IMARC Group, a leading market research company, has recently released a report titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global electric motor market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Electric Motor Market?
Global electric motor market size reached US$ 107.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 135.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
What is Electric Motor?
The increasing integration of automation and IoT in industries requires advanced electric motors which represents one of the key factors driving the growth of the market across the globe. Modernizing aging industrial machinery with energy-efficient motors is fueling the growth of the market. The market is also driven by the rise in electric and hybrid vehicles which directly impacts the demand for electric motors. Policies promoting electric transportation are further boosting the market. Moreover, electric motors are essential in renewable energy systems, especially in wind turbines and solar trackers which is propelling the growth of the market. In line with this, the rising global living standards drive the demand for household appliances, which often utilize electric motors, thus driving the growth of the market. Continuous research and development (R&D) are leading to more compact, efficient, and cost-effective electric motors which is contributing to the growth of the market. In addition to this, rapid urbanization and industrialization in emerging markets are creating demand in construction, water supply, and other sectors requiring electric motors, thus propelling the growth of the market. The focus on reducing carbon emissions makes electric motors a preferred choice across various applications which is also contributing to the growth of the market. Apart from this, an integrated and efficient supply chain enables better market reach and responsiveness to demand fluctuations, which facilitates the growth of the market. Strategic alliances between manufacturers and technology providers foster innovation and drive the growth of the market. In line with this, the ability to customize electric motors for specific industrial applications attracts niche markets which is supporting the growth of the market across the globe.
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What are the Growth Prospects and Trends in the Electric Motor Industry?
The explosive growth of the electric vehicle industry represents one of the key factors driving the growth of the market across the globe. With major automobile manufacturers committing to transition their fleets to electric, the demand for electric motors is poised to surge. As the world grapples with climate change, there’s a heightened focus on energy-efficient solutions. Electric motors consist of an inherent advantage here, which offers a significant reduction in energy consumption compared to traditional internal combustion engines. The market is also driven by significant technological innovations in the electric motor industry, such as the development of high-efficiency motors, smart motors, and their rising integration with Internet of Things (IoT) technology, which are expanding the range of applications. In addition to this, stringent government regulations worldwide to reduce carbon emissions and fossil fuel dependency are leading to increased adoption of electric vehicles, where electric motors are a central component.
Additionally, financial incentives for EV purchases promote their adoption, which is indirectly influencing the growth of the market. As industries adopt automation and Industry 4.0 practices, the demand for electric motors in robotics, conveyor systems, and other industrial applications is skyrocketing. The reduction in the cost of critical electric motor components, such as magnets and power electronics, is leading to a decline in the overall cost of electric motors, which is making them more accessible and appealing to a wider range of applications, thus facilitating the growth of the market. The increasing urbanization and infrastructural developments in emerging economies are necessitating advanced machinery and equipment, which is creating a positive outlook for the market across the globe.
Who are the Key Players Operating in the Electric Motor Market?
The competitive landscape of the market has also been examined with some of the key players being.
- ABB Group
- Siemens Ag
- WEG SA
- Regal Beloit Corporation
- Nidec Corporation.
What is Included in Market Segmentation?
The report has categorized the market based on motor type, voltage, rated power, magnet type, weight, speed, and application.
Breakup by Motor Type:
- AC Motor
- Induction AC Motor
- Synchronous AC Motor
- DC Motor
- Brushed DC Motor
- Brushless DC Motor
Bases on Voltage:
- Low Voltage Electric Motors
- Medium Voltage Electric Motors
- High Voltage Electric Motors
Analysed 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
Breakup by Magnet Type:
- Neodymium (NdFeB)
- Samarium Cobalt (SmCo5 and Sm2Co17)
Based on Weight:
- Low Weight Motors
- Medium Weight Motors
- High Weight Motors
Analysed by Speed:
- Ultra-High-Speed Motors
- High-Speed Motors
- Medium Speed Motors
- Low Speed Motors
- Industrial Machinery
- Household Appliances
- Motor Vehicles
- North America
- Middle East and Africa
- Latin America
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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