Regardless of a company’s size or income, the most recent research study offers an exhaustive analysis of the Electric Motors market for 2023–2032. This survey study discusses the key market trends and the industry’s outlook for the forecast years.
Global Electric Motors Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
Global Electric Motors Market was valued at USD 102.7 billion in 2020 and is expected to reach USD 178.1 Billion by 2027, growing at a CAGR of 6.9% during the forecast period (2021-2027).
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Global Electric Motors Market Overview:
Electric motors are an electromechanical device that transforms electrical energy into mechanical energy. Electric motors work through the contact between the motor’s magnetic field and electric current in a wire winding to generate force in the form of rotation of a shaft. Electric motors are integral components of compressors, conveyor systems, pumps, disk drives, electric cars, etc., that are further applied in the manufacturing, residential, and commercial sectors. By integrating electronic hardware and sensors, AC and DC motors can be generated that offer predictive maintenance and reduces downtime during maintenance.
Global Electric Motors Market Forecast and Trends
The global Electric Motors market is anticipated to grow over a CAGR of 6% during the forecast period. The demand for Electric Motors is increasing due to an increase in demand for energy-efficient electric motors in the agricultural and industrial sectors, upsurge in HVAC applications, and rise in awareness about electric and green vehicles among customers and Government Policies. The rise in the demand of electric motors from the agriculture sector, automotive sector and HVAC industry due to longer operating life, low energy consumption, low maintenance, and high endurance for fluctuating voltages, etc., are the factors estimated to augment the global electric motors market in the forecast horizon.
The increasing fuel prices across the globe are compelling people to incline towards eco-friendly non-conventional fuel alternatives. The upsurge in the production of electric vehicles is expected to augment the demand for electric motors as they are applied in a variety of applications, from performance components to comfort components of the vehicle.
Growth drivers
Increase in demand for energy-efficient electric motors in the agricultural and industrial sectors
The upsurge in demand for electric motors as they are highly efficient, consume low energy, and have a longer operating life and have high endurance for fluctuating voltages in the agricultural, industrial sector, is boosting the market growth of electric motors at a significant rate in the forecast horizon.
Rise in awareness about electric and green vehicles among customers and Government Policies
The upsurge in the awareness about the benefits of using smart motors amid small and medium enterprise owners tends to augment the growth of the electric motor market. The government policies and initiatives are promoting high efficient energy in machines and equipment. Innovations and policy frameworks are playing a pivotal role in fueling the demand for products in the forecast horizon. Additionally, the use of electric motors minimizes the financial burden on governments and consumers by reducing the consumption of electricity.
Upsurge in HVAC applications
The demand for the HVAC system is rising use to the extreme climatic conditions in the country, hence, propelling the growth of the electric motors market. The rise in living standing and high per capita income is also anticipated to spur the production of motor vehicles and electronic appliances, globally.
Restraints
High Initial cost of motors
The high initial cost of electric motors increases the price of electric cars that may hamper the growth of the Electric Motors industry over the forecast horizon.
Global Electric Motors Market: Type
Based on type, the Electric Motors market segmented into AC Motors, DC Motors, and Others. Due to the rise in the demand for energy-efficient conveyor systems in the manufacturing and automotive industries, AC Motors possess the largest share.
Global Electric Motors Market: Voltage
Based on Voltage, the Electric Motors market segmented into High Voltage, Medium Voltage, and Low Voltage. High voltage motors are the most used ones in industries such as oil and gas, petrochemicals, pulp and paper, electric utility, steel, marine, air separation, and mining. Hence, the high voltage motors segment is anticipated to grow at a very high rate in the forecast period.
Global Electric Motors Market: Output Power
Based on Output Power, the Electric Motors market bifurcated into Integral horsepower (IHP), and Fractional horsepower (FHP). The material handling systems aid as the significant consumers of fractional horsepower (FHP) motors, thus increasing their demand across the globe. Therefore, expected to grow at a very high rate during the forecast period.
Global Electric Motors Market: Application
Based on Application, the Electric Motors market segmented into Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace & transportation, Household appliances, Other Commercial Applications. The HVAC equipment is predicted to grow at a significant rate due to the rise in demand for compressors in the installation of HVAC due to extreme climatic conditions.
Global Electric Motors Market: Speed
Based on Speed, the Electric Motors market segmented into Low Speed, Medium Speed, High Speed, and Ultra-High Speed. The high-speed electric motors are anticipated to have the highest growth during the forecast horizon.
Global Electric Motors Market: Regional insights
By geography, the global Autonomous Ships Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to have the largest market of electric motors in terms of revenue in the forecast horizon due to industrial growth and expansion of aerospace industry. APAC is anticipated to have the fastest growth market in the forecast horizon, due to surge in the direct investment in developing nations like India and China.
The objective of the Study:
· To analyze and forecast the global Electric Motors market size of the market, in terms of value.
· To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Electric Motors market into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America and their leading countries.
· To outline, categorized and forecast the global Electric Motors market based on the type, voltage, output power, application, speed.
· To examine competitive developments like technological advancement, services, and regulative framework within the global Electric Motors Market.
· To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
· To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Scope of the Report
By Type
· AC Motors
· DC Motors
· Others
By Voltage
· High voltage
· Medium voltage
· Low voltage
By Output Power
· Integral horsepower (IHP)
· Fractional horsepower (FHP)
By Application
· Industrial machinery
· Motor Vehicle
· HVAC Equipment
· Aerospace & transportation
· Household appliances
· Other Commercial Applications
By Speed:
· Low Speed
· Medium Speed
· High Speed
· Ultra-high Speed
By Region:
· North America
· Europe
· Asia Pacific (APAC)
· Latin America
· Middle East & Africa
Competitive Landscape
· Ametek Incorporation
· Siemens AG
· Baldor Electric Incorporation
· Allied Motion Technologies Inc.
· ARC Systems Incorporation
· Asmo Corporation Limited
· Brook Crompton UK Limited
· Franklin Electric Cooperative Incorporation
· Rockwell Automation Incorporation
· Johnson Electric Holdings Limited
· Toshiba
· FAULHABER GROUP
· Danaher Motion
· WEG
· Other Prominent Players
Table of Content
Chapter 1: Global Electric Motors Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Electric Motors market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Electric Motors Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Electric Motors market Size Forecast (2023-2032).
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