Electric Motor Market size was valued at USD 138.40 Bn in 2023 and the total revenue is expected to grow at 6.9 % through 2024 to 2030, reaching nearly USD 220.80 Bn.
Electric Motor Market Overview:
The electric motor market is growing rapidly due to the increasing demand for energy-efficient and eco-friendly technologies across various industries. These motors are vital in applications ranging from household appliances and automotive to industrial machinery. Their versatility and reliability in converting electrical energy into mechanical motion make them crucial components in modern technological systems. The shift towards renewable energy sources and electric vehicles has significantly boosted the adoption of electric motors, driving market expansion globally.
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Electric Motor Market Trends:
A key trend in the electric motor market is the growing adoption of brushless DC motors (BLDC) due to their higher efficiency, reliability, and compact design compared to traditional brushed motors. This trend is particularly evident in sectors like consumer electronics, automotive, and robotics, where space-saving and high-performance motors are essential. The shift towards wireless and battery-operated devices is also driving the need for more efficient and durable motors.
What are Electric Motor Market Dynamics?
The electric motor market is primarily driven by the increasing demand for energy-efficient solutions across a wide array of industries. As industries focus more on sustainability and reducing operational costs, electric motors offer an effective solution by providing higher efficiency, less maintenance, and lower emissions. The rising demand for electric vehicles (EVs) also plays a pivotal role in shaping the market, as electric motors are the primary components in EV propulsion systems.
Electric Motor Market Opportunities:
There is a substantial opportunity for the electric motor market in the growing electric vehicle sector. As the automotive industry transitions towards electrification, the demand for high-efficiency electric motors in EVs will continue to rise. Manufacturers have a significant opportunity to innovate and develop motors that offer improved power density, performance, and energy efficiency for electric vehicles.
What is Electric Motor Market Regional Insight?
Asia-Pacific is the largest regional market for electric motors, driven by the rapid industrialization and adoption of electric vehicles in countries like China, Japan, and India. The region’s strong manufacturing base, coupled with government initiatives to promote energy-efficient technologies, has established it as a key player in the global electric motor market. China, in particular, has seen significant growth in electric motor production due to the boom in the automotive and consumer electronics sectors.
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What is Electric Motor Market Segmentation?
by Output Power
IHP
FHP
by Type
AC Motor
Synchronous AC Motor
Induction AC Motor
DC Motor
Brushed DC Motor
Brushless DC Motor
Hermetic Motor
by Application
Industrial Machinery
Motor Vehicle
HVAC Equipment
Aerospace & Transportation
Household Appliances
by Voltage Range
9V & below
10V-20V
21V-60V
60V
by Speed
Low Speed
Medium Speed High Speed
Ultra-High Speed
Some of the current players in Electric Motor Market are:
1. Johnson Electric Holdings Ltd.
2. Baldor Electric Company, Inc.
3. Ametek, Inc.
4. Siemens AG
5. Brook Crompton UK Ltd.
6. Danaher Motion LLC
7. Allied Motion Technologies Inc.
8. Franklin Electric Co., Inc.
9. ABB Group
10. ARC Systems Inc.
11. ASMO Co., Ltd.
12. Dr. Fritz Faulhaber GmbH
13. Emerson Electric
14. Maxon Motor AG
15. Regal Beloit Corporation
16. Rockwell Automation Inc.
17. Nidec Corporation
18. Wolong
19. WEG
20. Mitsubishi Electric Corporation
21. Mitsuba Corporation
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Key Offerings:
- Past Market Size and Competitive Landscape
- Electric Motor Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Electric Motor Market Segmentation – A detailed analysis by Product
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysisx
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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