Electric Motors: Which Technologies Should Your Business Focus on to Stay Competitive in the Industry?

Key takeaways:

• Introduction
• New technologies in the electrical motor domain
• The growth of the sector in Asia-Pacific and LAMEA regions
• Product launches in the sector

The electric motor is one of the most basic yet fundamental electric appliances in the consumer electronics sector. A wide variety of electrical and electronic devices use some or the other kinds of electric motors for their functioning. The electric motor industry, too, has evolved largely in the past few years with the advancements in electrical appliances and electronics technologies. The growing sophistication of high-powered semiconductor devices has also made a huge impact on the industry. The applicability of electrical motors has increased with the development of different types of electrical appliances.

Which new electric motor technologies are transforming the consumer electronics industry?

While electrical motors have always been in huge demand from different end-use industries, the advent of electric vehicles has widened the scope of these motors. In fact, the importance of advanced electrical motors has increased, with the growing popularity of electric vehicles. One of the most popular electrical motor technologies that have widespread applicability in modern electric vehicles is axial flux motors. These motors have a significant advantage over radial flux motors and are hence preferred in modern EVs. These motors have a significantly lower weight density but offer much superior power than radial flux technology. Due to these qualities, apart from EVs, axial flux motors are widely used in agricultural machinery, elevators, and other manufacturing industries.

Along with axial flux motors, in-wheel motor technology has also played a great role in transforming the electrical motor industry. In-wheel motor technology is not new; however, certain alterations in this technology to suit modern needs have led to its reemergence in modern times. One main reason behind the resurgence of this technology is the growing adoption of autonomous car technology. To make the concept of autonomous car technology successful, automotive manufacturing companies have increased their focus on safety features in these vehicles. The safety benefits offered by in-wheel motor technology are huge. These include better obstacle avoidance, bi-directionality, and reduced stopping distances.

The growing expanse of the industry in the Asia-Pacific region

Of all the major regions of the globe, the electrical motors sector has witnessed a huge growth in the Asia-Pacific region. The Asia-Pacific electric motor domain held the highest market share in 2022 and is expected to continue its growth trajectory in the coming period. Various countries in this region have experienced a very high pace of urbanization and industrialization. This has led to an increased demand for electric motors in different manufacturing industries such as automotive manufacturing, medical equipment manufacturing, and HVAC manufacturing. Furthermore, the increased use of electric motors in household electrical appliances has also played a vital role in the growth of this industry.

Along with the Asia-Pacific region, the LAMEA region, too, is experiencing a sharp surge in the rise of this industry. The growing manufacturing sector in the different countries of this region is expected to contribute to the growth of this sector. Moreover, the expansion of the oil & gas exploration sector in the countries of LAMEA has also played an important role in the growth of the electric motor domain.

How are innovations and product launches helping in the rise of this industry?

Many companies operating in this sector have invested in R&D activities to launch advanced electrical motor systems. Thus, in the past few years, the domain has witnessed the launch of some ingenious products. For instance, in May 2023, Attron Automotive, an Indian EV components manufacturer, announced the launch of three electric motor series viz., RM14530 electric motor, RM16070 electric motor, and RM16045 electric motor. The company released a statement saying that these electric motors will simplify EV operations and offer better acceleration to the vehicle with high energy efficiency. This product launch is expected to help the company address the sector's demands comprehensively.

To conclude, just like most other electrical equipment and tools, electrical motors have also undergone substantial transformation owing to the changing needs of end-use industries. With the emergence of axial flux motor technology and the resurgence of in-wheel motor technology, the ambit of this sector is predicted to grow in the years to come.

For a detailed analysis of the growth drivers and investment opportunities available in the industry, feel free to contact us.

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