IMARC Group, a leading market research company, has recently released a report titled “Electric Motor Market Report by Motor Type (AC Motor, DC Motor, and Others), Voltage (Low Voltage Electric Motors, Medium Voltage Electric Motors, High Voltage Electric Motors), Rated Power (Fractional Horsepower Motors, Integral Horsepower Motors), Magnet Type (Ferrite, Neodymium (NdFeB), Samarium Cobalt (SmCo5 and Sm2Co17)), Weight (Low Weight Motors, Medium Weight Motors, High Weight Motors), Speed (Ultra-High-Speed Motors, High-Speed Motors, Medium Speed Motors, Low Speed Motors), Application (Industrial Machinery, HVAC, Transportation, Household Appliances, Motor Vehicles, Aerospace, Marine, Robotics, and Others), and Region 2024-2032 Report Format: PDF+Excel | Report ID: SR112024A937”. The study provides a detailed analysis of the industry, including the global electric motor market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global electric motor market size reached US$ 111.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 153.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
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Global Electric Motor Market Trends:
The growing trend of automation in various industries, including manufacturing, which is driving the demand for electric motors used in robotics and automated machinery, is supporting the market growth.
Furthermore, the expansion of renewable energy sources, such as wind and solar power, which relies heavily on electric motors for various applications, including power generation and storage systems, is contributing to the market growth.
Additionally, the heightened investments in infrastructure projects, such as smart grids, public transportation systems, and urbanization, creating a higher demand for electric motors, are acting as another growth-inducing factor.
Moreover, the rising demand for consumer electronics and energy-efficient home appliances that utilize electric motors is contributing to the market growth.
Factors Affecting the Growth of the Electric Motor Industry:
· Increased Demand for Electric Vehicles (EVs):
The surge in the demand for electric vehicles (EVs) is one of the most significant factors accelerating the market growth. The automotive industry is undergoing a major transformation, moving away from traditional internal combustion engine (ICE) vehicles to electric-powered alternatives. This shift is driven by a combination of environmental concerns, regulatory pressures, and advancements in technology. Governments around the world are implementing stringent emission regulations and offering substantial incentives and subsidies to promote the adoption of EVs.
Additionally, consumers are becoming more environmentally conscious and are seeking sustainable transportation options that reduce their carbon footprint. The development of high-performance electric motors, which offer superior efficiency, torque, and power density, has further propelled the market growth.
· Advancements in Motor Technologies:
Technological advancements in electric motor design and manufacturing are contributing to the market growth. Innovations in materials science, electronics, and control algorithms have led to the development of electric motors that are more efficient, reliable, and cost-effective. High-efficiency motors, such as those incorporating rare-earth magnets and improved winding techniques, deliver superior performance while reducing energy consumption. This is particularly important in applications where energy efficiency is critical, such as in electric vehicles and industrial automation.
Additionally, advancements in motor control technologies, including the use of sophisticated sensors and software algorithms, have enabled precise control of motor speed, torque, and position, enhancing the overall performance and functionality of electric motors.
· Government Regulations and Incentives:
Government regulations and incentives are also playing a crucial role in driving the growth of the electric motor market. As concerns over climate change and environmental degradation intensify, governments worldwide are implementing policies aimed at reducing greenhouse gas (GHG) emissions and promoting energy efficiency.
In addition, governments are also providing financial incentives to encourage the adoption of electric motors and related technologies. Subsidies, tax credits, and grants are offered to manufacturers and consumers alike to offset the higher initial costs of electric motors and drive systems.
Furthermore, government-funded research and development (R&D) programs are supporting the innovation and commercialization of advanced electric motor technologies.
Electric Motor Market Report Segmentation:
By Motor Type:
AC Motor
· Induction AC Motor
· Synchronous AC Motor
DC Motor
· Brushed DC Motor
· Brushless DC Motor
Others
AC motors hold most of the market share due to their versatility, cost-effectiveness, and suitability for high-power applications in various industries.
By Voltage:
· Low Voltage Electric Motors
· Medium Voltage Electric Motors
· High Voltage Electric Motors
Lower voltage electric motors accounted for the largest market share as they are commonly used in consumer electronics and household appliances, which have a high demand and widespread usage.
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 motors represented the largest segment because they are extensively used in small devices and equipment, making them the most prevalent type in numerous consumer and industrial applications.
By Magnet Type:
· Ferrite
· Neodymium (NdFeB)
· Samarium Cobalt (SmCo5 and Sm2Co17)
Ferrite holds most of the market share, owing to their low cost, abundant availability, and adequate performance for a wide range of standard motor applications.
By Weight:
· Low Weight Motors
· Medium Weight Motors
· High Weight Motors
Low weight motors accounted for the largest market share because they are increasingly favored in applications where weight reduction is crucial, such as in automotive and aerospace industries.
By Speed:
· Ultra-High-Speed Motors
· High-Speed Motors
· Medium Speed Motors
· Low Speed Motors
High-speed motors represented most of the market share as they are being employed in applications requiring rapid and efficient performance, such as in industrial automation and robotics.
By Application:
· Industrial Machinery
· HVAC
· Transportation
· Household Appliances
· Motor Vehicles
· Aerospace
· Marine
· Robotics
· Other
Industrial machinery holds most of the market share because it relies heavily on electric motors for various processes due to the need for efficiency and productivity.
Regional Insights:
· Asia-Pacific
· North America
· Europe
· Middle East and Africa
· Latin America
Asia Pacific's dominance in the market is attributed to the high concentration of manufacturing activities, rapid industrialization, and a growing demand for electric motors across multiple industries.
Competitive Landscape with Key Players:
The competitive landscape of the electric motor market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· ABB Group
· Siemens AG
· WEG SA
· TECO
· Regal Beloit Corporation
· Nidec Corporation
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
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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IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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