Electric Motor Market Outlook
Electric motors refer to electro-mechanical devices which work on the principle of electromagnetic induction. They comprise bearings, windings, a stator, a rotor, a commutator, and an air gap.
The global electric motor market size reached US$ 107.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 135.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.As a result, electric motors find widespread applications across various sectors, such as automobile and oil and gas, where they are installed in machine tools, compressors, electric cars, industrial fans, domestic appliances, hard disk drives, etc.
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Electric Motor Market Trends:
The expanding industrial automation, several technological advancements, and the rising awareness in individuals towards the high pollution levels, particularly in metropolitan cities, have propelled the demand for electrical vehicles to minimize carbon footprint, which are among the primary factors driving the electric motor market. Besides this, the introduction of enhanced insulation materials by the leading manufacturers that improve the operational efficiency of the product is further augmenting the market growth.
Apart from this, the increasing fuel prices, the growing popularity of hydrogen and natural gas, and the launch of several policies by the government bodies to promote green automobiles to reduce carbon emissions are acting as significant growth-inducing factors. Furthermore, the emerging trend of replacing gas turbines with these electro-mechanical devices in large industrial plants is anticipated to propel the electric motor market over the forecasted period.
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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Competitive Landscape with Key Players:
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.
Key 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
Breakup by Voltage:
- Low Voltage Electric Motors
- Medium Voltage Electric Motors
- High Voltage Electric Motors
Breakup 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)
Breakup by Weight:
- Low Weight Motors
- Medium Weight Motors
- High Weight Motors
Breakup by Speed:
- Ultra-High-Speed Motors
- High-Speed Motors
- Medium Speed Motors
- Low Speed Motors
Breakup by Application:
- Industrial Machinery
- HVAC
- Transportation
- Household Appliances
- Motor Vehicles
- Aerospace
- Marine
- Robotics
- Others
Breakup by Region:
- Asia-Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
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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
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