According to IMARC Group, the global electric motor market size reached US$ 107.0 Billion in 2022. Looking forward, the market is expected to reach US$ 135.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
Factors Affecting the Growth of the Electric Motor Industry:
- Increasing Adoption in Electric Vehicles (EVs):
The electric motor market is experiencing significant growth due to the widespread adoption of electric vehicles. With global efforts to reduce carbon emissions and move away from fossil fuels, there is a surge in the demand for electric vehicles, which rely heavily on electric motors for propulsion. Governments around the world are offering incentives and subsidies to promote EVs, thereby further boosting the market growth. Additionally, advancements in electric motor technologies, such as improved efficiency and reduced size, are making them more attractive for EV manufacturers. This trend is on the rise as the automotive industry shifts towards electrification, making electric motors a crucial component of this burgeoning sector.
- Rapid Industrialization and Automation:
Another factor driving the growth of the electric motor market is the rapid industrialization and automation in various sectors, including manufacturing, material handling, and HVAC systems. Electric motors are integral to machinery and equipment used in these industries, and as these sectors expand, the demand for electric motors rises. The push towards automation and the integration of IoT technologies in industrial applications have also increased the need for more sophisticated and energy-efficient electric motors. The adoption of electric motors in industrial applications is further propelled by their operational efficiency and reliability, making them a preferred choice in various industrial settings.
- Technological Advancements and Energy Efficiency Initiatives:
Technological advancements in electric motor design and materials have significantly influenced the market growth. Improvements in motor efficiency, size reduction, and the use of durable and lightweight materials are making electric motors more efficient and cost-effective. Furthermore, global energy efficiency initiatives and regulations are compelling industries to adopt high-efficiency electric motors. These regulations are not only environmentally driven but also aim to reduce operational costs, leading to a greater demand for energy-efficient electric motors. With growing awareness about energy conservation and sustainable practices, electric motors that offer high efficiency and reduced energy consumption are increasingly preferred, fueling market growth.
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Electric Motor Market Report Segmentation:
The report is organized into distinct sections as follows:
Breakup by Motor Type:
- AC Motor
- Induction AC Motor
- Synchronous AC Motor
- DC Motor
- Brushed DC Motor
- Brushless DC Motor
- Others
AC motors represented the largest segment by motor type due to their widespread use in various applications, including industrial machinery, HVAC systems, and consumer electronics, making them a versatile choice for different industries.
Breakup by Voltage:
- Low Voltage Electric Motors
- Medium Voltage Electric Motors
- High Voltage Electric Motors
Low-voltage electric motors represented the largest segment by voltage because they are commonly used in industrial and commercial settings, where a stable and reliable power supply at lower voltage levels is essential for consistent motor operation.
Breakup by Rated Power:
- Fractional Horsepower Motors
- Fractional Horsepower (< 1/8) Motors
- Fractional Horsepower (1/8 – 1/2) Motors
- Fractional Horsepower (1/2 – 1) Motors
- Integral Horsepower Motors
- Integral Horsepower (1 – 5) Motors
- Integral Horsepower (10 – 50) Motors
- Integral Horsepower (50 – 100) Motors
- Integral Horsepower (>100) Motors
Fractional horsepower electric motors represented the largest segment by rated power because they find extensive use in small appliances, pumps, fans, and other devices where lower power output is sufficient, making them a cost-effective choice for many applications.
Breakup by Magnet Type:
- Ferrite
- Neodymium (NdFeB)
- Samarium Cobalt (SmCo5 and Sm2Co17)
Ferrite magnets represented the largest segment by magnet type because they offer a cost-effective solution for electric motors, especially in applications where high magnetic performance is not a critical requirement, such as in household appliances.
Breakup by Weight:
- Low Weight Motors
- Medium Weight Motors
- High Weight Motors
Low-weight motors represented the largest segment by weight due to the increasing demand for lightweight and compact motor solutions in industries like aerospace, automotive, and robotics, where weight savings are essential for efficiency and performance.
Breakup by Speed:
- Ultra-High-Speed Motors
- High-Speed Motors
- Medium Speed Motors
- Low Speed Motors
High-speed electric motors represented the largest segment by speed because they are crucial in applications where precise control and rapid acceleration or deceleration are needed, such as in CNC machines and robotics.
Breakup by Applications:
- Industrial Machinery
- HVAC
- Transportation
- Household Appliances
- Motor Vehicles
- Aerospace
- Marine
- Robotics
- Others
Industrial machinery represented the largest segment by application because industrial processes and manufacturing rely heavily on various types of electric motors for tasks like conveyor systems, pumps, compressors, and more.
Regional Insights:
- Asia-Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
Asia Pacific emerged as the largest market by region because of its significant industrialization, manufacturing activities, and growing infrastructure development, driving the demand for electric motors across various sectors in the region.
Global Electric Motor Market Trends:
The imperative need for energy-efficient solutions is driving the market growth. Electric motors are known for their high efficiency and reduced energy consumption, making them a preferred choice in various industries. Moreover, the critical role of electric motors in powering a wide range of applications, from industrial machinery to electric vehicles, significantly influencing their market expansion. Additionally, the increasing focus on sustainability and environmental concerns has led to the adoption of electric motors as eco-friendly alternatives to traditional combustion engines. Furthermore, the availability of diverse electric motor types, from AC to DC motors, ensures adaptability across various sectors, fostering global market growth.
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Leading Companies Operating in the Global Electric Motor Industry:
- ABB Group
- Siemens Ag
- WEG SA
- TECO
- Regal Beloit Corporation
- Nidec Corporation
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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