Electric Motor Market Growth, Overview, Industry Trends and Forecast 2023-2028

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 advancements in the market.

Report Highlights

How Big is the Electric Motor Market?

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.

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.

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
• TECO
• 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
• Others

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:

• Ferrite
• 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

Applications:

• Industrial Machinery
• HVAC
• Transportation
• Household Appliances
• Motor Vehicles
• Aerospace
• Marine
• Robotics
• Others

Regional Analysis:

• Asia-Pacific
• North America
• Europe
• 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.

Related Reports by IMARC Group:

Electric Motor Manufacturing Plant Project Report 2023: https://www.imarcgroup.com/electric-motor-manufacturing-plant-project-report

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