Nigeria Electric Motor Market (2024-2030) | Industry, Size, Value, Analysis, Revenue, Share, Trends, Growth, Segmentation, Outlook & COVID-19 IMPACT

Market Forecast By Voltage (Low, Medium, High), By Types (AC, DC), By Applications (Pump, Fan, Conveyor, Compressors & Others), By End-Users (Industrial Processing, Commercial HVAC, Automotive, Consumer Appliances, Power Generation & Others (Defense, Agriculture, Waste Water Management)) and competitive landscape

Product Code: ETC002394 Publication Date: Dec 2023 Updated Date: Feb 2024 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 35 No. of Tables: 5

Nigeria Electric Motor Market Competition 2023


Topics Covered in the Nigeria Electric Motor Market

Nigeria Electric Motor Market report thoroughly covers the market by voltage, by types, by applications, and by end-users. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Nigeria Electric Motor Market Synopsis

Nigeria Electric Motor Market is poised for growth with the increasing demand for electricity and renewable energy solutions in the country. With investment in infrastructure, access to renewable energy and government policies, the industry is expected to grow and thrive. The rise of electric cars and the need for sustainable transportation is another factor that is expected to drive demand in the Nigeria Electric Motor Industry.

According to 6Wresearch, the Nigeria Electric Motor Market size is witnessing growth with expected CAGR of 6.9% during the forecast period of 2024-2030. One of the prominent drivers of the Nigeria electric motor market is the government's favorable regulatory policies that make solar-powered projects more accessible, as well as its focus on power generation reforms. However, the challenges facing the electric motor industry in Nigeria are infrastructure and access to renewable energy, and a lack of investment in the industry. Despite this, with the government's regulatory policies and willingness to diversify the economy, there is hope that the industry will grow significantly in the coming years. One of the latest trends in the Nigeria electric motor industry is the use of renewable energy solutions. The use of solar and wind energy in powering electric motors is relatively new, but it has improved efficiency and effectiveness. With over 300 days of sunshine, the use of solar energy in Nigeria could reduce the country's dependence on fossil fuels and increase the adoption of electric motors. Furthermore, there are several opportunities in the Nigeria electric motor industry. Nigeria, being one of the largest producers of crude oil in the world, can leverage this and use it to drive the electric motor industry. The country can also take advantage of its abundant renewable energy resources, such as solar and wind, to further drive the electric motor industry.

Government policies and schemes introduced in the Nigeria Electric Motor Market

The government introduced the National Automotive Industry Development Plan (NAIDP) in 2013. This policy aimed to revive the manufacturing and assembly of automobiles and components in Nigeria and promote the development of the automotive industry. The NAIDP also created a loan scheme to provide funding for the automotive industry. Another government scheme aimed at promoting the electric motor market is the Nigerian Electricity Regulatory Commission’s (NERC) Mini Grid Regulation. The regulation focuses on the development and deployment of mini-grid solutions across Nigeria to improve access to electricity. It has made it easier for companies to obtain licenses to generate and distribute electricity. Additionally, the Central Bank of Nigeria has introduced a scheme, the Nigerian Electricity Market Stabilisation Facility, which aims to support the power sector in Nigeria. The scheme provides funds to distribution companies and other power sector participants to meet their obligations to electricity providers.

Leading players in the Nigeria Electric Motor Market

Companies such as Innoson, Schneider Electric, GE Electric, and Zedomax Global Limited are examples of leading players in the market that have benefited from government policies and schemes aimed at promoting the electric motor market. With the support of initiatives such as NAIDP, Mini Grid Regulation, Nigerian Electricity Market Stabilisation Facility, and Tony Elumelu Foundation, the Nigeria Electric Motor Market Growth is bound to grow exponentially.

Market Analysis by Types

By Types, the AC electric motor segment dominates the Nigeria Electric Motor Market Share. This dominance is expected to continue in the foreseeable future, with AC electric motors being preferred in most industries for their energy efficiency. In contrast, DC electric motors will continue to face challenges in penetrating the market due to their high initial costs.

Market Analysis by Voltage

According to Swati, Senior Research Analyst, 6Wresearch, the low voltage sector is growing at a higher rate compared to the other two segments. This growth is attributed to the increase in demand for machinery in the construction and building sector. The low voltage electric motors are energy-efficient, which is attractive to most industries because of the need to reduce energy costs.

Key attractiveness of the report

  • COVID-19 Impact on the Market.
  • 10 Years Market Numbers.
  • Historical Data Starting from 2020 to 2023.
  • Base Year: 2023
  • Forecast Data until 2030.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report:

  • Nigeria Electric Motor Market Outlook
  • Market Size of Nigeria Electric Motor Market, 2023
  • Forecast of Nigeria Electric Motor Market, 2030
  • Historical Data and Forecast of Nigeria Electric Motor Revenues & Volume for the Period 2020 - 2030
  • Nigeria Electric Motor Market Trend Evolution
  • Nigeria Electric Motor Market Drivers and Challenges
  • Nigeria Electric Motor Price Trends
  • Nigeria Electric Motor Porter's Five Forces
  • Nigeria Electric Motor Industry Life Cycle
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Motor Type for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Alternate Current (AC) Motor for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Direct Current (DC) Motor for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Hermetic Motor for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Voltage Range for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By 9 V & Below for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By 10-20 V for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By 21-60 V for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By 60 V & Above for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Application for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Industrial Machinery for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Motor Vehicles for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Heating, ventilating, and cooling (HVAC) equipment for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Aerospace & transportation for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Household Appliances for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Other for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Speed (RPM) for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Low-Speed Electric Motors (Less Than 1,000 RPM) for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Medium-Speed Electric Motors (1,001-25,000 RPM) for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By High-Speed Electric Motors (25,001-75,000 RPM) for the Period 2020 - 2030
  • Historical Data and Forecast of Nigeria Electric Motor Market Revenues & Volume By Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM) for the Period 2020 - 2030
  • Nigeria Electric Motor Import Export Trade Statistics
  • Market Opportunity Assessment By Motor Type
  • Market Opportunity Assessment By Voltage Range
  • Market Opportunity Assessment By Application
  • Market Opportunity Assessment By Speed (RPM)
  • Nigeria Electric Motor Top Companies Market Share
  • Nigeria Electric Motor Competitive Benchmarking By Technical and Operational Parameters
  • Nigeria Electric Motor Company Profiles
  • Nigeria Electric Motor Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Motor Type

  • Alternate Current (AC) Motor
  • Direct Current (DC) Motor
  • Hermetic Motor

By Voltage Range

  • 9 V & Below
  • 10-20 V
  • 21-60 V
  • 60 V & Above

By Application

  • Industrial Machinery
  • Motor Vehicles
  • Heating
  • Ventilating
  • And Cooling (HVAC) Equipment
  • Aerospace & Transportation
  • Household Appliances
  • Other

By Speed (RPM)

  • Low-Speed Electric Motors (Less Than 1,000 RPM)
  • Medium-Speed Electric Motors (1,001-25,000 RPM)
  • High-Speed Electric Motors (25,001-75,000 RPM)
  • Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)
Nigeria Electric Motor Market (2024-2030): FAQs
The growth in the electric motor market is mainly attributed by factors such as rising levels of electricity consumption in the commercial sectors, growing demand for automotive electric motors owing to stringent regulations towards reducing the air pollution levels would boost the demand for electric motors in the coming years.
There are numerous players in the market but it is dominated by some and these players are ABB Group, Siemens AG, Toshiba Corporation, WEG S., A., Fuji Electric Co Ltd., Hyundai Heavy Industries Co Ltd., TECO Electric & Machinery Co Ltd., Nidec Corporation, and Brook Crompton UK Ltd.
The AC segment is anticipated to grow in the market due to the widespread use of AC in many applications.
the automotive and HVAC segment would dominate the market due to increasing government initiatives to promote the adoption of electric vehicles coupled with the rising need for reducing operational costs and carbon footprint would attribute to the strong growth of electric motor in Nigeria.
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1. Executive Summary
2. Introduction
2.1. Report Description
2.2. Key Highlights of The Report
2.3. Market Scope & Segmentation
2.4. Research Methodology
2.5. Assumptions
3. Nigeria Electric Motor Market Overview
3.1. Nigeria Country Indicators
3.2. Nigeria Electric Motor Market Revenues, 2020-2030F
3.3. Nigeria Electric Motor Market Revenue Share, By Voltage, 2020 & 2030F
3.4. Nigeria Electric Motor Market Revenue Share, By Types, 2020 & 2030F
3.5. Nigeria Electric Motor Market Revenue Share, By Applications, 2020 & 2030F
3.6. Nigeria Electric Motor Market Revenue Share, By End-Users, 2020 & 2030F
3.7. Nigeria Electric Motor Market - Industry Life Cycle
3.8. Nigeria Electric Motor Market - Porter’s Five Forces
4. Nigeria Electric Motor Market Dynamics
4.1. Impact Analysis
4.2. Market Drivers
4.3. Market Restraints
5. Nigeria Electric Motor Market Trends
6. Nigeria Electric Motor Market Overview, By Voltage
6.1. Nigeria Low Voltage Electric Motor Market Revenues, 2020-2030F
6.2. Nigeria Medium Voltage Electric Motor Market Revenues, 2020-2030F
6.3. Nigeria High Voltage Electric Motor Market Revenues, 2020-2030F
7. Nigeria Electric Motor Market Overview, By Types
7.1. Nigeria Electric Motor Market Revenues, By AC Type, 2020-2030F
7.2. Nigeria Electric Motor Market Revenues, By DC Type, 2020-2030F
8. Nigeria Electric Motor Market Overview, By Applications
8.1. Nigeria Electric Motor Market Revenues, By Pump Application, 2020-2030F
8.2. Nigeria Electric Motor Market Revenues, By Fan Application, 2020-2030F
8.3. Nigeria Electric Motor Market Revenues, By Conveyor Application, 2020-2030F
8.4. Nigeria Electric Motor Market Revenues, By Compressors Application, 2020-2030F
8.5. Nigeria Electric Motor Market Revenues, By Other Applications, 2020-2030F
9. Nigeria Electric Motor Market Overview, By End-Users
9.1. Nigeria Electric Motor Market Revenues, By Industrial Processing, 2020-2030F
9.2. Nigeria Electric Motor Market Revenues, By Commercial HVAC, 2020-2030F
9.3. Nigeria Electric Motor Market Revenues, By Automotive, 2020-2030F
9.4. Nigeria Electric Motor Market Revenues, By Consumer Appliances, 2020-2030F
9.5. Nigeria Electric Motor Market Revenues, By Power Generation, 2020-2030F
9.6. Nigeria Electric Motor Market Revenues, By Others, 2020-2030F
10. Nigeria Electric Motor Market - Key Performance Indicators
11. Nigeria Electric Motor Market - Opportunity Assessment
11.1. Nigeria Electric Motor Market Opportunity Assessment, By Types, 2030F
11.2. Nigeria Electric Motor Market Opportunity Assessment, By Applications, 2030F
12. Nigeria Electric Motor Market Competitive Landscape
12.1. Nigeria Electric Motor Market Revenue Share, By Companies, 2023
12.2. Nigeria Electric Motor Market Competitive Benchmarking, By Operating & Technical Parameters
13. Company Profiles
14. Key Recommendations
15. Disclaimer
 

Market Forecast By Voltage (Low, Medium, High), By Types (AC, DC), By Applications (Pump, Fan, Conveyor, Compressors & Others), By End-Users (Industrial Processing, Commercial HVAC, Automotive, Consumer Appliances, Power Generation & Others (Defense, Agriculture, Waste Water Management)) and competitive landscape

Product Code: ETC002394 Publication Date: Apr 2020 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 35 No. of Tables: 5

Nigeria Electric Motor Market | Country-Wise Share and Competition Analysis

In the year 2021, China was the largest exporter in terms of value, followed by Germany. It has registered a decline of -44.31% over the previous year. While Germany registered a growth of 28.98% as compare to the previous year. In the year 2017 China was the largest exporter followed by Germany. In term of Herfindahl Index, which measures the competitiveness of countries exporting, Nigeria has the Herfindahl index of 5056 in 2017 which signifies high concentration also in 2021 it registered a Herfindahl index of  5809 which signifies high concentration in the market.Nigeria Electric Motor Market | Country-Wise Share and Competition Analysis

Nigeria Electric Motor Market - Export Market Opportunities

Nigeria Electric Motor Market - Export Market Opportunities

Latest 2023 Developments of Nigeria Electric Motor Market

The Nigeria Electric Motor Market is progressing faster with the latest developments emphasized on growing efficiency and decreasing costs. One of the most noteworthy advancements is the introduction of energy-efficient motors which help businesses save money and decrease their carbon footprint. Another development in the market is the shift towards locally created electric motors. This development not only aids to support local industries, but it also decreases import costs, which ultimately lead to affordable products for consumers. Furthermore, there is a rise in demand for specialized electric motors which are designed to align with particular needs of industry. For instance, some manufacturers develop explosion-proof motors which are appropriate to use in hazardous environments like oil rigs or chemical plants. These developments are the reason behind the Nigeria Electric Motor Market Growth.

Topics Covered in Nigeria Electric Motor Market Report

Nigeria Electric Motor Market report thoroughly covers the market by voltage, types, applications, and end-users. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Nigeria Electric Motor Market is projected to grow over the coming year. Nigeria Electric Motor Market report is a part of our periodical regional publication Africa Electric Motor Market outlook report. 6W tracks the electric motor market for over 60 countries with individual country-wise market opportunity assessment and publishes with the report titled Global Electric Motor Market outlook report annually.

Nigeria Electric Motor Market Synopsis

Nigeria Electric Motor Market is expected to witness tremendous growth over the forecast period due to the rising electrification and automation of the industrial processes, growing automobiles sales, rising need for technologically advanced electric motors, rising demand for energy-saving high-efficiency motors coupled with the government focus to reduce carbon emissions into the environment would promote the growth of the electric motor market.

According to 6Wresearch, the Nigeria Electric Motor Market size is anticipated to register substantial growth during the forecast period 2020-2026. Nigeria’s economy is likely to witness a downfall during 2020 due to the spread of global pandemic coronavirus and is likely to obstruct the electric motor market growth. However, during the initial months of 2021, the Nigerian economy is expected to revive which would promote the growth of the electric motor market. The growth in the electric motor market is mainly attributed by factors such as rising levels of electricity consumption in the commercial sectors, and growing demand for automotive electric motors owing to stringent regulations towards reducing the air pollution levels would boost the demand for electric motors in the coming years.

COVID-19 Impact on Nigeria Electric Motor Market

The coronavirus pandemic affected the Electric Motor Market in Nigeria the way it affected other markets in the world. The lockdown imposed by the government of the country and social distancing brought reduction in demand for these electric motors since a number of manufacturing plants shut down. Furthermore, disruptions to supply chain caused by the border closures and travel restrictions resulted in cancellations and delays of orders, which affected both local importers and manufacturers. On the contrary, the coronavirus pandemic created opportunities for growth and innovation within the sector. There was a growth in demand for these electric vehicles owing to the rising awareness regarding environmental sustainability during this time.

Nigeria Electric Motor Industry: Key Players

There are numerous players in the market but it is dominated by some and these players are:

  • ABB Group
  • Siemens AG
  • Toshiba Corporation
  • WEG S.
  • A., Fuji Electric Co Ltd.
  • Hyundai Heavy Industries Co Ltd.
  • TECO Electric & Machinery Co Ltd.
  • Nidec Corporation
  • Brook Crompton UK Ltd.

Market by Types

According to Ravi Bhandari, Research Head, 6Wresearch, the AC segment is anticipated to grow in the market due to the widespread use of AC in many applications.

Market by End-Users

Based on end-users, the automotive and HVAC segment would dominate the market due to increasing government initiatives to promote the adoption of electric vehicles coupled with the rising need for reducing operational costs and carbon footprint would attribute to the strong growth of electric motor market in Nigeria.

Key Highlights of the Report:

  • Nigeria Electric motor Market Overview
  • Nigeria Electric motor Market Outlook
  • Nigeria Electric motor Market Forecast
  • Nigeria Electric motor Market Size
  • Historical Data of Nigeria Electric motor Market Revenues, for the Period 2016-2019
  • Nigeria Electric motor Market Forecast of Revenues, Until 2026
  • Historical Data of Nigeria Electric motor Market Revenues, By Voltage, for the Period 2016-2019
  • Market Size & Forecast of Nigeria Electric motor Market Revenues, By Voltage, until 2026
  • Historical Data of Nigeria Electric motor Market Revenues, By Types, for the Period 2016-2019
  • Market Size & Forecast of Nigeria Electric motor Market Revenues, By Types, until 2026
  • Historical Data of Nigeria Electric motor Market Revenues, By Applications, for the Period 2016-2019
  • Market Size & Forecast of Nigeria Electric motor Market Revenues, By Applications, until 2026
  • Historical Data of Nigeria Electric motor Market Revenues, by End-Users, for the Period 2016-2019
  • Market Size & Forecast of Nigeria Electric motor Market Revenues, by End-Users, until 2026
  • Market Drivers and Restraints
  • Nigeria Electric motor Market Trends
  • Market Opportunity Assessment
  • Nigeria Electric motor Market Share, By Players
  • Nigeria Electric motor Market Share, By Regions
  • Nigeria Electric motor Market Overview on Competitive Benchmarking
  • Company Profiles
  • Key Strategic Recommendations

Markets Covered

Nigeria Electric motor Market report provides a detailed analysis of the following market segments:

By Voltage

  • Low
  • Medium
  • High

By Types

  • AC
  • DC

By Applications

  • Pump
  • Fan
  • Conveyor
  • Compressors & Others

By End-Users

  • Industrial Processing
  • Commercial HVAC
  • Automotive
  • Consumer Appliances
  • Power Generation
  • Others (Defense, Agriculture, Waste Water Management)

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