Global Electric Motor Market Poised for Consistent Growth: Predicted to Reach US$ 252.6 Billion by 2033

The global electric motor market, which was projected to be worth US$ 131.4 billion in 2022, is expected to experience a modest increase, reaching US$ 132.8 billion in 2023. The significance of the global electric motor market is highlighted by the growing number of government incentives aimed at boosting the sales of green vehicles, a pivotal move in reducing carbon emissions and protecting the environment.

In recent years, the electric motor industry has witnessed significant technological advancements, driving an upsurge in market demand. According to reports from Future Market Insights, the electric motor market is set to expand at a Compound Annual Growth Rate (CAGR) of 6.64% from 2023 to 2033. This growth trajectory is projected to lead to a substantial market value of approximately US$ 252.6 billion by 2033.

Key Insights from the Electric Motor Market Analysis:

• The global electric motors market witnessed a growth rate of 5.43% during 2018-2022.
• In the North American region, the electric motor market is projected to hold a significant market share of 28.6%.
• Within North America, the United States market is anticipated to expand with a share of 17.8%.
• AC motors are expected to dominate the demand within the global electric motor market.
• The market value of the global electric motor market reached US$ 131.4 billion in 2022.
• The electric motor market is projected to grow at a CAGR of 5.6% in 2021.
• The market witnessed a CAGR of over 3.8% during 2016-2020.
• China’s market is predicted to experience a demand rise at nearly 5.5% CAGR, holding a market share of 16.8% over the forecast period.
• Germany’s market is set to grow with a CAGR of 5.1%.
• In the South Asia & Pacific region, India is expected to account for over 27% of sales.
• The electric motor market is on track to reach a value of US$ 72.3 billion by 2031, growing at a CAGR of 4.22%.
• The AC motor segment is projected to dominate the market with a share of 25.4%.
• The robotics segment is anticipated to exhibit a 5.9% CAGR throughout the assessment period.

Competitive Landscape:

Prominent players in the global market include:

Competition Analysis in Depth Robert Bosch GmbH Hitachi, Ltd. Nidec Corporation WEG S.A. Siemens AG ABB Group Regal Beloit Corporation Toshiba Corporation Johnson Electric Hyosung Corporation Schneider Electric SE Bonfiglioli Riduttori S.p.A. Kirloskar Electric Company Ltd. Allied Motion Technologies Inc. East West Manufacturing, LLC Hyundai Electric Co. Ltd.

Key Developments by Major Players:

In January 2023, Hitachi, Ltd. announced its efforts to strengthen its robotic SI business in Japan and ASEAN countries by merging Hitachi Automation, Ltd. and Kyoto Robotics Corporation.

In March 2023, ABB Group revealed plans to invest $40 million in a new manufacturing facility in Albuquerque, focusing on cable products, robotics, and digital automation technology.

This comprehensive rewrite provides a clearer and concise presentation of the key insights and developments within the electric motor market analysis.