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 advanceaments in the market.
How Big is the Electric Motor Market?
|Market Size in 2022||US$ 107.0 Billion|
|Market Forecast in 2028||US$ 135.0 Billion|
|Growth rate (2023 to 2028)||CAGR of 4.1%|
|Base Year of the Analysis||2022|
What is Electric Motor?
An electric motor is a device that converts electrical energy into mechanical energy. It operates on the principle of electromagnetic induction, in which an electric current generates a magnetic field to produce motion. The primary types of electric motors include alternating current (AC) motors, direct current (DC) motors, and synchronous motors. Moreover, electric motors find applications in diverse fields, ranging from household appliances like washing machines to industrial machinery, such as conveyor belts. They also power electric vehicles (EVs) and renewable energy systems like wind turbines.
The Electric Motor Market Overview paints a comprehensive picture of an industry that is experiencing a profound transformation driven by a confluence of factors. Firstly, the global push towards electrification as a means to reduce greenhouse gas emissions and combat climate change has been a significant driver of this market’s growth. Electric motors are at the forefront of this transition, as they serve as the backbone of electric vehicles (EVs) and numerous other electrified systems. The automotive sector, in particular, has seen a surge in the demand for electric motors as automakers race to develop electric and hybrid vehicles to meet stringent emissions regulations. This shift has necessitated advancements in electric motor technology, driving innovation in terms of efficiency, power density, and reliability.
What are the Growth Prospects and Trends in the Electric Motor Industry?
The ongoing trend of reducing motor sizes without sacrificing performance is making electric motors more versatile for a range of applications which in turn is impelling the growth of the market. In addition to this, governments are tightening emission norms to combat climate change, leading to an increased focus on electric motors as an eco-friendly option. Besides this, the lower maintenance and operational costs of electric motors, as compared to combustion engines, make them an attractive long-term investment thus propelling the market growth. Additionally, the growing automated manufacturing techniques necessitating the use of electric motors for enhanced precision and speed, is acting as another growth-inducing factor. Besides this, the increasing adoption of electronics, such as drones and electric toothbrushes is facilitating the demand for small, efficient motors, which in turn is positively influencing the market growth. Along with this, the automotive sector’s rapid shift towards electric vehicles (EVs) is significantly boosting the market for electric motors. Other factors, such as rapid urbanization in emerging economies and the increasing adoption of renewable energy sources like wind and solar power, are anticipated to drive the market towards growth.
The Electric Motor Market is currently undergoing a transformative phase marked by remarkable innovations and shifting paradigms in various industries. To begin with, the global push towards electrification as a means of reducing carbon emissions and combatting climate change has been a significant driving force. The automotive sector, in particular, is witnessing a seismic shift towards electric vehicles (EVs), necessitating highly efficient and compact electric motors. This transition has spurred intensive research and development efforts to create next-generation motors capable of delivering enhanced performance, energy efficiency, and extended range, thereby reshaping the automotive industry.
Moreover, the Electric Motor Market is experiencing profound growth in other sectors as well. The industrial sector is increasingly embracing electrification and automation to enhance productivity, minimize downtime, and reduce operational costs. Electric motors play a pivotal role in powering machinery, conveyor systems, and various manufacturing processes, contributing to improved efficiency and competitiveness. Additionally, the renewable energy sector is driving demand for electric motors in applications such as wind turbines, solar trackers, and hydropower generators. These motors are essential components for harnessing clean and sustainable energy sources, aligning with the global shift towards greener practices. In conclusion, the Electric Motor Market is evolving rapidly in response to the twin challenges of sustainability and automation, and its growth is reshaping the landscape of several key industries, including automotive, industrial, and renewable energy.
Moreover, the Electric Motor Market is experiencing a paradigm shift in industrial automation. Industries are increasingly deploying electric motors to drive automation processes, improving efficiency, precision, and cost-effectiveness. As the world moves towards Industry 4.0, electric motors are essential components in smart factories, where they enable precise control of machinery and robotics. Furthermore, the integration of electric motors in renewable energy systems, such as wind turbines and solar panels, plays a crucial role in global efforts to harness clean energy sources. These applications highlight the market’s adaptability and versatility, as electric motors find use in a wide array of industries, from automotive to manufacturing to renewable energy. In conclusion, the Electric Motor Market is in the midst of a profound shift, driven by sustainability imperatives, technological innovation, and the ever-expanding applications of electric motors across various sectors, promising a future defined by efficiency, electrification, and environmental consciousness.
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
Request for a PDF Sample of The Report: https://www.imarcgroup.com/electric-motor-market/requestsample
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.
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