The global electric motor market is experiencing robust growth, with a projected CAGR of nearly 7% in the coming years. This growth is driven by factors such as longer operating life, low energy consumption, high endurance for fluctuating voltages, and low maintenance requirements of electric motors.
According to a recent study conducted by strategic consulting and market research firm Report Ocean, the global electric motor market was valued at USD 119.7 billion in 2021. It is forecast to grow at a CAGR of 6.70%, reaching USD 187.1 billion by 2028. The increasing fuel prices and environmental concerns are leading consumers to shift towards eco-friendly non-conventional fuel alternatives. Electric motors offer a cleaner and more sustainable solution, prompting end-user industries to adopt electric motors and driving market growth.
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The HVAC equipment sector is driving the global electric motor market, holding the largest market share. HVAC equipment such as air conditioners, cooling towers, and compressors heavily rely on electric motors for their operation. Additionally, the motor vehicle segment is growing rapidly due to the expansion of automobile production.
There is a growing inclination towards high-speed electric motors, presenting growth opportunities in the market. High-speed electric motors find applications in various industries that require high rotation speed, such as cutting, grinding, and winding processes. These motors offer high rotational speed, managed torque, and efficient operation, contributing to their market growth.
Based on output power, fractional horsepower (FHP) electric motors dominate the market. These motors are commonly used in consumer electronic goods such as refrigerators, washing machines, and vacuum cleaners. The rising demand for consumer electronics, driven by increasing disposable income, fuels the growth of this segment.
Geographically, North America leads the global electric motor market in terms of revenue. The region experiences rapid industrial growth and has a strong aerospace industry. The presence of leading automobile manufacturers, including Tesla, General Motors, and Hyundai Motor, further drives the demand for electric motors. Asia-Pacific is expected to witness the fastest growth during the forecast period.
Key players in the global electric motor market include Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Allied Motion Technologies Inc., ARC Systems Incorporation, and Brook Crompton UK Limited, among others. The market is highly competitive, with multinational corporations dominating the industry. However, smaller players are emerging as leading market participants. Companies in this market invest significantly in research and development activities to bring innovations to their offerings. Partnerships, mergers, acquisitions, and collaborations are common competitive strategies employed by market players.
Consulting analysts can provide crucial insights and facilitate business growth in the global electric motor market. The in-depth analysis provided by the report offers information on growth potential, upcoming trends, and market statistics. It also highlights the factors driving market forecasts and recent technology trends, enabling decision-makers to make informed strategic decisions. The report further analyzes the growth drivers, challenges, and competitive dynamics of the market.
Market Overview
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast
By Type
AC
DC
By Power Rating
<1 KW
1-2.2 KW
2-375 KW
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375 KW
By Output Power
<1 HP
1 HPBy Rotor Type
Inner Rotor
Outer RotorBy End-User
Industrial
Residential
Commercial
Agriculture
Transportation
OthersBy Region
North America
Europe
The Asia Pacific
Latin America
The Middle East and Africa
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