Electric Motor Market Size, Share, Growth Report 2024
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 market growth is also driven by advancements in material sciences, particularly the development of lightweight and high-performance materials that enhance motor efficiency and durability. These innovations enable manufacturers to produce more compact and energy-efficient electric motors, catering to evolving technological demands across various industries.
Moreover, significant advancements in material sciences, which enable the development of lighter, more durable motor components are creating a positive outlook for market expansion. Apart from this, the increasing focus on electrification in the marine and aerospace sectors is expanding the application scope for electric motors beyond traditional industries, fostering market growth.
Factors Affecting the Growth of the Electric Motor Industry:
- The increasing demand for energy-efficient motors:
Energy efficiency has become a critical consideration for industries worldwide due to rising energy costs and environmental concerns. Electric motors account for a substantial portion of industrial energy consumption, and inefficient motors can lead to significant energy losses. As a result, industries are increasingly adopting energy-efficient motors to reduce operational costs and carbon footprints. Government regulations and initiatives aimed at promoting energy efficiency further bolster this trend. For instance, the implementation of minimum energy performance standards (MEPS) in various countries compels manufacturers to produce and consumers to adopt motors that meet specified efficiency criteria.
This regulatory pressure, coupled with the economic benefits of reduced energy consumption, propels the demand for energy-efficient electric motors.
- The expansion of industrial automation:
Industrial automation involves the use of control systems, such as computers and robots, to handle different processes and machinery in an industry to replace human intervention. Automation enhances productivity, improves product quality, reduces labor costs, and ensures worker safety. Electric motors are integral components of automated systems, powering machinery, conveyors, robotic arms, and other equipment. As industries across the globe strive to enhance operational efficiency and productivity, the adoption of automation technologies is accelerating. Sectors such as manufacturing, automotive, food and beverage, and pharmaceuticals are particularly notable for their extensive use of automation. The increasing adoption of Industry 4.0 technologies, which emphasize interconnected and smart manufacturing systems, further boosts the demand for electric motors designed for automated applications.
- The rise of electric vehicles (EVs):
The automotive industry is undergoing a significant shift towards electrification, driven by the need to reduce greenhouse gas (GHG) emissions, dependency on fossil fuels, and pollution. Electric motors are essential components of EVs, powering the drivetrain and various auxiliary systems. The growth of the EV market is fueled by technological advancements, decreasing battery costs, supportive government policies, and increasing consumer awareness of environmental issues. Leading automotive manufacturers are investing heavily in EV development, leading to a surge in demand for high-performance electric motors. Moreover, governments worldwide are implementing stringent emission regulations and offering incentives for EV adoption, further accelerating market growth.
The development of charging infrastructure and advancements in motor technologies, such as improved efficiency and power density, also contribute to the increasing adoption of electric motors in the automotive sector.
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 represent the largest segment due to their widespread use in various applications from industrial machinery to household appliances.
By Voltage:
- Low Voltage Electric Motors
- Medium Voltage Electric Motors
- High Voltage Electric Motors
Low-voltage electric motors dominate the market because they are commonly used in most industrial and commercial applications requiring moderate power consumption.
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 accounts for the majority of the market share owing to its extensive use in small appliances and equipment where lower power outputs suffice.
By Magnet Type:
- Ferrite
- Neodymium (NdFeB)
- Samarium Cobalt (SmCo5 and Sm2Co17)
Ferrite motors represent the market segment due to their cost-effectiveness and suitability for a wide range of applications from consumer electronics to automotive components.
By Weight:
- Low Weight Motors
- Medium Weight Motors
- High Weight Motors
Low weight motors sector dominates the market driven by demand in applications where lightweight components are crucial for efficiency and portability.
By Speed:
- Ultra-High-Speed Motors
- High-Speed Motors
- Medium Speed Motors
- Low Speed Motors
The high-speed motors sector accounts for the largest market share as they are essential for applications requiring rapid rotation and precision, such as in machining and robotics.
By Application:
- Industrial Machinery
- HVAC
- Transportation
- Household Appliances
- Motor Vehicles
- Aerospace
- Marine
- Robotics
- Other
The industrial machinery sector holds the largest market share reflecting the extensive use of electric motors in manufacturing, processing, and automation across industries.
Regional Insights:
- Asia-Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
Asia Pacific leads the market due to rapid industrialization, infrastructure development, and increasing adoption of electric vehicles and consumer electronics in countries like China and India.
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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