines has further escalated the demand for electric motors in the automotive industry.
Asia-Pacific is likely to come up as a rapidly growing region in the electric motors market. In addition, Europe is anticipated to showcase potentiality in the electric motors market, owing to the development of the automotive sector.
Key benefits of the report
- This study presents the analytical depiction of the global electric motors for drones and electric vehicle industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global electric motors for drones and electric vehicle market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global Electric motors for drones and electric vehicle market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Electric Motors for Drones and Electric Vehicle Market Report Highlights
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